I believe that having a budget planed when you get married and have children is very important because having a budget ensures that you always have enough money for the things you need and the things that are important to yourself. For example for your kids if you ever get into a problem you know there is some money saved for your family. It is more important to be on a budget when you have a child because it ensures that you always have that extra money for when they need something or want something or when things get tight you know it will not be difficult to keep on going with your life. It is also good because as your child is growing you are teaching them how to save and the correct way to spend and save money. It is more likely for you to not get in debt when you are fallowing a budget. I also believe that a budget helps you when you are having a long-term goal. When you are on a budget you are more likely to accomplish your goals and also you will appreciate what you have even more because it was not easy to get what you have but at the end everything will be worth it. …show more content…
I believe that way too many people spend the money on stuff they do not need; stuff they do not use and later they regret even buying it and there is no way to get the money you spend back. In the other hand when you are on a budget you know exactly how much money you have, how much money you earn, and how much money you can spend on the things you actually need, and how much money you need to save up. You will also be more happy when you want to retire any day, for example lets say that you have been working in the early stages of you life and you have been on a budget since you stared working and now you want to retire and you have a family you have to take care of, you can use that money you have saved for the past 30 years to spend it while you can withy your family. You will also get good money when you
Having a plan for the allocation of everyday life expenses as well as your long-term financial goals. If your wife/husband is a person who lives day to day and loves to spend without really looking at a budget. This is a sign that financial management problems could be an issue that your couple will have to deal with.
Budgeting is the track of money you receive, but allowing yourself to spend a certain amount without going in debt. Referring back to the statement I mentioned in the previous paragraph, this prepares us for the future. The effect this budgeting projecting has on me, is it taught me a life lesson. The lesson this taught me was that I can’t go all out spending a lot of money. I thoroughly understand this by me ending up on debt on my project. This had caused me to go back and modify my spending. I had to modify most of my wants to needs. Another topic we have learned dealing with the human needs are Maslow’s Hierarchy of Needs.
An assessment is conducted to ensure each individual meets the eligibility criteria. A support plan is devised with the contribution of the individual to ensure any potential harm is managed appropriately. The initial assessment conducted by the social worker will be presented to a funding panel by the social worker. The social worker can negotiate with the local authority funding panel if they think the allocated amount is insufficient to meet the individuals required needs. The Indicative Personal Budget is the estimated amount of money essential to meet the guidelines highlighted in the support plan.
After one month of tracking my income, I have learned a little more about my spending habits. I am already aware of most of my spending habits, and where I most often slip up. A little on the background of my spending, I rarely use cash. There are two reasons why I do this; the first reason is so that I am not tempted to spend bits of money here and there on snacks and small things. The other reason is that so I can more effectively track my spending with less effort. I have two checking accounts to keep this balanced since on the statements it does not say what the money is specifically spent on. I use one card on essentials and school needs, and the other account is more of a lifestyle account. Although I have done this financial tracking in the past, I was able to reaffirm that I still have some areas of weakness in my spending.
Making a personal budget can be a very simple or a very arduous task, depending on how one goes about it. One must find stable monthly expenses, such as rent, and manage the rest of their income around that amount. Depending on the steps an individual takes, this can be a very simple process. For this project, I was assigned to make three personal budgets for three different situations. This paper will outline the first.
Having a saving account already set is very important. Even more so if your married and children are in the picture you never know when a relationship can go wrong and a divorce can be filed. Having money saved up the right way can prevent you from losing your house and everything else meaningful to you. In a lot of cases people begin to start saving and then as soon as they think they saved a good amount they use it or stop saving. Everyone is different and has different ways of doing things when it comes to money but anyone can fall into debt at whatever time.so you most take preventions.
What is so important to people that they feel the need to overbuy? I understand the retailer’s need to sell as that is how they make their money, but why do we need to possess so many things in our lives? Why is it things make us feel more worthwhile and leave us with the impression that our neighbors are not worth as much as we are? Even small children have the propensity to think that they need everything they can grab, taking away from their fellow playmates. Why are we so grabby? Why do we stuff as many things into a shopping bag that we a can manage when a store is having a special everything-in-the-bag-is-fifty-percent-off-the-entire-bag sale? It takes too much of my energy to store, sort, organize, clean and remember where all of my things are. I am cleaning out! My belief is we should give up the idea of over consuming by spending less and renewing or refurbishing what we already have.
The reason that even the best financial plans fail is because your job may change at no fault of yours, your family member may suddenly develop a life changing health problem, your family may suddenly be forced to relocate to a new place in search of employment and other unpredictable circumstances which subjects your family under a state of immense financial chaos and mental stress may creep in. The best principle of financial planning is to save a small portion of the amount you receive during each pay period of yours. Remember, as you age, you slowly tend to realize that you aren’t able to work at your income level you currently enjoy. Certainly, you can do your purpose a world of good by developing a budget which forces you to save a bit every month. If, in case, you receive a monetary gift or incentive in appreciation of your hard work, do not spend the entire amount.
It’s not how much money you have that matters, but how you spend it. You can spend as little amount of money on something that can make you happy. Mandi Woodruff, a personal finance vertical for Business Insider argues that "experiences provide more happiness than material goods in part because experiences are more likely to make us feel connected to others," (Woodruff). Many of us are more focused on getting more money than buying more time. Many people get too caught up in either working hard to make more money or to save money. But what really matters is how much time we spend earning
A well-run Healthcare Organization (HCO) understands how essential it is to develop a financial plan and budget. The financial function requires the HCOs deliberate effort to set projective goals. In order for the HCO to continue to increase financial capital, a Long Term Financial Plan (LTFP) must be established. The long-term plan requires input from all team members that include the Chief Executive Officer (CEO), physicians, and clinical staff. If HCO monies are not designated to a budget, it complicates fund allocation and puts them at financial risk. An HCO without a financial budget opens the opportunity for financial abuse, misuse, and poor management. Therefore, a Governing Board (GB) is important to the HCO financial
Budget is combining your income and expenses to decide how much money you are going to spend on an item. Budget is an important step to determine your financial health and financial stability. It’s an important financial tool because it can help plan for expenses, cut cost were unneeded, save for future goals, plan for emergencies that occur inexpediently, and list what you are spending and saving.
This return us to the question of how much consideration you should give to money when making life choices to achieve the universal goal of happiness. And the answer is you should make choices that will give you enough money to live comfortably and allow you to focus on other factors that contribute to your happiness, such as interpersonal relationships and generosity towards others. And you should do this with the understanding that more money does not necessary result in happiness, although it does help, if spent in the right way.
Also, it allows you to set aside money that you might use throughout that month with extracurricular activities or just eating out occasionally with friends. Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you whether that be something that you enjoy or something that you need. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt as long as you develop tips that will alter your spending habits. Tracking your spending is essential to managing your budget.
Saving money will help someone in the future b providing the feeling of security. Usually someone will save money for a certain goal in life. Therefore the first step is test goal for the certain amount on money you need to save. Setting goals can be short-term goals can be usefully can analysis the amount you have to pay at the moment. Saving money doesn’t mean refraining from buying what you love. Are you wanted to buy new clothes or even a house doesn’t hesitate to make that purchase. However take in to account the down payment and compare costs. Being able to plans and set goals on certain can help save a small amount thus accumulating over time. Long –term saving can be a little harder and takes dedication and time. Saving an up a certain a...
Saving money brings security for any future expenses. The earlier in life an individual begins to save, the better they will be set financially in the years to come. There are several reasons why it is important to save money. A few of these reasons are for emergencies, retirement, and simply for luxury spending. Having money will benefit each of these examples.