The spending journal was an interesting assignment. It really makes you take hold of your finances and it helps you plan for the future. When you aren’t keeping track of how much money you spend each month, it is easy to convince yourself that you are spending less than you really are. Writing down each and every thing you spend money on creates a very strong awareness of what you spend on a daily basis. My spending journal took me by surprise. It made me realize that I spend the majority of my money on random, unnecessary things. I became aware of the fact that I spend 4 times what I had estimated I spend in one month. I now realize that I spend a lot of small amounts but that they add up quite quickly. The spending journal makes you realize what makes up the vast majority of your expenses. For me I personally spend a lot on food and recreational expenses that I want but don’t …show more content…
That is a bit of an upsetting fact. I am going to look into how much I could save in loans by both getting another job this summer and by saving less money for spending throughout the year. By doing this I hope to not take out any loans next year and hopefully not have to take many loans in the years of college to follow The spending journal assignment is a great starting point for anyone who is looking to get a hold on their finances. It is beneficial because it helps you see what you spend the most money on and it allows you to change your spending habits. Not only does it make you more aware of how you spend your money, but it also makes you more accountable to yourself for how you spend it. I think that spending journals should be more common than they currently are in society. In fact the government could probably benefit from using a spending
By being constrained to only a certain amount of money made me more cautious about the quantity of products that I was buying and what brand the products were. By budgeting it made me realize that going to big name grocery stores isn’t always the most ideal option, such as Walmart and Meijer tend to be more expensive where Family Fare and Aldi’s are fairly more on the cheaper side when it comes down to prices. I realized that shopping at Family Fare and Aldi’s is more convenient for people to shop at when trying to save money and way more affordable while on a budget. While being constrained it made me find out how much cheaper the off brand products are rather than the name brand ones, which is surprisingly different when the product is basically
I chose to do my book review on Brad and Ted Klontz’s “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health” because I have observed, and participated in, bad financial decisions that have greatly impacted my family for decades. I’ve taken many personal steps to attempt to break the cycle of destruction that ended my parents’ marriage, and to raise my children in a debt free environment. Unfortunately, it has not been an easy task. I have read many financial self help books and attended seminars on the subject. This book caught my attention when it said that simply learning how to budget and pay off debt isn’t enough, that one has to first understand our psychological relationship to money, and then move beyond the financial constraints we put on upon ourselves. For years I had struggled with debt and money management. I had always assumed it was my lack of education that held me from moving forward. Reading this book has been a welcome eye-opener.
Budgeting is a familiar term to most American families. Dictionary.com defines budgeting as an estimate, often itemized, of expected income and expense for a given period in the future. In order to avoid debt, bankruptcy, or overspending it is common to create a spreadsheet of some sort tracking your spending and income. On a grander scheme, the Unites States has to budget as well.
If you are not paying completely for your college tuition, then your parents are helping and or you took out loans and eventually have to pay them back. Seeing how most college freshman are 18 or even 17, means you do not have much money saved if any at all and your parents are stuck paying for everything you need, going to college for more than four years or even at is going to cost you, or should I say your parents. Undergraduate loan borrowing crossed the $100 billion edge in 2010 and aggregate loans surpassed $1 trillion U.S. dollars a year ago. “This (student loans) increase has put a disproportionate burden on students and their families—hence loans. The median household income for a family of four is about 24,300 in 1980, 41,400 in 1990 and 54,200 in 2000. In addition to the debt that students take on there are few statistics on how much parents pay and how they pay it” (Williams 2006). It's not advanced science. It's the economy, Undergraduates and laborers looking for more schooling are obtaining lots of cash through government and private advance projects to help take care of the continued raising expense of school and preparing for careers. Much of the time, parents in charge of the undergraduate loans are in or are close to
With that being said, this writer can detail various examples where this writer was subject to being put on a budget in personal life as well as at work. For instance, when this writer wanted to make a purchase for something, this writer would put herself on a budget to save enough for that one object. Today, all the bills are kept track of along with the income made to budget myself. Thus budgeting is a never ending story of my life and others as well. However, in these examples budgeting can be a motivating experience as it is a way to keep me on track and knowing that there is light at the end of the tunnel. In these cases, budgeting in my personal life did and has helped my performance. At work, the budget has been cut on various occasions in which it directly affected individuals at the lower level of the hierarchy, such as myself. For instance, I drive to appointments to meet with clients. On several occasions for purposes of budget cuts, the mileage amount dropped from $0.56 per mile to $0.50 per mile, which made a great difference. Part of me was upset with this cut, however, another was still grateful that I had a job. Budgeting, is central to everyday operations in the workplace, as it is the driving force behind the services that are provided to the clients with DD and what will no longer be provided. In the cases, where some
For the study, writing a reflective learning journal helps me: bring together theory and practice and yield better understanding of the course material while for my development as a successful and independent learner, it helps me: See my strength and weakness
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.
Government has filled a spot in the American Society that once belonged to the churches. People regularly attended church throughout American history and use the church as a place of instruction, guidance, support, and charity. The government now fills a larger role in American’s lives and at the same time church attendance is diminishing. The government is growing at a rapid pace and the expanded social programs have more influence on Americans than the church. America is a nation of immigrants which most fled from large governments (sometime oppressive) and now the American government is poised to grow larger than ever. The ideas behind the growth of government can have noble intentions, but more often than not results in wasted money and harm to the peoples it intends to help, and is replacing the roles churches once filled as a guiding and supportive structure in peoples lives.
I abstained from squandering money on silly, unnecessary items. I picked up every extra shift obtainable to earn extra money. I went to the Dollar Tree and bought two plates, two spoons, two knives, two forks, two bowls, napkins, toilet paper, dish soap, and one basket to hold my laundry. My motto was “the minimum necessary just to get by.” My first big purchase was a used full size bed with sheets and comforter. I had never felt more excited. About three months later I had enough money to buy my first couch. A used, dirty-brown in color, three seated sofa. The couch fit perfectly in my tiny living room. When I finally turned eighteen I picked up even more shifts and had a decent amount of money saved up. I applied for a position in Quincy at Blue Cross Blue Shield, and then shortly after was offered the position. Moving to Quincy and working at Blue Cross was benevolent to my living
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.
With these three scenarios, I have learned several things about making a personal budget. I learned how to research the economic situation and best predict the prices for certain things. I also learned how best to manage bills under a tight and a very free budget. I learned how to manage money, not just for myself, but for others that I may one day be responsible for.
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).
Building a financial literacy for your children is important. Giving them an allowance will help you do that. An allowance will give kids a chance to experience dealing with money before it becomes a crucial thing for them to know. The more practice and time they have dealing with money, the easier it will be for them to handle it as they get older. It will also give them more time to learn and perfect budgeting skills. Giving your child this skill early in life can help prevent complications when they are on their own. It is important to learn early on that you must work hard for the things you want. Your parents won't always be there to help you out.
My siblings and I used to ask our parents for money, but they would never give us the amount we wanted unless we performed chores around the house. My parents wanted us to develop a sense of gratitude regarding the struggles one has to endure to earn money. I remember how I used to become very frustrated, but reflecting on this experience, my parents were teaching an important lesson on the importance of financial stability in order of an individual to afford basic necessities. More importantly, my parents taught me how to save money for necessary