Personal Budget Reflection

916 Words2 Pages
bulb-icon

Recommended: Budget planning and control

While taking this class (Family and Personal Financial Planning), I start to realized how important is my budgets. This class helps make me pay more attention into my income and my spending budgets. This class makes me look back into my checking and my saving, how much I can spend on each month and how much should I need to save. After chapter 3 about budgets, I had signed up a moneys tracking with my bank account online to help me see how much I spend on each month and spend on what. There is a surprise for me, after I signed up for the money tracking, my tracking money account showed that I spend most of my money for eating out. I am looking back into the past couple months, I had spent around $300 to $400 each month just for eating out. Therefore, I become very careful with my budgets, I start to control mine eat out budgets and start to set a budget for …show more content…

Because it’s like how everyone been saying accident could happen anywhere and whenever no one know. Therefore, it’s always great to have something that going to protect myself. Whenever I get hurt or die, I sure that government benefits may help meet only some of the needs, but not going to cover everything, so life insurance can close any remaining gap in need for me. However, there is still some reason that hold me back for buying life insurance for myself because there is so many types of life insurances (term life insurance, cash-value life insurance, whole life insurance, universal life insurance and ext.) out there, so I not sure which one is the right one for me. Going through chapter 12 about life insurance, it has a lot of great information about life insurance as insurance, death benefit, incontestability, and ext. Now I start to have an idea on which types of life insurance that I would like to have and which one might be right for

Show More
Related

  • Tracking Finances

    581 Words  | 2 Pages

    This is where you may realize you need to cut out some expenses so you can stay within your budget. Remember to plan ahead and put money aside for large purchases. Your needs will likely change every few months, so review your budget or spending plan regularly. Start saving.

    Read More

  • Veterinarian Senior Project

    790 Words  | 2 Pages

    This budget includes taxes and health insurance. Every month, I have budgeted to spend $200 on groceries, $100 on a cellphone, $50 on clothes, $50 on gas, $80 on cable, and $35 on entertainment every month. I also have to spend $865 on student loans, $860 on my mortgage, and $275.97 on my car. At the end of the month, I will have about $2814.66 dollars left over. This surprised me because I thought that I was spending a lot on all of the components going into my monthly spendings. Considering all of the extra money that I have, i think that i should put more money into entertainment because chances are I will spend a lot more hanging out with friends,etc. If I didn’t have much money left over at the end of the month, I may not get cable and instead get netflix. I may also spend less on going out to eat every month. I think that I spend a reasonable amount of money on each of the categories

    Read More

  • User Friendly Budget Case Study

    1309 Words  | 3 Pages

    On January 14, 2015 the Local Finance Board (LFB), which is part of the Division of the Local Government Services in the State of New Jersey adopted Rule: N.J.A.C. 5:30-3.8, which requires municipalities in the State to complete on an annual basis a User-Friendly Budget document. As a result of this new requirement, for fiscal year 2015 beginning with calendar year municipalities (January 1 to December 31), New Jersey municipalities must submit as part of their annual budget package to the State, a User-Friendly Budget document. Additionally, the State of New Jersey is requiring that municipalities incorporate the User-Friendly Budget into the introduced municipal budget, as well as the final adopted municipal budget. Therefore with this requirement

    Read More

  • Life Insurance Types

    584 Words  | 2 Pages

    There are three types of life insurance that most insurance companies offer, which are, universal, whole, and term. Universal life insurance is a permanent policy consisting of two parts, which are term insurance and an investment/cash value feature-which is interest bearing. The premiums for the plan allow the policyholder to pay a minimum rate when necessary or to pay the maximum and provide funds to the cash value of the policy. The more that’s paid into it, the bigger the investment/return. With the cash value of the plan, fees are deducted for the costs of the plan and the policyholder receives payment from the interest of the remaining balance. Universal offers clients a definite minimum interest rate on the cash value. Some insurance companies offer a tiered interest rate that pays policyholders a fixed percentage up to a certain amount, then a higher interest rate on balances above that threshold.

    Read More

  • Persuasive Essay On Child Care

    1494 Words  | 3 Pages

    • Not budgeting is one of the most overlooked financial mistakes. You need to know exactly how much money comes in and out at least on the weekly basis. To explain, you must find out exactly how much money you bring home, separate the money in categories to cover those expenses and finally stick with the plan.

