Securing Your Needs
Securing your needs involves managing your money in a way that is resourceful. Money may be spent through cash, credit or debit cards, checks or applying for a loan. Another important component includes benefits from a job, large household needs, insurance and managing debt. These components are important because they lead you to build your wealth. Using these tools properly can help you save money while using them incorrectly can put you deeply in debt.
My current situation involves a high amount of credit card debt, and I can 't save towards any big purchases because I have no money left over to save. However, my strength is that I have a plan set up to help me get out of debt. First of all, I am not using my credit cards, …show more content…
Since I never considered those benefits useful until now. Even though I don 't have the resources to save for big household expenses, I know how to establish a plan to save for those objects and it will help me in the future. Having a plan motivates me more to think of the future I want and how I am going to get there. My debt is my biggest threat; the more it grows the harder it is for me to feel financially secure. The more it grows, the more I owe and the less I am able to save and spend. I am only spending the necessities and looking for ways to cut down and variable expenses like my cell phone. As stated before, I 'm focusing most of my energy towards lowering my debt and becoming financially …show more content…
I 'm not very materialistic and I know I don 't need anything other than a roof over my head, transportation, and food. Expenses I would like to save for in the future include college funds for any possible children I may have. I would also like to save money to travel all around the world. To live comfortably, I would need to make anywhere from 80k to 100k. Most of the money would be invested and used to pay for my expenses and my moms. In my culture we have godchildren, and I will be expected to help them financially with their education expenses. I want to travel all over Mexico and experience my culture, as well as travel all over. I also want to further my education to make sure that I can earn the money needed to support my lifestyle. One of the first milestones is to graduate with a Bachelor 's degree in psychology. Once I have graduated, I will take a break and continue with a master degree when I can pay for it. To keep track of my spending I have set up a notebook and once a month I add everything onto an excel sheet. This helps keep track of any unnecessary
Securing your needs involves managing your money in a way that is resourceful. Money may be spent through cash, credit or debit cards, checks or applying for a loan. Another important component includes benefits from a job, large household needs, insurance and managing debt. These components are important because they lead you to build your wealth. Using these tools properly can help you save money while using them incorrectly can put you deeply in debt.
My current situation involves a high amount of credit card debt, and I can 't save towards any big purchases because I have no money left over to save. However, my strength is that I have a plan set up to help me get out of debt. First of all, I am not using my credit cards, …show more content…
Since I never considered those benefits useful until now. Even though I don 't have the resources to save for big household expenses, I know how to establish a plan to save for those objects and it will help me in the future. Having a plan motivates me more to think of the future I want and how I am going to get there. My debt is my biggest threat; the more it grows the harder it is for me to feel financially secure. The more it grows, the more I owe and the less I am able to save and spend. I am only spending the necessities and looking for ways to cut down and variable expenses like my cell phone. As stated before, I 'm focusing most of my energy towards lowering my debt and becoming financially …show more content…
I 'm not very materialistic and I know I don 't need anything other than a roof over my head, transportation, and food. Expenses I would like to save for in the future include college funds for any possible children I may have. I would also like to save money to travel all around the world. To live comfortably, I would need to make anywhere from 80k to 100k. Most of the money would be invested and used to pay for my expenses and my moms. In my culture we have godchildren, and I will be expected to help them financially with their education expenses. I want to travel all over Mexico and experience my culture, as well as travel all over. I also want to further my education to make sure that I can earn the money needed to support my lifestyle. One of the first milestones is to graduate with a Bachelor 's degree in psychology. Once I have graduated, I will take a break and continue with a master degree when I can pay for it. To keep track of my spending I have set up a notebook and once a month I add everything onto an excel sheet. This helps keep track of any unnecessary