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The importance of budgeting
The importance of budgeting
The importance of budgeting
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After growing a custom to living with your parents at home where they typically provided everything necessary for living for you, it can be a challenge to be out on your own for the first time. Many times teens/young adults aren’t taught on how to properly budget their money. So when they move out on their own they have horrible money handling skills. Budgeting became problematic because I tended to buy thing I don’t actually need or when I had unexpected emergency expenses that I couldn’t avoid. This essay will go into detail on how I handled budgeting my money while away from home from my parents living in my own apartment and on my own for the first time.
Introduction College is the best years of a person’s life and sometimes in order
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This shows that as the year pass more and more college students spending is becoming out of control and they do not have the ability to budget correctly. This is evidence that students need to learn how to budget but also learn how to stick to it …show more content…
I was recording some type of transaction almost every day and that is when I realized I spend way too much money on a daily basis. Compared to most people I have it easy when it comes to money and working. My parents do not make me work because they see me running track as a job considering how many hours are put into it every day. I also do not have to pay for my own phone bill or car insurance as long as I keep my grades up and continue doing well in track. So when it comes to budgeting that is one less thing I have to worry about. The only fixed expense I have to worry about is rent but that comes out of my financial aid money that I
When students are looking for colleges to apply to, one consideration might be how much it will cost them to attend that college. This is a very important matter to consider because the cost of going to college is the highest is has ever been. Even though there is some aid to assist students in paying for college, those services are not available to everyone. Some students are awarded scholarships but some of them are only for a few thousand dollars, which means that they still have a considerable amount of debt to pay off. When you take into account the cost of text books, classes, application fees, and room and board, the final bill ends up being overwhelming. The large total at the end of the bill could scare students who cannot afford all of this. Lankford poses the question “Can anyone attend college?” He ...
Allan and Davis mention the spike of college cost since 1995 has increased by 150 percent; student debt has increased 300 percent since 2003, and with education, second to the mortgage industry in the nation’s debt, America needs to redirect their attention to the future and focus on education (Allan n. pg). Budget cuts from national to state
In the eyes of most of my peers, saving is not even on their radar for something they should be concerned about, and spend outrageous amounts of money going out to eat everyday and acquiring new clothing and technology weekly. In the same way they are obsessed with keeping up with trends, I am with seeing the number in my savings account increase, rarely spending the money earned from babysitting and yard work, and looking for investments where I can place my money to help it grow. As early as I can recall I have had a savings account, where my mother urged me to place and least a half monetary gift received, and this habit of saving guides my spending today. My mother sometimes gives me money to spend on a night out, of which I don't think I have ever spent half, and always save the excess to use in future events. Even as a child my mom would apply a certain budget to what we could spend on back to school clothing and supplies, and I would and still do scour through newspapers and the internet looking for coupons, to get as under budget as possible, then enabling to save the
Several students are disheartened when it comes to college due to increasing prices of tuition yearly. Most will agree that we need a further cultivated society, but to accomplish this, we must take in consideration lowering the expenses of college tuition. It is recognized that decreasing college tuition does have various drawbacks. For example, it may cut into funds for items such as classroom equipment, essentials, staff pay, administration, and dormitories (Goodman). Nevertheless, lowering college tuition will encourage more students to attend college, relieve students of the stressful burdens of loans, while also creating a better educated society, which will be beneficial to everyone in the long run.
A college education has become the expectation for most youth in the United States. Children need a college education to succeed in the global economy. Unfortunately for the majority of Americans the price of an education has become the equivalent to a small house. The steep tuition of a college education has made it an intimidating financial hurdle for middle class families. In 1986-1987 school year the average tuition at a private university was $20,566 (adjusted to 2011 dollars) while in 2011 the average cost was $28,500 for an increase of 38.6%. Similarly in public universities there has been an increase in tuition: in the 1986-1987 school year the average tuition at a public university was $8,454 (adjusted to 2011 dollars) while in 2011 the average cost was actually $20,770 for an increase of 145.7%. Most families who are able to save for college try to do so, therefore their children are not left with large amounts of debt due to loans. Nevertheless, families are only able to save on average around $10,000, which is not enough to pay for a full educ...
According to the Bureau of Labor Statistics, college tuition and relevant fees have increased by 893 percent (“College costs and the CPI”). 893 percent is a very daunting percentage considering that it has surpassed the rise in the costs of Medicare, food, and housing. As America is trying to pull out of a recession, many students are looking for higher education so they can attain a gratified job. However, their vision is being stained by the dreadful rise in college costs. College tuition is rising beyond inflation. Such an immense rise in tuition has many serious implications for students; for example, fewer students are attending private colleges, fewer students are staying enrolled in college, and fewer students are working in the fields in which they majored in.
Anderson, Nancy. “13 Ways College Students Waste Money and Opportunities.” Forbes. Forbes.com, 8 August 2013. Web. 24 March 2014.
Participative Budgeting is the situation in which budgets are designed and set after input from subordinate managers, instead of merely being imposed. The idea behind this sort of budgeting is to assign responsibility to subordinate managers and place a form of personal ownership on the final budget. Nearly two decades of management accounting research has resulted in equivocal findings on the consequences and effects of participative budgeting (Lindquist 1995). Participative budgeting certainly has various advantages, these include the transferral of information from subordinate to superior increased job satisfaction for the subordinate, budgetary responsibility and goal congruence. Its disadvantages include budgetary slack and negative motivation, however it is the conditions in which participative budgeting takes place determines whether the budgeting process is successful. The conditions are dependent on various factors such as the level of participation, level of subordinate influence, the extent to which budgetary slack takes place, volatility, job related information, and the complexity of the budget.
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
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.
The rising cost of college has forced students to take drastic measures to get their payments in on time and to graduate with the least amount of debt possible. Despite the added academic stress of a college-level education, the fact that most students begin their adult life in thousands of dollars of debt is a weight that no one should bare. My visual argument was aimed to shed light on the mental and physical toll that a higher education takes on students, especially with the added burden of tuition and financial aid.
We do live in a bigger home than usual for people with my parent’s income together, but it was something they could afford at the time they bought it. My parents are great people and I love them so much, my mother just has bad credit so all of my loans right now are in my name. I see that I am incurring a debt and interest everyday because of school loans. But I do not have a credit card and that is something I know if I had, I would get in trouble with. I took personal finance in high school and that is when I learned the difference between a debit card and a credit card. That opened my eyes so much more in what financial maturity looks like. I was able to figure out how to write a check and keep up with a checkbook, I learned about how babies are expensive, and about debt. I have learned that like my mother if I have a credit card I am going to get in trouble. This why I only have a debit card and both of them are closed cards (I believe there might be another term for this). It is when I run out of money; I cannot overdraft my account and occur an extra debt over the amount owed. That is so my card will automatically decline when I run out of money. This is good so I don’t get myself into trouble, and so it shows me that I need watch my
In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.
Have you ever stepped back and realized how much your spending verses how much you are getting? It sounds like a easy way to easy cash but the chances are so high.
Growing up can be tough, especially when it comes to money. As young adults, we have to go to school, and most of us are involved in some sort of extracurricular activities, so we don 't really have time to work. Work comes money, with money you can; buy food, do stuff with your friends, and maybe even rent your own apartment. There are countless things that you could do if you have money to pay for them. So why not share the expense with someone else, like a roommate.