Assessment Description:

Please read the article “Make a Plan to Manage Personal Finances,” by Michael Scheibach found in the Topic 6 resources. This article lists 10 money-saving strategies. Choose three of these strategies and discuss how they will help your personal budget? What additional tips or budgeting strategies do you use that were not mentioned in this article?

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Solution to UNV-103: University Success - Topic 6 DQ 2.

SAMPLE 1

Hello class,

            As a nurse and a student, managing personal finances is crucial for maintaining a balanced life. As I reflect on the invaluable information provided in the article Make a Plan to Manage Personal Finances by Michael Scheibach, three key strategies stand out for me. These are developing a household budget, always comparing prices, and prioritizing spending. In as much I have been using strategies such as setting strict monthly spending limits, I believe that a combination of these techniques can significantly impact a personal budget.

            Developing a household budget is the foundation of sound financial management. As Scheibach (2014) notes, this starts with identifying how much money is coming in and how much is going out to get a handle on financial matters. This practice provides a clear picture of income and expenses, allowing for better allocation of resources. As a working student, most of the days I have to juggle between work and studies, I believe a well-structured budget can help me manage irregular income from shift work and allocate funds for tuition and any other educational expenses. Additionally, this will also help identify areas where spending can be reduced, such as unnecessary subscriptions or excessive dining out.

            Always comparing prices is another valuable strategy that can lead to substantial savings over time. “Once you find something you want to purchase, begin comparison shopping and you might be surprised how much money you can save by following this rule versus buying spontaneously”( Scheibach, 2014). This approach is particularly beneficial for us students and who often face significant expenses.  Going forward, I will utilize price comparison websites and apps to make this process more manageable and allow for quick and efficient decision-making even with a busy schedule. Additionally, prioritizing spending is essential for maintaining financial health while pursuing educational and career goals. Scheibach (2014) emphasizes the importance of distinguishing between needs and wants, a strategy I also aim to implement.

Reference

Scheibach, M. (2014). Make a Plan to Manage Personal Finances.