Personal financial matters depend on how we handle it and the way we handle it can affect our everyday life. Sometimes our financial decisions or the way we handle it involves in many reason such as on how we save, spend, or invest. There are lots of ways to learn on how to handle our financial matters and some people make mistakes buy just looking at the numbers without enough knowledge on how to handle it. I myself had made mistakes on many ways, but I have been trying and learning more about how can I handle my financial matters now.
I gained financial matters from my personal experience and school. When I opened my first credit card, I was 18. I was not very knowledgeable about interest rate at that time so I spend it on many things that it is not important and did not think about the interest. I was paying my credit card with the minimum amount as well at time. As I matured I realized how horrible it is spending that much of money not thinking about how big the interest rate can impact the money that I owed. As of now I am still not satisfied with the knowledge that I have on personal financial matters as I think that I still have a lot to learn. I am not satisfied on how I handled my money in the past as well. When I think about it I
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When the interest rate is low, that means the money less and when the interest rate is higher, the amount of money is higher. The more years of investment, the amount of money will grow more. When investing, it is better to get the higher interest rate and set the investment into a longer period of time. But, if we talk about credit cards, the longer you pay your credit card the interest rate is higher, that is why it is better if you pay the total amount of money you owe right away. Paying the minimum amount on your credit card bill will increase continuously the amount of money you
I believe Life is a gift and a responsibility to gain from society and gives it back all the good things we learn from our surroundings and our community we live in. Finance Management in an effective way is required for self and for the society. I believe a successful management of finances is interlinked to oneself and the surrounding society which we live. To improve upon the effective management of my finances I discovered my monthly income than I checked upon my monthly expenses on f...
Your finances determine many important things in your life such as where you live, how you live, and what you're able to do. So, it is very important that you get control of your finances. Here are some steps you can take today to start taking back control of your money and get on the path to creating wealth. Start tracking your spending. The first step you need to take when taking control of your money is find out how you're managing your finances right now.
Over-Utilisation of Your Credit Card Limit: People often over utilise their credit card limits and this result in a high credit balance in their account. High balances on credit cards are also a cause of low credit scores. It is always better to pay your credit card bills every month. If you are not able to control your spending habits, then it may make sense to go for a card with a lower limit. This way, you will not build up a large debt and easily be able to pay all your dues. Another thing to note, credit card bills have a minimum sum to pay along with the overall outstanding. If you are unable to pay off the total amount you owe, it makes sense keep paying the minimum amount due until then.
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.
When choosing and selecting a credit card it's important to remember that your introductory rate will only last for a specific amount of time before increasing. This change usually takes effect after six months to a year. Many consumers are attracted to theses low-interest rates unaware the issuer will later increase their rates. I think it's also important for credit card holders to know how to avoid paying interest on purchases. Unaware of these charges, consumers can quickly acclimate fees. They will not charge you any interest on purchases if you pay your entire balance by the due date each
It was only fourth grade, when I purchased my first flat screen TV. Impressive, right? Saving money is one of the smartest decisions I established as a kid; now that I have a job, the subsequent rewards are continuously multiplying. At only sixteen with my current hours and no direct bills, the money accumulated. Although, at this age there are many materialistic things I desire. Could you imagine a young teenager with spending power? Proudly, that is not me. From that first TV as a reward for saving, an exponential income did not affect my notion. Just recently I purchased a car all by myself, simply because I avail the power in saving money. This aspect is now part of my personality, and its reward will only progressively
Figuring out where you will be financially years from now is hard to imagine. There are always what you plan, and then there’s things that just happen that you would usually rather not have of. You can always make goals and things and hope that things go alright and end up close to what you expected.
When it comes to financial planning, economics plays a major factor in people’s personal finances in many ways, it is an essential part of the world we live in today. When you buy gas, or shop for groceries, plan a vacation, economics is at the core of those choices. So why does economics play such a vital role, what is the driving force behind this? In its simplest form, it’s based on choice. We will look at a few factors that impacts financial planning and the economy, including the use of credit, and how the government affects the economy.
I became an enthusiast of finance ever since I was at high school. At the political economy class, my teacher asked us: if you have a million RMB, how would you use it? She then introduced us the concept of investment, and I was intrigued specifically by the stock. For the latter two years of my high school, I have been reading books and articles regarding the stock market in the U.S. and in China. As one of the outstanding students ranked top 1% in College Entrance Exam in Hainan Province, China, I was accepted by the City University of Hong Kong with a full scholarship. With the strong interest in finance, I chose quantitative finance and risk management as my major.
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.
If a person has not learned how to manage their time, they are also likely to lack financial success. Time that is spent doing nothing, only takes time away from which you can be doing something to improve yourself and your financial status. Also, people who lack financial success, have a lack of foresight. Achievers can look beyond the immediate and into the future. It is important to weigh t...
If we don 't have credit cards, we can’t build our credit history. If we don 't have a credit history, we aren 't allowed to buy cars or houses with low monthly payments. Having credit cards is a cycle in life because without one thing, we can 't have the other. When people have credit cards they have to use them. It doesn 't help that banks offer many credit cards to people, ending in high debt. Banks also encourage low monthly payments. If people pay low monthly payments, they will never end up paying their credit card debt off. They will probably end up paying for the objects they bought, two or three times. People aren 't forced to pay high monthly payments in order for it to take longer to pay the card off. If it takes longer for a person to pay a credit card debt, the credit card companies will be making a lot of money. I can definitely say I have experienced this because I am always offered to get a credit card. There are many stores that carry their own credit cards, and offer them for their customers. Offers are tempting and they can add to a future of credit card debt.
Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
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
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...