Mgt 311 Week 2 Individual Assignment

Her spending too much on entertainment and gifts, with clothes being a necessity, can be remedied by finding cheaper places to shop for clothing, eliminating entertainment until she saves enough to support her living expenses for at least 6 months, and by buying gifts ahead of time either off season, when they are on sale, or months prior to when they are needed. If available she can lay away items which will stretch payments overtime allowing for more disposable

3) Identify personal features that make undisciplined spending possible for Tommie. The therapist assesses Tommie’s depression level and the

On January 1st of 2017 I interviewed my mother of her financial decisions throughout her life. She does not use credit cards anymore after filing for bankruptcy due to bit parents being laid off in 2010 during the great recession. She does not use a written budget and does not know her current net worth. She does not know her asset allocation of her investments but is set to retire in 2030. She does not own a home but did before filing for bankruptcy she currently is renting a house. The two best financial decisions she made were putting 20% of income into an IRA account and getting rid all off credit cards after filing for bankruptcy and never opening anymore credit card accounts. The two worst financial decisions she made were spending her

Currently, I do not make serious personal financial decisions, but I do try to save any little money I have. Most of the money I have comes from my weekly allowance and gifts from various family members. I try not to spend too much money unless there are things I really need to buy, such as medicated lip balm from the winter, pencils, and other personal necessities. I also try not to keep too much money on me when going out or even at home. I make a list of all the important things I need to buy, and I check the total cost against how much money I have. Sometimes I have had to delay buying certain items because the purchase would

In order to achieve anything in life, the person needs to set goals and clear planning that allow him to reach it.in this case , Alice sat goals for herself that she aims to achieve ,which are : pay off student loan ,buy a house and save for children’s education, accumulate assets, retire ,travel around the world in a sailboat. In order to do the right steps and choices she Assessed her current situation that showed different and important aspects of her financial life including assets, debts, incomes, and expenses. her assets and debts shows her annual incomes and expenses shows how possible her goals are and whether she is making progress toward them.

Over the last 30 days, I was challenged to change one of the behaviors I didn’t like about myself. I choose to start saving my money. I will first explain my research I found and then go through my plan to save more. My goal is to have $1,000 saved at the end of the four weeks. Before I started this, I went shopping about three to four times a week. Over the past 30 days I tried to cut down my shopping, and budget myself. I will go through my four weeks, and explain what I did over the past 30 days to keep myself from spending money.

I could go on and on about expenses and the tightness of money, but I believe what’s more important than the problem is how we overcome it. I know I complained about not being able to do everything my classmates got to do, or get the newest pair of Nike sneakers that everyone in middle school was wearing, but I learned something more valuable than any jeans or all-star backpack could show me. Through my stepmom and father, I learned three things: determination, willingness, and perseverance. Every day I continue to move past insecurities limitations, working towards my goals and hopeful successes in my life.

The book Shoo, Jimmy Choo! The Modern Girl’s Guide to Spending Less and Saving More by Catey Hill lays the foundation of financial life management for women of all ages. She uses fun and real world examples to connect with her audience. There are actual instructions and how-tos feature throughout the book, so the reader can be proactive in improving their financial stance. There are four main parts that the book follows: 1) Style, Diet, and Fitness…for Your Finances, 2) Spending Style, 3) Debt Diet and 4) Financial Fitness. I chose to do my finance book review on this book because I personally have some problems with saving money. I love to shop a lot, so this book was an easy, relatable guide for me to learn more about finance, savings, and taking control of my life now as well as for my future.

The biggest issue that individuals have with their personal income is the lack of understanding where and how to control their spending habits and sometimes when to pay bills. This causes a great deal of anxiety, stress, depression, unkempt hygiene and possibly even losing the very job that is keeping their income flowing in to start with. With couples, the number one cause of relationship issues that are brought in front of a therapist and the number one cause of divorce just so happens to be financially related.

This project is such as eye opener are truly worked to explain and display to me where exactly my money goes each month. I previously believe that I worked really hard to limit my spending of money, but after looking at this total I believe the exact opposite. In reviewing my spending leaks and items purchase in my spending log I hope to create personal SMART goals surrounding altering some of my spending habits. I am very happy that I took the time to complete this assignment and because of it I plan to make numerous changes in my spending habits!

Everyone have habits as to how they shop and a majority of the time, mine consist of savings. My mother has influence this habit onto me. I am from a low-income family, so the need to save and use money wisely is essential for me. Majority of my mother’s money were invested on items, such as foods, clothing, shoes, and any household related items, all which were necessary. If there were extras, she saves them for next month bills. Very rarely does she buy any of her wants, but when she does they are items that she uses seasonally, if not daily, such as a portable green house. She has a mini garden in our background where she plants vegetables and cayenne pepper being a majority of it. Every spring she goes to Hmong Town, located in the capital of Minnesota, to buy these baby cayenne pepper plant. My mother usually spends $60 for 30 of them, and sometimes even more. So recently, she decided to buy a portable green house to grow her own although it will require patience and effort.

When I got this assignment I figured it would be quite easy and it would take no time to complete. As I began to think about which family member I was going to choose for this interview, I ran into a problem. I realized that most of my immediate family members have terrible money management skills and their advice might not be the best. My parents never went to college and have terrible credit scores because of their lack of education in personal finance. Neither my mother’s parents, nor my father’s parents attended college and lack money management skills as well. Being that this assignment is based around financial advice for the future, I wanted to interview someone with a good understanding of personal finance.

The objective of the session was to find out the different ways in which the retirees who had received pensions spent their income and how those who engage in other activities of earning extra income spend their finances. The goal was establish whether or not their incomes were sufficient enough and what could be done to help them generate more income if their funds did not satisfy their needs. Retirees always utilize their pension to cater for their bills (Kerr, and Armstrong-Stassen, 2011). Among the members there were spendthrifts, and some were well equipped with ways of managing their little incomes. Everyone had an opportunity of explaining what he/she bought during the day and the importance of purchasing the item. Everyone has a reason for purchasing every item, despite the fact that others found the items unnecessary (Herero, and Extremera, 2010). People have different preferences and tastes. Thus, they tend to buy different things. I guided them through establishing a list of the most important household items. I found that some of them did not spend their money wisely and that this list would help simplify their needs. According to their replies, I noticed that most of them spent their income on dietary menus. They are very concerned with what they eat. This is a good aspect, as it ensures that they remain in good shape. A number of them spent their income on luxurious activities,

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Although overall I spent the least amount of my income on food, over the 2 weeks it felt as if I was spending all my money on food. Over these 2 week, I worked majority of the days, as work called me in to cover shifts. This resulted in me working an unknown period of time varying from 3-8 hours. During my breaks I am usually hungry and therefore spend money on food. However, when spending money on food it feels as if a $8 meal is too expensive, and I try to limit myself as much as I can to save money. Being brought up as an Indian I can call myself, stingy and money conscious. It’s as if I was brought up to always think of the cheapest option, $1 frozen cokes and $3 nuggets are usually my go to as it is the cheapest option. In hindsight looking back at my expenses against income, I have significant amount of more money I can spend. Or, there is room for me to save more money over a two-week period.