Personal Finance – What’s Your Money Lifestyle?

lkeehn — Fri, 28 Mar 2008 03:46:29 +0000

Hello Class! When it comes to personal finance, one of the first things you need to know includes identifying your needs, wants, values and goals. We’ve established that in class and are now piecing together a budget in order to achieve the goals we have set for ourselves. To learn more about the budgeting process and how it works, we’ve put together hypothetical income/expense statements and even prepared a simple statement for ourself. Now, I want you to take a look at how money plays a role in your life. Is money something that is used to purchase only the necessities? Is money used to purchase frivolous and extravagent items? How about useless, meaningless, junk that you are not sure why you purchased it, but just had to have it. Is money something that is worked hard for? Is money something that you come by easily? For each of us, it is a very different situation. Sometimes, our opinion of how the money we have and use can change day by day, minute by minute — depending upon the situation we are in, or the mood in which we are feeling. Some days I may feel “rich” and farely carefree with my spending, so I’ll purchase something that I really don’t need and the price is probably not the cheapest I could find. Other days, I may feel “poor” and have the willpower to not spend my money on anything extra, will over-comparison shop, and in the end not purchase something that I probably needed to begin with. …What’s your money lifestyle? How does money play a role in your life? Please include your comments as often as needed to add to the ongoing dialog from this particular blog for Personal Finance Class.

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Personal Finance – What’s Your Money Lifestyle?