Finance Management Discussion
Discussion Rules of Engagement:
- Be polite and professional.
- Keep an open mind.
- Keep personal information personal.
- Issue complaints privately.
- Be patient.
- Be honest.
Before You Begin…
To successfully complete your assignment, you should have completed the following tasks:
- From your textbook, Keys to effective learning: Study skills and habits for success, read:
- Time and money: Managing important resources
- Setting and reaching goals: Using values, stress management, and teamwork
- Review materials under the topic “Personal Financial Management”
In addition to time, another resource that demands good management in order to succeed is money. How can you best manage your finances in tough economic times? What do you need to do financially to succeed in school? The bottom line is to be wise when borrowing money. This module will help you develop skills to manage your time and money.
Read the scenario and respond to the following questions:
Jenny has a part-time job and her net take-home income is $2000 per month. She needs to allocate her funds to reflect a balanced monthly budget. Jenny’s main expense categories include rent, utilities, and groceries.
- How would Jenny best allocate her income for the month?
- What categories and in what amounts should Jenny allocate her funds to reflect a balanced monthly budget? Include the main categories as well as examples of other categories.
Considering your own monthly budget, what specific behaviors or actions can you take to be more financially responsible and healthy? Do you have good or bad financial habits? You need not provide any specific personal information. Perhaps you could buy fewer pairs of shoes or limit your entertainment budget, or perhaps you’ve devised clever ways to save money that you can share.