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Spending habits introduction
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I have learned many helpful things while using Everfi. Everfi taught me how to spend my money wisely, borrow money properly, and why to have insurance. Before using Everfi I tended to spend my money on wants instead of needs or things I will eventually need in the future. It showed me really how important it was to spend my money wisely. If you spend your money on things you want or blow your money something will come up like a bill that you have to pay and you won’t have enough money to pay it. This wasn’t saying that you can’t spend your money on anything but needs, it was simply saying that it is important to have a budget or keep track of how much money you have at all times. The second thing that Everfi taught me was how to borrow
money properly. For example, if you use a credit card for a big purchase you need to be responsible and make sure you pay back the bank overtime. Credit is a form of borrowing, however, but things you borrow aren’t just money you can be borrowing something from a friend. If a friend lets you borrow something, you need to take care of it. Not only is it the right thing to do but it shows respect to whoever owns the item. If you let someone borrow something of yours you would want the person to take good care of whatever it is. Everfi showed me that there were many different forms of borrowing. Last, Everfi taught me why it is important to have insurance. One type of insurance is health insurance and it is very helpful to have when you are sick and have to go to the doctor, or get medicine from a pharmacy. Health insurance will cover this and pay for what you need to help you get better or well. Everfi also showed me how to deal with taxes. If you have a list of things you need to buy and you have a certain amount of money, you need to realize that you will have tax with your purchase. This means that you should have a little money left over to cover your tax depending on your purchase. Everfi has taught me many different things that will help me down the road or in the future. I am much better off knowing these things and will be able to achieve my goals.
...ff every month you have to pay interest, which is a waste of money because you paying extra for that money you spent. This is just a couple of examples of how we waste money in today’s society; the list goes on and on. From the interest on loans, to buying a $3 Starbucks drink. We are so spoiled as Americans that some people don’t even think about it. However, it also goes down to it being your money, if you earned it, you should be able to spend it on what you want, even if it is a total waste in someone else’s eyes. That’s the joy of being an American, being free, and being able to do whatever we want with your money without being contested for doing so. However, that doesn’t mean that we should not do something’s to conserve our resources because it can benefit you, but it also can benefit other people that may not have the same luxuries that other people have.
There are many interesting quotes and advice given in this book; five statements stood out that I felt are worthwhile.
"If you’re single, you can use your money exactly as you like, and no matter how
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.
The Banzai Financial Literacy course, taught me many thing that I will, and will not use. One thing that I found useful, was the implementation of jars to keep track of and manage my money/funds. I found this important, because you need to magage your expenses properly, so that your have the correct amount of funds for certain scenarios that you may or may not encounter. One other thing that I found useful, was learning to use my checking account rather than my credit card. This was a good tip, because, with a credit card you can go into debt, whereas with a checking account, you can only use the money you have. But, there were also tips that I found not so useful from this activity.
The world people live in revolves around money. The money will satisfy the feeling of importance. Money gives people power. It arouses in everyone an eager want. In fact, a great portion of everyone’s lives is spent working to earn more money. From changing jobs to changing careers, people do what is needed to earn more money. Once the paycheck comes in, some people prefer to make their purchases in cash, while others prefer to use credit cards. Both cash and credit cards are widely accepted, but the best choice is cash because of the person’s lifestyle.
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.
… and this is only the beginning – there are so many other things I learned from AIESEC that I can’t even begin to list them all.
As they are growing up, the personal financial for high school students programs will enable them to make decisions that are suitable for them.”we talk about building budgets,expenses,investing money”. Some students will refuse to take or some students can’t get a understand about what’s going
Students should have for their own financial security some ways such as: looking for a part-time job, establishing a detailed plan for daily expenses and setting goals, or expenditure savings. Having a part-time job not only gives one necessary workplace experiences, but also provides a new source of income. For example if a student looks for a part time job they will gain research and interpersonal skills. Students would cherish money if they could make it by their own hand instead of excessive spending. In addition, students should make a detailed plan for daily expenses to make sure they will be fine at the end of month. For example, one will know how much they can spend in the next few days as well as how much they have left to spend if they are using a detailed plan for daily spending. From there, they will have the facility to tighten their own spending. Students also need to spend their money logically by smart spending or expenditure savings. It means money will be properly used which will reduce unnecessary waste or avoid wasting. For example, if one wants to go from A to B and they have 2 choices that are the bus or the train, but the train is more expensive than the bus because its faster, they can use the
As we all advance in years, it is far from arguable that money becomes more essential to our daily lives than we’d like to admit. And yet discouragingly, those of us who are opportune enough to have jobs misuse our finances on material desires, like cell phones, computers, iPods, and other miscellaneous commodities. But instead of valuing what is profoundly essential to one’s futures, it may be too late once we finally decide to acknowledge this information to cause any planning or change. For you see, planning is nec...
Having a structured financial plan with realistic goals gives one a sense of responsibility and helps you to prioritize. For example saving towards a tuition or being involved in a asue within the upcoming months. Being locked in an agreement with a given time frame, penalties and held accountable for one’s action. This places responsibility on the individual as well as forces he or she to make tough decisions. To make the sacrifices for the betterment of your future. There’s a saying “ If you want good your nose must run”. Sacrifices are needed in order to achieve goals. This sparks maturity in the individual. Which in turns propel society and the country.
A famous quote a pastor once said, “Get what you need, not what you want”. Doing so can make an individual understand and learn how to manage their money, especially if they have a family too. Knowing how to manage money is important when working and having a family to provide for. It can teach people important life lessons they’ll never forget. My parents raised me with that mentality and I do spend my money like that, on my priorities and not my desires. Most parents would agree as they learn to manage their money while raising a child or family, that they would influence or pass on that lesson to their children to make smart choices when they are older in life . As you can see, the quote “Get what you need, not what you want” is a powerful life lesson, because it helps people manage their money
Having money saved away for emergencies is a must! People do not always know exactly what is to happen in their future, but having money set aside for certain purposes can make the process much easier. For example, one day someone could be making $28 an hour and living financially well, to being laid off and not having any other source of income until