Financial Wellness%2F i Grad - UK 101 PDF

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Elizabeth Smith UK 101 Financial Wellness/ iGrad

The article I chose on iGrad for this assignment was Seven Ways to Budget Without Budgeting b  y Reyna Gobel. The article discusses tips for managing finances and saving money. The first tip was “consciously spend your money”, and while this may seem like a given, I find that I often spend money without thinking, such as taking an Uber when I could take Wildcab or buying snacks for my dorm when I could just use a meal swipe at the 90. Gobel says, “ What does conscious spending mean? Thinking about each item before you purchase it....Try to limit spending on things that you could regret later,” and I find this a great way to summarise smart spending, when I think before I impulsively spend I thank myself in the long run. Another tip, number 3, that I thought was an important point was making regular monthly saving account deposits. My relationship with money is often coming into a decent amount, spending most of it and then being broke until the cycle begins again. By setting aside maybe 25 dollars a month I can save money for the long term to put towards things that I really want, but maybe cannot afford now. Similarly, I know I will thank myself later if I come out of college with savings already set up. Tip number 5, I thought was really relevant and helpful for me, was “limit small trips to the grocery store”. I often visit Kroger and buy an excess amount of snacks, because I worry the next trip will not be for a while. I end up spending more than I can afford, and then spend the subsequent few weeks having to be extremely careful with my spending. By only spending a little bit and visiting the grocery store an extra time during the month, I can save myself that uncomfortable period of time where I have less than 20 dollars to my name.

Overall, I think this article and its tips are very helpful and offer easy ways to save some money and create better spending and budgeting habits....