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Jun 14, 2024

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Reflection: Personal Finance Basics Lauren Bright College of Humanities and Social Sciences, Grand Canyon University UNV 103 University Success Professor Keith Rogers June 09, 2024 1
Reflection: Personal Finance Basics When it comes to personal finance and literacy have learned that is very important to not only pay off debts but also to resist the temptation of borrowing money when possible. Budgeting and paying bills on time will only influence your financial well-being in a small way if you continue to borrow money and acquire new debts. Having a budget in place is the first step to a solid financial plan, however the biggest impact is determined by your ability to stay out of debt and avoiding any loans that are not of necessity. Making Good Financial Decisions In the coming months I plan to come up with a financial plan that will help me spend more wisely now and well into my future. In the past, I have spent money on things that were not necessary, and often on things that were wasteful. By creating aa wait-and-see list, I will be able to save a lot of money on sudden purchases. Eating fast food and dining out has taken its toll on my wallet and waistline. By preparing and eating meals at home I will save money and create healthier eating habits for myself. Taking the time before shopping to prioritize my lists by focusing only on the things that are needed, I will save big on items I don’t necessarily need or have the funds for now. With a list in place before heading to the store, instead of a dollar amount, I can spend less on things I do not need. Growing Financial Freedom Avoiding unnecessary purchases, furthering my education about credit cards and taking time out to learn more about investments and savings are all things I could benefit from. Spending money I don’t have on things I sometimes do not even need has been a problem for me in the past. I will make it part of my plan to avoid these unnecessary purchases. While avoiding debt is the greatest part of my financial plan, in the instance that I have to borrow money I should 2
learn more about credit cards and loans. There is so much information it can seem overwhelming to try to learn it all. I plan to take the time to know more about the dos and don’ts of loans and credit cards. Finally, another important step for me to achieve financial freedom will be learning as much as possible about investing. I believe investments will be wise and could benefit my overall financial situation if I take the time to learn before deciding where I will invest my money. My Degree, My Salary, My Security While considering my financial future based upon the base median salary of Substance Abuse Counselors, I realize I could easily live beyond my means. Being able to make smart choices when it comes to how I spend and save my money is of top importance. Making a budget and sticking to it is only the beginning of those decisions. Staying out of debts and avoiding late fees will be necessary for my financial wellness. By making a smart budget, saving any way possible, and by increasing my knowledge on investing wisely, I should be able to live comfortably after graduation. 3
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References Corna, H. (2016). 10 Financial Tips for First-Generation College Students.   Campus Activities Programming ,   48 (6), 34–37. 4