Lessons from people who I trust
Student’s Name
Department, University
Course Name
Professor’s Name
July 15, 2021
Lessons from people who I trust
Some times I get myself in bad situations where I want to but something new in the market but I am unable to purchase because I don’t have enough money. Towards the end of October, I lost my MacBook PC, which was very special because I use it for my assignment and my school work. We were in the middle of the semester, and I had to figure out a way to get a new one before I miss my assignment’s deadline. This situation got me in a difficult financial situation because I had little money to sacrifice for a new PC.
I found out that planning for the financial future is important because emergencies always arise without our consent. We need finances to survive and be able to meet our daily needs. Responsibilities are also increasing as we age, and at some point, we may desire to have a family. Activities such as buying a car, a home or carrying out an event like a wedding need a huge amount of money which has to be planned for a period of time. When we start saving now for the future, it will be easy to meet future demands. Making future financial plans improve the social and economic status of an individual (Botha, 2018).
Right now, financial status matters a lot, especially when it comes to meeting my daily needs. What I would do it right now is to make a budget for my expenses. This will limit my needs to ensure that I meet the basic needs and not desire what I cannot achieve right now. If I lower my expectations, I will have a few demands, and hence it will be easy to meet and save some money. Secondly, I will stop using credit cards to pay my bills because I might have difficulty in paying them off later and might also limit the amount left to pay off bills. Lastly, I have to save up a small amount each week to see myself grow in wealth (“Do These 20 Things Right Now to Improve Your Finances”, 2020).
First, I will do monthly savings when I have a steady income in the future. If I save money monthly, I can earn monthly interests from a saving plan and also accumulate money which I can use in future. Secondly, I will invest in businesses & stock to grow my monthly income. An investment gives returns which elevate financial situations. A majority of wealthy people have huge investments in the stock market and hence become wealthier (Botha, 2018).
Reference
Botha, M., Du Preez, L., Geach, W. D., & Rabenowitz, P. (2018). Fundamentals of financial planning in 2018. Cape Town: LexisNexis.
Do These 20 Things Right Now to Improve Your Finances. The Balance. (2020). Retrieved 30 November 2020, from https://www.thebalance.com/get-control-of-finances-2386026.