AEC Reflection Week 3

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Money Management

What do I know about Money Management?

~The ability to spend money wisely
~Drawing up a plan to save money
~Differentiate between necessary and unnecessary items

What do I want to know about Money Management?

~How do I conserve my money?
~What is considered necessary?
~How does it benefit my future?

What have I learnt about Money Management?

So there are many factors affecting the management of money. Management of money is about spending wisely and saving up to prepare for the future in case of an emergency or to secure a better future because a person needs money to buy food, clothes and various other necessities. By saving up, there is enough money for the future and retirement, so that one does not have to worry about struggling in the later stages of life. Spending on things that a person wants is not really wise. Even though there are things that we want, it depends on how it is spent too. If that particular item is used for a short while before throwing it away, might as well not buy it. Its not worth the money if it is expensive and pretty much useless. Always compare prices and check on the efficiency of the item. Minimizing expendature could help alot in the future because that saved up amount could be of use for example, medical fees.

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