Skip to main content

HBL Assignment: Money management

What I know about money management.

Money management is about learning how to spend within your own means. May it be the your weekly allowance, the money you earn from earn working part-time/full-time. As the common saying goes, "money make the world go round." Since young, I was told to save up as much as I can, may it be the money from my allowance or from the Ang Baos that I get during Chinese New Year.

I personally have a lot of trouble trying to save up money, but I do know that saving up money can reap great benefits. For example, when new a game is released, all the teenagers will want to grab that latest game to experience the game first hand without being spoiled of the experience. Well not for me at least, as I have no money to being with!

However, I do have a certain advice that has helped me manage my earnings and spending ever since I started my part-time job. That advice is to save up what you (or in this case I) think is necessary for me to spend on and setting aside a certain percentage as additional savings before thinking spending the rest on personal leisure.

What I want to know about money management.

Well, it's very easy to ask someone to save on necessary things, but how can I save on "necessary" things, when I am still a teenager? Without a care about house hold expenses, no petrol to pay, no need to worry about insurance expenses!

So some things that I really want to know is:

If there is even any need for any money management skills at this point in time, more specifically, will it be beneficial for me to train on my money management skills now so that it becomes a habit when I grow up in the future?

Perhaps another question will be if there is a "good"/"model"/"right" way to management money?

What I've learned about money management.

I did a little bit of research and asking for different opinions. This is my results...

Research.

Reading from the recommended blog post by Teenage Investing, I have learnt that money management is not just about how to save or how to spend, but mostly important what is most important for us, youngsters, to spend on.
It maybe it is something more "physical" like the previously mentioned game that has just hit the retail store, to the new shoes that were just released! It may also be something that is tied to leisure, such as playing bowling or investing money to go on a meal with friends or even to catch a movie at the cinemas with friends!
However, all these examples leads back to one common aspects that is very important to teenagers like myself, and that is the pursue for a social life.

Going around asking people of my own age group, I have come to realise that social life has become part of an importance in our life as teens due to the fact that it is important for teens in this current age to strike a work life balance and not to be seen uncool or lame. So some motivations that do that arise is the need to "find a job" or "save enough money" just so that teenagers can go out with friends and get the latest stuff just to impress and show off to the others and gain attention from our friends.

So now the question is: IS PURSUING A SOCIAL LIFE RIGHT OR WRONG? TO WHAT EXTENT CAN WE PURSUE A SOCIAL LIFE?

Personally I think it is okay to pursue a social life as it is a form of trying to bond and create communities and perhaps lasting friendships. However, it shouldn't be to the extent of making one-self starve to save money just to be able to purchase the latest apparel just to fit in or to impress their friends.

Final Thoughts

The term money management has also opened up to a much broader sensing for me personally during this process of finding out ways of money management.

Prior to my research and reflection, I thought that money management was only focused on saving money and accumulating. However, after going through all the personal reflections and research, I have relised that money management is much more then putting money into the bank, but also about learning how to think and spend the money in hand wisely, whether to choose between getting that Starbucks coffee, or to order a simple Kopi-O over at Food Court 3. I have also realised that a lot of the money management tips are also based more on current needs and thinking about the future as well as spending our wealth responsibly by taking care of our personal welfare before putting our self-imposed "need" for social acceptance or for the limelight to shine and stroke our pride just because we are wearing something trending or to fit in so as to not as to feel left out.

Citation

Teenage Investing, 2015 [Online}. Available from: http://teenageinvesting.blogspot.com/2015/01/the-truth-about-polytechnic-students.html [Accessed 11 July 2018]

Comments

Post a Comment

Popular posts from this blog

Heritage Trail Blog: Mace of the City of Singapore.

The Mace of the City of Singapore Origins The Mace of the city of Singapore was first presented to Singapore in 1953 by prominent Chinese philanthropist Loke Wan Tho. This Golden Mace was an act of recognition that Singapore had changed it's status to becoming a city, which was granted by King George VI on the 22 September 1951. The mace was made by Messrs Hamilton and Inches, Goldsmiths in 1951. The design motifs for The Mace was mostly suggested by the following: Loke, a university professor, and the staffs of Raffles Museum, the latter being known as the National Museum of Singapore in the present day. Different parts & meanings of The Mace From the top of the Mace, stands a lion under a coconut tree. This represents the Singapore City Council Crest. Following which are the different communities in Singapore, represented by the statues of people; Chinese, Malay, Indian, European. Next up is the different emblems for the different coat of arms; The Straits...
1 comment
Read more

Can I Change?

Can I Really Change??? In Singapore there is a common understanding to not be bothered with things or problems that does not involve you, or else you might get into unnecessary trouble. That being said, I tend to not be bothered concern to the happenings in my surroundings. Over time it has lead me to become quite  uncourteous in public places. So as a small attempt to change that habit of not being bothered about what others are doing, I decided to try to do something to at least become more courteous or at least give back to society. So for a start, whenever I see a ofo bike that has been thrown off balance, I would make an effort to pick them up. The Process Well that is what I told myself  for the first two days, however I have not been able to pull myself to actually take the extra step to pick up a ofo that has been thrown off balance. Reason being? I was afraid of others seeing me doing something which can come off as quite odd. I guess that I was afraid ...
Post a Comment
Read more

Run your house

"Trying to learn to run your own house? Come let me teach you......." I had a an interview with my parents about what is it like to run my own house and the different house hold expenses that would be expected to be spent. It is as follows -Housing : There would be a spending of $900 with the most being spent would be mortgage, which for the most part is paid through CPF (Central Provision Fund). -Insurance : Total insurance cost of the insurances would be $780, the highest among the insurance would be both the Health and Life insurances. Which cost around the same. -Transportation: On average, the monthly transportation would be around $1,450 with the car's installment costing the most at $800. -Food : With $450 spent monthly, most meals are taken at home as dinner would normally be cooked. This does not  include cost for food bought outside. -Allowances : In a family of 3, there would be a total of $2.25 thousand spent within the whole family. Do note tha...
Post a Comment
Read more