Financial Management: Budgeting, Goal Setting, and Financial Resources

I have learnt that a budget is a financial tool that shows how one will spend money for a period of time. Without a personal budget, one gets a hard time to account for how they have spent the money (College Success). Budgeting helps in making key financial decisions after one has received their salary. There are key strategies that are used in preparing a budget;  sensibility where you tend to cut cost of one expense despite using extra money on another need as long as you are within the budget, choosing a timeline that helps in checking your financial goals, making adjustments on your budget by spending less income on one need so as to save more. Pros of budgeting are; help avoid extra spending, setting goals, and shows how one spends their income. Budgeting, on the other hand, is time-consuming, requires dedication to prepare it and following it to the latter (College Success).

There are several strategies used in establishing financial goals so as to track and handle their expenses. The strategies include; creating a budget, working which may be either full-time or part-time, keeping track of how ones spend their income, choosing a reliable and cheaper source of loans, and have SMART objectives; Specific, Measurable, Attainable, Realistic and Timely (College Success).

When joining college, people think that the only expenses are tuition, board, and room fees, but it’s a wide perspective, which also includes transport, entertainment, stationery, and miscellaneous expenses such as airtime. Due to unplanned expenses, students apply for other financial resources to help them cater for their daily needs. The sources of finance may be grants and scholarships which, are offered by the institution, community, or the government. They are given based on academic excellence, talent, and financial need (College Success).  Information uploaded on the Federal Student Aid (FAFSA) determines their eligibility for quality for grants. Also, students may opt to get jobs that are either part-time done during free time, especially for full-time students or full-time jobs where a student chooses to attend classes during the evening or weekends. Loans are another source of finance that may be subsidized where one is expected to pay some months after college and, if not, paid it accrues some interest or unsubsidized where one pays while still studying. The college that one attends may be a determinant on loan granted. For example, the Federal South Western State College offers financial resources to students whose families cannot afford to cater for the cost of education.

What I have learned is to avoid financial constraints; you have to budget and set financial goals for the little you have. The action plan that will help me complete my college studies is taking off-campus jobs which, will help me cater to my living and transport expenses.  Budgeting for the little money I have will also allow me to avoid borrowing from friends and mobile services. Budgeting will also ensure that I save to avoid struggling immediately I complete college and also cater for my transport once I get a job.

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