Budgeting your money
Money is valued thing now of days, it can either make or break you. As a person living on this earth, it is very hard to live without money in your pocket. The effect on not budgeting your money could really hurt anybody. Sara, an only child, has been practicing with her family saving and budgeting her money over the years. Sara’s parents made sure she was able to have enough money for college. She also saved money so she was able to have her essentials for college as well as extra-curricular activities. As a sophomore in college, Sara had a group of friends who have not only taken her time away from college, but they also left her hanging dry of money. According to Cecillia Barr, “The latest studies say that 70 percent of college graduates leave school with student loan debt that in 2014 averaged $33,000. That much debt at that age does not go away quickly and the impact of this is being felt in several areas, notably purchasing a home, starting a business and delaying marriage.”(Barr). Because Sara was not aware of what was going on, Sara had not reached her financial goal, did not control her debt and she hadn’t set her priorities.
As a student in college, having a financial goal is very important. A financial goal is to know what you are doing with your money as in saving it for college or a specific thing. Sara had a time in her life where spending money was fun. She was unaware that if she kept spending her money she would not have any left. According to CNBC news, “58 percent of Americans believe their financial-planning efforts need improvement, but 34 percent of us have done nothing to plan for our financial futures, according to a newly released study by Northwestern Mutual” (CNBC). ...
... middle of paper ...
...? It has to do with everything! Money is a fragile thing that a lot of us all take for granted. So, Sara had saved up money as a child and was taught the rules of budgeting, she had got into college and felt the free will to spend it all ; so she got caught in debt and is now paying a big fee for not having a proper financial plan. So the effect of Sara not having her priorities sets straight she has to face consequences that will haunt her until she pays it completely off. In this process Sara has learned that she needs to pay attention to financial goal as a whole, she needed to control the debt she had built up, and she had to set her priorities to know she was able to do the extra things. Although, Sara was unable to control her college life, she knew after she had experienced the real life of not having money and have to suffer consequences when it came to that.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Chapter 10 focuses on the fundamentals of capital budgeting and why these decisions are the most important investment decisions made by the firm. The overall goal of capital budgeting decisions is to increase the value of the firm. With this objective, the financial department must strategically select which investments will create the most value for the firm. These capital investments are essentially the primary source of revenue generation for firms. These capital investments are essentially investment projects with three different classifications: independent, mutually exclusive, and contingent projects.... [tags: Net present value, Investment, Capital budgeting]
701 words (2 pages)
- A line item budget is often referred to as the most simplistic and common budgeting system used by organizations. A line item budget is a budget that contains line items of expenditures for analysis, authorization, and control. A line item budget usually contain expenditures such as office supplies, salaries, travel and utilities (Mckinney,2015). Line item budgeting is designed to simplify an organizations spending. It shortens the budgetary planning process because it is builds upon the organizations preceding fiscal budget.... [tags: Budget, Budgets, Zero-based budgeting, Management]
1122 words (3.2 pages)
- This paper examines the benefit of performance based budgeting as a practical theory of efficiency for government programming. Confronted by fiscal limitation and demand for improved public services, government agencies are utilizing the budget as a means to elevate government accountability and efficiency, rather than simply as a means for distributing funds and controlling expenses. Performance based budgeting has been defined as a system wherein managers are provided with the flexibility to utilize agency resources as required, in return for their commitment to achieve certain performance results.... [tags: American Government, Budgeting Initiatives]
617 words (1.8 pages)
- Top-down budgeting is listed in Towards a Metatheory of Budgeting as a normative theory of budgeting. Normative theories are defined as complete theories of budgeting that incorporate the budget, appropriations, preparation, and decision events. Normative theories are not intended to describe what occurs in the budgeting process but prescribe considerations for future implementation as a best practice (Williams & Calabrese, 2011). However, with the evolution of organizational complexity, top-down budgeting has become a positive theory.... [tags: Top Down Budgeting, Theory of Budgeting]
1134 words (3.2 pages)
- The City of Rock Hill has multiple budgetary funds. They have reported up to nine individual governmental funds, which include General Fund, SW TIF Fund, Street Bond Fund, and Capital Projects Fund (City of Rock Hill 2013, 6). The city also maintains other funds that are combined into one single fund called “other governmental funds,” which makes it easier to budget (City of Rock Hill 2013, 6). Within the other governmental fund category are the Police Training Fund, Asset Forfeiture Fund, Sewer Lateral Fund, McKnight Crossing TIF Fund, and the NW TIF Fund (City of Rock Hill 2013, 51).... [tags: performance budgeting, general funds]
2389 words (6.8 pages)
- Labels are never good for anybody. However, labels is how people identify themselves at the end of the day. Same goes with politics. One could argue both parties are nothing but a bunch of children. If one party wants something, and the other does not, then nothing gets done. However, parties do serve the purpose of giving people identities. The reason why it is not a good idea to get rid of parties is because that happens, people will just find another way to self-identify with their interest. It is inevitable.... [tags: Political party, Politics, Minimum wage]
1416 words (4 pages)
- The safest way to double your money is to fold it over and put it in your pocket. I think sometimes this is the best thing to do when learning of a new tax that I am going to have to pay or some expense that I did not plan on paying. In reality, a person does not want to stick their head in the sand but to plan short and long term goals so that he or she is prepared for an unplanned expense or retirement. This paper discusses budgeting and spending habits, loans and borrowing, insurance, stock and mutual fund investments, and retirement planning.... [tags: Investment, Credit card, Mutual fund, Money]
1629 words (4.7 pages)
- I. Introduction Henry Fielding once said, "Make money your god and it will plague you like the devil". Money presents in so many aspects of life. It seems that almost everything can be bought, with the high value attached to money. People are very addicted to money because of the idea that if you have money, you have the success, popularity, power and acceptance. But, there is always danger in losing values such as love for sports or being a hardworking person. A good example is the current trend in sports wherein top players in football or basketball are only interested in picking up their paycheques more than genuinely loving sports and achieving success in terms of being the best athlete... [tags: Money Case Study, solution]
1868 words (5.3 pages)
- The purpose of this essay is to evaluate how “Incremental budgeting is still the most popular form of budgeting because it works”. Firstly, this essay will explain the different types of budgeting. Secondly, the essay will compare and contrast incremental budgeting to zero-based budgeting (ZBB) and rolling budgeting. Finally, this essay will conclude to say where incremental budgeting is not the most popular form of budgeting. Incremental budgeting is a traditional way of budgeting. It is budgeting process that uses previous year’s budget or the actual performance, which incremental amounts are added or subtracted to the new budgeting period.... [tags: Economics]
1437 words (4.1 pages)
- Is Anybody Listening. Okay, ready or not, here I go on my, what may be considered an overly naïve, reflection of my experience in this course, Feminist and Critical Pedagogies in English Studies. Through my reading and writing in this course I have come to many realizations about myself as a possible teacher and what I want to see start happening in writing classrooms. First and most importantly, I want to see teachers more connected and active in the process of their students writing and learning, as I have outlined in my research paper for this course.... [tags: Teaching Reflective Writing Education Essays]
991 words (2.8 pages)