What I know about money management.
- We should set aside some money and put into our bank so that the money will grow slowly because of interest.
- Try to differentiate between the “needs” and “wants” when buying things.
- Know your budget for the day before heading out
What I want to know about money management.
- I want to know how to invest.
- I want to learn how to keep track of my budget.
- 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
- We have to set aside our money to grow our savings faster than the rate of inflations.
- Financial goals need to be Specific, Measurable, Achievable,
Realistic and Time-Bound.
- 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/