The spending journal was an interesting assignment. It really makes you take hold of your finances and it helps you plan for the future. When you aren’t keeping track of how much money you spend each month, it is easy to convince yourself that you are spending less than you really are. Writing down each and every thing you spend money on creates a very strong awareness of what you spend on a daily basis. My spending journal took me by surprise. It made me realize that I spend the majority of my money on random, unnecessary things. I became aware of the fact that I spend 4 times what I had estimated I spend in one month. I now realize that I spend a lot of small amounts but that they add up quite quickly. The spending journal makes you realize what makes up the vast majority of your expenses. For me I personally spend a lot on food and recreational expenses that I want but don’t …show more content…
That is a bit of an upsetting fact. I am going to look into how much I could save in loans by both getting another job this summer and by saving less money for spending throughout the year. By doing this I hope to not take out any loans next year and hopefully not have to take many loans in the years of college to follow The spending journal assignment is a great starting point for anyone who is looking to get a hold on their finances. It is beneficial because it helps you see what you spend the most money on and it allows you to change your spending habits. Not only does it make you more aware of how you spend your money, but it also makes you more accountable to yourself for how you spend it. I think that spending journals should be more common than they currently are in society. In fact the government could probably benefit from using a spending
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.
By being constrained to only a certain amount of money made me more cautious about the quantity of products that I was buying and what brand the products were. By budgeting it made me realize that going to big name grocery stores isn’t always the most ideal option, such as Walmart and Meijer tend to be more expensive where Family Fare and Aldi’s are fairly more on the cheaper side when it comes down to prices. I realized that shopping at Family Fare and Aldi’s is more convenient for people to shop at when trying to save money and way more affordable while on a budget. While being constrained it made me find out how much cheaper the off brand products are rather than the name brand ones, which is surprisingly different when the product is basically
Government has filled a spot in the American Society that once belonged to the churches. People regularly attended church throughout American history and use the church as a place of instruction, guidance, support, and charity. The government now fills a larger role in American’s lives and at the same time church attendance is diminishing. The government is growing at a rapid pace and the expanded social programs have more influence on Americans than the church. America is a nation of immigrants which most fled from large governments (sometime oppressive) and now the American government is poised to grow larger than ever. The ideas behind the growth of government can have noble intentions, but more often than not results in wasted money and harm to the peoples it intends to help, and is replacing the roles churches once filled as a guiding and supportive structure in peoples lives.
Student loans are a trick to the mind and a trick to your wallet. When getting a student loan all the student thinks about is “Now I can afford to go to school”. The sad truth about that statement is that 90% of the people who get a student loan cannot afford school and they really can’t afford to pay the loan when they get out of school. David
For the study, writing a reflective learning journal helps me: bring together theory and practice and yield better understanding of the course material while for my development as a successful and independent learner, it helps me: See my strength and weakness
Budgeting is a familiar term to most American families. Dictionary.com defines budgeting as an estimate, often itemized, of expected income and expense for a given period in the future. In order to avoid debt, bankruptcy, or overspending it is common to create a spreadsheet of some sort tracking your spending and income. On a grander scheme, the Unites States has to budget as well.
Budgeting is the track of money you receive, but allowing yourself to spend a certain amount without going in debt. Referring back to the statement I mentioned in the previous paragraph, this prepares us for the future. The effect this budgeting projecting has on me, is it taught me a life lesson. The lesson this taught me was that I can’t go all out spending a lot of money. I thoroughly understand this by me ending up on debt on my project. This had caused me to go back and modify my spending. I had to modify most of my wants to needs. Another topic we have learned dealing with the human needs are Maslow’s Hierarchy of Needs.
Being successful at budgeting our personal finances is not strength within our household, and I often find myself nervous thinking about our cash flow. I don’t recall having conversations with my parents concerning finances; I only remember learning to balance a checkbook while in high school. Considering that most Americans will have the need to create a budget and manage their finances at one point of their adult life, I feel that a series of personal finance classes should be a part of a high school education. In these tough economic times, I’ve learned that having a handle on our personal finances is not a luxury – it’s a requirement. Therefore, making money while effectively managing and tracking how you spend it is closely related to stress levels and living a comfortable life.
Most people question the purpose of writing a journal. People who write a journal keep it to fulfill a basic human need – “self expression and reflection” (Sagan 1). Writing is known as one of the easiest ways to express your personality and who you truly are. You can write in a journal without having anyone judging you – unless you chose to have someone else read it of course. You may reflect on your writing while you are writing your journal/diary entries. Then, once you have expressed your thoughts, you can even go back to your past entries to reflect on what you have said before. Reflecting on your writing can help you develop as a person. It helps you think through a situation and possibly solve it. Reflections help generate ideas for how to improve as an individual. But really, it’s entertaining to re-read past memories and see how much...
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
Department of Education, less people are enrolling in college. People are feeling more secure after the 2008 recession, and assume they might not need a college education to support themselves. But people were struggling when the 2008 recession hit, especially those without college degrees that helped them get jobs, and it is always a possibility that this recession may hit again. As stated above, this rising cost of tuition may also cause prospective students and their parents to decide against a college due to its high tuition price-tag. For those students who do decide to attend college, they are forced to take out loans provided by either the government or their university, which has a large interest rates. In a recent study done by Project on Student Debt, it was reported that in the graduating class of 2015 from public and for nonprofit schools, about 68% had student debt, averaging around $30,100. This is a 4% increase from the 2014 class. As of 2016, the debt in America just from student loans is almost at $1.3 trillion, the second highest debt, first being the housing debt. These two debts will continue to increase, as college graduates are pushing off buying their first home, mostly because they cannot afford it. “Almost half -- 46 percent
Budgets are an important part of personal financial responsibility because it helps control what your spending. It will help identify wasteful expenditures such as everyday take-out and buying expensive clothing, it also helps to adapt quickly as your financial situation changes, For example being in debt, and achieve your financial goals. A budget can help understand your spending habits. For example: By figuring out where your money is going, you’ll be more aware of where you need to cut back to pay off your debt and contribute to saving. Budget is important because it can help you to stop living paycheck to paycheck. By creating a personal budget, you can to see how much money you are spending throughout the month.
Building a financial literacy for your children is important. Giving them an allowance will help you do that. An allowance will give kids a chance to experience dealing with money before it becomes a crucial thing for them to know. The more practice and time they have dealing with money, the easier it will be for them to handle it as they get older. It will also give them more time to learn and perfect budgeting skills. Giving your child this skill early in life can help prevent complications when they are on their own. It is important to learn early on that you must work hard for the things you want. Your parents won't always be there to help you out.
My siblings and I used to ask our parents for money, but they would never give us the amount we wanted unless we performed chores around the house. My parents wanted us to develop a sense of gratitude regarding the struggles one has to endure to earn money. I remember how I used to become very frustrated, but reflecting on this experience, my parents were teaching an important lesson on the importance of financial stability in order of an individual to afford basic necessities. More importantly, my parents taught me how to save money for necessary
Yes, I was being honest when I was charting my spending habits because I haven’t done a budget that lasted a week before, and I wanted to get an estimate of how much I spend in a week. It was an interesting task to be aware of how much I was actually spending by having real numbers to look at in an organized spreadsheet. The spreadsheet itself was very simple and direct which made it easier to analyze. By lying about my spending habits, this assignment would have been counterproductive since I would have been avoiding facing the truth about how much I spent that week. Instead of being dishonest and trying to avoid that amount of money I spent, I was honest when I was charting my expenses since I wanted to get an actual estimate, even if this