Reflection Essay - Personal Finance Basics PDF

Preview

Summary

In 250-500 words, using the resources in the Topic Materials, please address the following questions using the attached GCU Style template.
Based on the objectives and resources from this week, what do you feel is the main idea you learned about personal finance and financial literacy? In what...

Description

1 Tmmbry Harris UNV-103 University Success June 28, 2020 Dr. LaVonne Riggs-Zeigen Reflection: Personal Finance Basics This week there are different lessons in personal finance and financial literacy that I have learned. However, the lesson that stands out to me the most is successful money management. In my case, I have learned about the need to be more efficient and disciplined with my finances in such a way that I can achieve more of my goals. In this instance, I have realized that I must not only embrace the saving culture but also have specific financial goals in mind and be intentional when it comes to accomplishing those goals. These tips will help me “to control my money instead of letting my money control me.”(Adams, 2013) I have already started the first step to successfully managing my money by really looking at how I earn, save, spend and donate my money. In addition, I have created a budget by balancing my income with my expenses and have begun eliminating debt that is weighing my monthly budget down. I believe becoming more aware of my money habits will help me reach my goals and I will make better decisions about where my money goes. Continuing to prioritize my spending is an area of growth for me. Differentiating between needs and wants can sometimes be a bit murky for me. I have begun to write down my needs for survival and prioritize my wants in order to channel my money to what is most important. I have cut my family’s spending by not dining out as much, using coupons, canceling my gym membership and cable TV. Coordinating the due dates of my various creditors in order to ensure

2 that they align with my pay periods is helping me to prioritize as well. These objective topics have made me realize that in order to grow financially, I must be deliberate. Now I have an entry level job in the field of marketing and have plans to take a management role in my company upon receiving my college degree. This is a potential opportunity to earn an annual salary of six figures. While more income can absolutely help improve my financial security, this alone will not solve all my problems. More income and poor financial decisions can lead to money issues. Therefore, becoming financially literate and making wise financial choices now can create a financially secure lifestyle for me.

3 References Adams, J. (2013). Students: Don’t Let Your Dreams Be Deferred by Debt. Campus Activities Programming, 46(3), 53....