Budgeting Assignment for Answering Questions

Budgeting Assignment: Answering Questions 1. How did your thinking about budgeting and working with finances change by tracking your expenses? Initially, I considered budgeting and struggling to control my finances tedious and less important tasks. However, after tracking my expenses for four weeks, I realized more benefits than I thought. First, I discovered that budgeting is not as difficult as I initially believed. Budgeting and tracking expenses opened up ways that I had been overspending, especially on buying not essential items and leaving them unused. Secondly, it changed the way I felt wherever I thought about my financial sustainability since it kept me confident that I had enough to take me through the days. Tracking my expenses revealed why I was ever in debt (McCuistion). I did not prioritize paying debts initially, but after budgeting while giving payment of debts, I was able to stay without debts for four weeks. The experience changed how I handled my finances and improved my budgeting skills, saving me from the stress caused by lack of financial control and living without planning for the future. Therefore, my attitude towards budgeting and financial control changed positively. 2. How important is it to know where your money is going? After tracking my expenditure, I analyzed expenditures that took most of my money. It is important because I was able to weigh the expenses in their priority. The discovery that some expenses were too high and yet not so important helped me cut down on my spending. In addition, compared to spending without a budget and a tracker, I discovered that I was a victim of impulse spending since I always lacked enough money to take me through the month (Galperti, 2019). The situation forced me into debt. However, knowing where my money was going helped me spend wisely by adjusting some expenses and cutting off others. Therefore, it has enabled me to have enough money for the whole month and, above all, make savings for the future and emergencies. Thus, knowing where my money goes helps me spend wisely, avoid debts and save for emergencies or investments. Generally, it has saved me from stress due to financial problems. 3. Why is it important for you to understand personal budgeting as a social worker? Understanding personal budgeting as a social worker is important because I can control my finances and eliminate stressful moments that may hinder my efficiency at work. As a social worker, I need to minimize frustrations that may easily distract my attention from handling clients' issues (Galperti, 2019). Through budgeting, I can spend wisely, save and invest. It puts me in a psychologically sound state to perform my duties without worries and extend any low feelings and emotions to my work. Secondly, understanding personal budgeting is important to my work as a social worker because most clients' problems are directly or indirectly linked to financial issues. Therefore, to guide a client towards a solution to a problem involving personal finances, I need to have a deep understanding of personal budgeting and financial control. For instance, many retirees suffer stress and depression due to failure to plan while still in employment (Hamilton et al., 2017). To help such a category of clients, I need to be equipped with the relevant financial knowledge and skills that will lead to asking questions that will provide the client with a possible solution to their financial problem. Furthermore, the knowledge is vital for other family-related issues, such as helping divorced persons find a way out of the financial crises that come with broken marriages. Therefore, understanding budgeting is important for my well-being and essential during social work. 4. What connections can you draw from personal budgeting to organizational budgeting? Personal budgeting and organizational budgeting are related in principles yet different in complexity. Personal budgeting skills are important and act as a foundation for organizational budgeting skills (Galperti, 2019). For instance, for managers to budget for a company, they need to be familiar and well informed with personal budgeting skills though on a small scale. Once individuals can manage their financial affairs, they can advance through training and coaching to manage or budget corporate funds. Personal and organizational budgeting involves projecting income and expenditure over a given period. In comparison, personal budgeting targets personal savings over the period, organizational budgeting targets to make a profit over the same period, like a month or year. Therefore, though different, the basic principles and skills remain important, with the foundation being to minimize expenditure to increase return on the expenditure. 5. Are there any other things you learned by completing this assignment? The assignment has enlightened me on the best ways to control finances, such as setting financial goals to be achieved monthly, avoiding peer pressure during expenditure, distinguishing between what is essential and less essential while budgeting and avoiding falling into traps of debts (Galperti, 2019). Conclusively the assignment has taught me financial discipline.