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Introductory Personal Finance Essay

1181 words - 5 pages

Task 1

Nowadays, adolescents rashly spend most of their money away without any financial planning. Over 90% of the adolescent’s parents are concerned about their children’s financial problems such as overspending and budget deficits.(1) According to the research of 00000, the adolescents’ knowledge of money management was decreased from 51% in 2007 to 35% in 2011.(8) I presume that budgeting can control income and expenses, therefore it would help the adolescents to achieve their financial goal. By having a good budget, adolescents can become aware of their financial situation and develop a spending plan to reach the financial goal in the future.(0) Hence, my topic is budgeting for ...view middle of the document...

(12) The four categories consists of fixed expenses, variable expenses, periodic expenses, and emergency or unplanned for expenses.(12)

By calculating all the monthly income and expenses, spending and saving plan can be schemed out.( ) This is the second point for budgeting.( ) Adolescents spend their money to fulfill their needs and wants.(12) However, in order to have a good spending plan for the budgeting, they need to control themselves well, and they must spend less than their monthly income.(12) The “saving plan” is a plan for saving up money for future needs and wants.(12) According to the research of 00000, almost 90% of the people states that a good saving plan can help us reach the freedom of needs and wants further in life.(1) Go through the expenses and eliminate the discretionary spending for your saving plan.

The last factor is building financial goals.(12) The financial goals consists of two sets which are short-term goals such as 000, and 00000 and long-term goals such as 00000, and 00000.(12) After listing the goals, start to establish a budget to achieve the goals.

Task 3

1. Through this lecture, I will present how adolescents may use budgeting for their future. This lecture covers financial terms such as income, expenses, saving, spending, financial goals and budget. It also covers a few things to keep in mind, and a few steps to go through in order to create a budget.

2. Nowadays, adolescents rashly spend most of their money away without any financial planning. Do you have any idea what this number represents? Surprisingly, this number indicates the percentage of the adolescent’s parents who are concerned about their children’s financial problems such as overspending and have a budget deficit. According to the research of 00000, in 2011, only 35% of the adolescents know how to manage money.

3. In terms of money management, in order to have freedom in the future, and to live a relaxed and successful life, we should know how we could manage money wisely. 0000 research also proves that over 92%, acknowledges that having good money management can surely help them to live a successful life. I think creating a budget is a basic financial tool that can assist the adolescents in reducing their financial problems.

4. As I mentioned, budgeting is the basis of a financial tool, and it is also crucial to solving financial troubles. By having a good budget, the adolescents can become aware of their financial situation and develop a spending plan to reach the financial goal in the...

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