UNV-103 Topic 6 DQ 2 GCU

Sample Answer for UNV-103 Topic 6 DQ 2 GCU

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? 

After reading the article “Make a Plan to Manage Personal Finances,” by Michael Scheibach on 10 money strategies, the top three strategies that will help me personally are: Develop a Household Budget, Prioritize Your Spending, and Create a Wait and See List. Developing a household budget and staying on top of money coming in and money going out will be a huge strategy for me to keep track of all transactions. It will keep me disciplined that will help create a substantial relationship built between myself and my money. I had a habit of spending money on things spontaneously to later fall back on not being able to pay an important bill. Prioritizing my spending will be crucial for me to stay on track along with setting “spending money” aside for anything I would want/need. Creating a wait and see list is one I would like to use so that I can spend off of a premeditation mindset rather than impulse behavior.  

Some of the strategies I use are: Cooking at Home and Always Compare Prices. Cooking at home is very important to me because it saves money and you are able to know what your food is cooked with. Another strategy I use is Always Compare Prices, it takes up a bit more of your time but finding a lower price product elsewhere does save me money. Overall, these strategies are great to implement into your life for a more stress free living.  

Sample Answer 2

In Michael Scheibach’s article “Make a Plan to Manage Personal Finances,” three strategies I find useful for my budget are creating a household budget, prioritizing spending, and cooking at home. 

First, having a household budget helps me keep track of my money. It shows me what’s coming in and what’s going out, so I know exactly where my money is going. This makes it easier to see if I’m spending too much and to cut back where needed. 

Second, prioritizing spending helps me figure out which expenses are the most important, like mortgage, monthly bills, student loans,  and groceries. By focusing on these, I can make sure the important things are covered before I think about spending on extras like going out or shopping. this way I can stay on top of my finances and avoid falling behind on important payments. 

Lastly, cooking at home saves a lot of money. Eating out regularly can get expensive, but by cooking meals at home, I can control my food budget. It’s also healthier and gives me more control over what I’m eating. 

In addition to these tips, I think it’s important to have money set aside for unexpected expenses. By having an emergency fund, I don’t need to rely on credit cards and pay interest later. This keeps me from falling into debt and keeps my finances more secure. 

These strategies help me stay organized with my money and be better prepared for surprises. I do realize for some, who live from paycheck to paycheck, this is difficult. Even a small amount like a few dollars a month will add up over time. In the event an emergency does arise and a credit card is your only resort, the saved money will help by making the credit card balance less and saving interest charges.