Personal Money Management

 ACTIVITY 1

1. Are you familiar with those type of piggy banks?

Yes, I’m familiar with it.

2. Do you use them to save your money?

Yes, I use them to save my money.

3. Why do you use them? Why don’t you use them? 

I use them because piggy banks are easy to find in any supermarket, the price is cheap, it’s safe for me to keep my money there, and also the designs is unique and cute so I feel motivated to save more money in my piggy banks.

4. Which one do you think is more effective, saving your money in the piggy bank or in a bank? Why do you think so?

I think saving money in the bank is more effective because it’s more safer to save your money there instead of piggy bank. In a bank, you can also save a large amount of money, not accessible to many people, and you must put a password to access your bank so it’s more effective to keep your money in a bank.

ACTIVITY 2

1. Mention three things you need to set a budget.

Discipline, planning, and prioritization

2. How many steps are there to plan your budget?

There are 6 steps to plan your budget.

3. What is the first step?

The first step is know your income. Knowing how much you can spend each month starts with knowing how much you take home. That means you can’t build your budget based on your salary. It should be based on your net income. So get out some pay stubs and see what you’re clearing after taxes insurance, 401k contributions and other stuff like that.

4. What is the last step?

The last step is keep track. Finds a way that works for you to keep track of your expenses. That can mean the old pen and paper a spreadsheet or one of those new fancy fund budgeting apps, a lot of banks have these part of their online banking. They are easy to find and use, so be sure to look for them. Then you should balance your budget, keep your income information current and track your actual expenses monthly. After a few months you’ll starts to see patterns then you can figure out where you can streamline and make adjustments now