    Read More

  • Pros And Cons Of Whole Life Policy

    530 Words  | 2 Pages

    The major benefit that whole life policy is over other policies is it provides protection for a man to last a lifetime. Since whole life policy is deemed as a permanent insurance, it guarantees the entire lifetime of the insured. In exchange, premiums must be paid from the insured to the insurer. The amount of coverage will always be the same regardless of insured’s age, health, or how much he drinks and smoke. Besides, as long as the payment is made, the policy will not expire even after a specific number of years.

    Read More

  • Budget Analysis

    1842 Words  | 4 Pages

    Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)

    Read More

  • Understanding Insurance Coverage

    837 Words  | 2 Pages

    Insurance is a two-way legal agreement between the insurer and the customer. The customer, which may be an individual, business, or other entity, agrees to pay the premiums as required, in exchange for monetary protection from the insurer for any possible substantial loss. Customers usually obtain insurance, not to cover the trivial incidents of life or business, but to cover the potential significant losses which could be a financial hardship for them. The premiums of all customers of the insurance company are pooled together. The insurance applies statistical analysis to determine the chance that a particular event might occur to one of their customers. From this analysis they can determine the premiums which must be collected and the claims which must be paid to keep the insurance company financially profitable. There are many type of insurance including life, property and casualty, car, health, and disability. Each is very specific for what losses then will cover and reimburse (Pareto, n.d.).

    Read More

  • Exploring the Multifaceted Impacts of Budgets

    824 Words  | 2 Pages

    According to Argyris (1953), “budgets frequently serve as a basis for rewarding and penalizing those in the organization” (Argyris, 1953, p. 97). Further, Argyris (1953) describes a budget as a measuring instrument, which sets goals which mean that people can be measured in this way (Argyris, 1953). People tend to have a problem with this and complain about this part of the budget as no one wants to seem as inefficient. For supervisors, budgets can be a way to put things in writing, and thus vent other unrelated issues (Argyris, 1953). Also, budgets can be considered to be pressure devices to keep employees on track and motivated, while also being pressured (Argyris, 1953).

    Read More

  • personal finance goals

    1136 Words  | 3 Pages

    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.

    Read More

  • Essay On Universal Life Insurance

    519 Words  | 2 Pages

    Take note that other types of life coverage, such as term life insurance, have no cash value and offer cheap premium rates, which are lower than those of variable universal life insurance. However, the latter is more affordable than other forms of permanent coverage. Also, it combines an insurance policy with an investment vehicle, and its price reflects the dual nature of the policy. So, if you are looking for a good means to grow a financial asset or build a nest egg for retirement, universal life may be your best

    Read More

  • Creating a Personal Budget

    673 Words  | 2 Pages

    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.

    Read More

  • Principles Of Financial Freedom

    1207 Words  | 3 Pages

    In August of 2014, my family joined the financial peace university class, which consisted of a nine week course. Where topics such as cutting expenses, utilizing cash instead of credit card or debit card, the importance of an emergency fund and other topics that helped us set realistic goals that we will be able to achieve in short and long term. The first exercise given to us in the class was to document our expenses and as a result, we identify sources where we could save, for instance, car insurance, utilities and food. We made changes and we saw results. The Budget and proposed budget on Appendix A shows the new rates since we have been working on this for years; there is no change between the two because we have been proactive minimizing our expenses and maximizing our profit. The result is evident in the positive bottom

    Read More

  • Reflection Of A Financial Planning Process

    1000 Words  | 2 Pages

    The insurance is meant to cover the cost costs associated with long-term care for those who have had strokes, chronic diseases, or Alzheimer’s diseases, as well as those who can simply no longer manage to live on their own. It is imperative that I be able to reap the cost-benefits to of being protected against the financial consequences of the high cost due to increasing life expectancies and the resultant rise in the chance that you may eventually need some level of care. In short, creativity in decision making is vital to effective choices. Therefore, it is essential to consider all of the possible alternatives will help you make more efficient and favorable decisions. Moreover, when life events affect your financial needs, the financial planning process will provide a vehicle for adapting to those changes. Also, specific financial goals are vital to financial planning. Others can suggest financial goals for you; however, you must decide which goals to pursue. Your financial goals can range from spending all of your current income to developing an considerable savings and investment program for your future financial

    Read More

More about Personal Budget Reflection

Open Document