University:
Maryville University
Course:
ACCT 210 | Financial Accounting
Academic year:

2021
Views:

175

Pages:

2
Author:

Kolten Khan

Personal Finance Basics The main idea and topic I learned about financial literacy and personal finance is that it is extremely important to get in control of your finances as early on as you can. This will help you with your future goals and life. Learning about saving, finances, credit worthiness, and budgeting. By creating budgets, paying bills on time, saving where you are able, and using your credit wisely, you can reach your goals faster and with less stress. Financial literacy is important as it helps you stay on top of your finances, and meeting and reaching future goals. I found so many tips that I could utilize in my personal budget and finances. After reading “Make A Plan To Manage Finances” (Scheibach, Michael, Massachusetts Banker 2014 3rd Quarter, p.28-29) and also “The Power Of Living Within Your Means” (Cross, Miriam, Kiplinger’s Personal Finance. April 2018, Vol. 72 Issue 4, p. 25-25.) I discovered that these were the main tips I could apply and use in the upcoming months and ongoing: 1. Creating and a household budget. This is the number one thing I believe will help me. 2. Making food at home and comparison shopping to get the best deals. 3. Prioritize my spending so that my NEEDS come before WANTS 4. Make better Credit Card choices such as not getting cash advances, paying on time, pay more than the minimum due and trying to only use for emergencies. I found that I need to grow mainly in my budgeting habits, my impulse buying, working on better credit management and savings. I have never really budgeted much before and I have always been stressed out over bills. I hate living that way. So I believe that in taking these practices and really putting them to use will help me in my golden years. My goal is to graduate with a Bachelor of Science in Hospitality Management. Depending on the path I take I do have the potential to earn quite a comfortable or above comfortable salary. However I would like to own my own Event/Wedding Planning company. Once established, my earning potential could be great. However in order to reach that point I will NEED to be completely well versed in budgeting, financial literacy, savings, credit worthiness, and all of the other tips I learned. If I fail to have this under control, then owning my own company may not come to fruition or I may fail before I succeed.

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