AEC Week 3 Reflection

What I know about money management What I want to know about money management What I’ve learnt about money management
 

We should manage our money wisely and not over spend

 

 

How do we know if we are overspending?

 

From the “Are you a spender or a saver video” I learnt that overspending is when you you spend more than what you earn each month and overuse credit cards

 

 

We should start saving money, bit by bit, for future uses

 

 

How do start planning to use money for future education/work purposes?

 

Start by saving small, for example, the cents from the left over money from your daily allowance.

 

 

Money managed in a way that we prioritize spending it on things we need first rather than want

 

 

Lets say I estimate how much I’ll be using to buy the things I need and after buying them, I realize I still have leftover money from my estimated amount, is it then okay to use it for the things I want, or should I save it up?

 

 

It depends on the situation, if you have plans coming along that requires quite a sum of money, I suppose you should save the money. But it really depends, it is good to spend money on your hobbies/interests once in a while, provided you don’t end up overspending.

 

I really enjoyed reading the “The truth about Poly Students” blogpost. I could really relate to some of the reasons why Poly students have bad money management because some of the reasons really reminded me of many of my friends, such as “boy-girl relationships” and “social life”. Personally, I cannot really relate to some of the points stated except the one about fashion, although I am all for “rebelling” against the social standards and trends of society and I am not one to follow these standards to fit the social circle, yet sometimes I find myself spending quite a bit on clothes that I really like, more specifically, my Mom pays for almost all the clothes I own. But throughout the recent years, I’ve tried to cut down on the spending on clothes. For instance, instead of shopping at stores in shopping malls, where clothes cost a minimum of a hefty $20, I now prefer to shop at street shops where clothes are relatively cheaper, I can find clothes at around $10 and its in good quality! Also, I’ve come to realize that I should really saving my money because who knows what will happen in the future? What if one day I need money urgently?

It is really important to save for education because it is something very extremely important to me and it is also time I start relying on myself to pay for my things. I see how hard my parents work to help pay for my education, give me allowance, and almost everything in general and I feel that I should at the very least help to contribute, even if its just a few dollars.

Also, I’ve personally come to realize that I should spend money on my hobbies instead of materialistic items like clothes and luxury items in general. I am an artist, I draw and paint and it is a form of therapy when I am feeling depressed or frustrated. I think we should all spend money on the things that make us happy instead of things that are bought to impress others. But I say this meaning that we spend money on things that make us happy without over spending. We should also spend money buying things as a way of showing love and gratitude, for instance Mother’s day is just around the corner, maybe you can treat your Mom to a nice meal? But as I say this, I also know you don’t always have buy things for people to show that you love them.

We should manage our money wisely and start saving and distinguish our needs and wants.

Lastly, I feel that although money is an important factor in life, I feel that we should not prioritise money making and forgo spending time with our loved ones and ourselves. To me, it is important to strike a balance between money making and family time. It is of great importance to me to make time to spend with my family, create art and do what makes me happy.

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