What Does Personal Financial Responsibility Mean to Me?

by Penelope Riggs

For a long time, I saw a $5 coffee as just $5, until I realized that over the course of a year, it adds up to nearly $2,000. That could be put towards tuition, books, or the many expenses that will come. To me, personal financial responsibility means understanding how small, everyday decisions impact the future and having the discipline to prioritize long-term goals over instant gratification.

This mindset did not develop overnight. In sixth grade, my parents gave me a debit card and the opportunity to earn money by doing chores around the house. At the time, it felt restrictive, but it forced me to think carefully about every purchase I made. Even at a young age, I learned to save instead of spending money on things I did not need, and that patience paid off when I was able to buy things for myself.

As soon as I was old enough, I got a working permit and a job. By the summer after eighth grade, I had saved enough to make a deal with my parents and split the cost of the MacBook I
had been dreaming of for high school. I have continued working every summer since I was 14, even through jobs I disliked or long hours.

Growing up in a town where many of my peers relied on their parents for spending money, I often found it difficult to understand why my parents were stricter. Watching others buy expensive clothes and constantly spend their parents’ money was frustrating when I was younger. Over time, I came to appreciate the lessons my parents were teaching me. Learning to rely on my own work and savings has made me more thoughtful about my spending.

As I prepare to enter college as a biology major on the premed track at Northwestern, financial responsibility will become even more important. As I hope to enter medical school, the cost of tuition, housing, food, and other expenses may exceed $100,000 per year. With rising interest rates and loan repayment periods for medical students lasting 13-20 years, I know that the choices I make now will affect my future for years to come.

Despite these challenges, I am motivated by my goal of becoming a doctor and the opportunity to make a meaningful difference in people’s lives. I also recognize that not everyone has the same access to education or the ability to pursue a career in medicine. Because of this, I feel a responsibility to make the most of the opportunities I have so that I can help those in communities without access to affordable or equal healthcare. I plan to continue working throughout college and during the summers, saving as much as I can while staying focused on my long-term goals.

Financial responsibility is about being intentional. It means recognizing that small choices add up, resisting the temptation of immediate gratification, and consistently building toward a future that I will work to earn

Prior winners and their essays found here.