Money management

What I know about money management.

  1. We should set aside some money and put into our bank so that the money will grow slowly because of interest.
  2. Try to differentiate between the “needs” and “wants” when buying things.
  3. Know your budget for the day before heading out

What I want to know about money management.

  1. I want to know how to invest.
  2. I want to learn how to keep track of my budget.
  3. I would also love to know the amount I need to retire when I’m retiring in 2063.

What have I learned about money management

  1. We have to set aside our money to grow our savings faster than the rate of inflations.
  2. Financial goals need to be Specific, Measurable, Achievable,
    Realistic and Time-Bound.
  3. I have learned more about how inflation will affect our savings and spendings. The annual rate of inflation is 2%.

I would recommend the video “Needs VS Wants” as I feel that this is the most basic thing that everyone should know. They have to also apply it when they are buying something and not just know about it. I first learn how to differentiate the “Needs” and “Wants” was when I was in Primary 5. I even have a board game that is called “The Game of Life” which relates to money management a little. The game simulates a person’s travels through his or her life, from college to retirement, with jobs, marriage, and having a kid along the way. There is no problem with starting to manage your money since young. You can find it at https://finlit.sp.edu.sg/learning-videos/needs-vs-wants/

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