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“You probably make many such decisions involving money – and you have choices. But what things influence the decisions that you make?" (Unit 1 page 5).

Age in my opinion does affect your financial decisions. Many children at a young age may receive allowances from their parents because they did chores. This in a way was their first "paycheck". As a younger child, you may be more inclined to purchase luxuries/things you don't need rather than actual than the actual things you needed to survive. Things like advertisement or peer pressure for friends may entice children to buy things they do not need at a younger age. As you begin to age, you may get your own job and your views on money dramatically change because you are no longer dependent on your parents, but on yourself. Since you no longer receive money from your parents and you have to earn it yourself, your views on spending may change. As you get older, the things you spend your money on changes. You begin to have more responsibilities and you think of more smart ways you could be spending your money. Once you start dating, you not only have to spend money on yourself, but you begin to spend money on your significant other. You may even have to save for your home, pay off college loans and even save up money for retirement. You begin to think of long term goals for your money management rather than short term goals.

(photo from https://thumbs.dreamstime.com/z/abstract-adult-child-15555639.jpg).

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"A short term goal is something you want to accomplish soon, like today, this week, this month" (Chin (video)).

-Binge shopping poorly affected my short term goals of keeping over $50 in my bank account. I kept me from being able to get necessities i need such as food or school things.
-Budgeting my money allows me to accomplish short term goals and allowed me to know where my money is going to be spent at.

In order to have good short term money management, you need to budget your money. Budgeting your money allows you to know how much you have and what you need to spend it on.

(photo from Sarah Chin's video in the textbook).

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"A long term goal is something you want to accomplish in the future. This is mouthing that can't be completed in a week or even one year" (Chin (video)).

- By saving money, my brothers long term goal of marriage can be more successful. This will allowed him to purchase a nice quality engagement ring and it allows him to have money saved away when he and his fiancee gets married.
- Buying a house my parents couldn't afford affected there long term goals. This affected there ability to be able to save up for fun trips or other luxuries they would have wanted to save up for because they are paying off debt from the house they bought.
- Putting money into my savings account allows me to accomplish long term goals such as saving money for college and saving money for medical school.
-my sister investing into the company affected her long term goals because it took away money she could have saved to go and study abroad.

In order to have good long term money management, you need to save money. You should try and save about 10% or more of each of your pay checks. This allows you pay for future things you may need and gives you an emergency fund incase something happened.

(photo from Sarah Chin's video in the textbook).

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Consequences of Irresponsible Money Decisions 

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Consequences of Irresponsible Money Decisions 

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“Once a decision is made, you can look back and think about whether or not it was a good one for you" (Unit 1 page 8).

- By binge shopping I lost $100 that I could have used on things like getting food or saving for college. I bought clothing that was not a necessity at all.
- My parents went into debt and are still paying off the debt because they have to pay off so much money from the loans they took out on the house.
- By not learning more details about the company and investing her money into them, my sister lost all the money she had invested when the company went out of business.

(photo from http://images.clipartpanda.com/sad-student-clipart-billy-roundhead-sad-clipart.gif).

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Consequences of Responsible Money Decisions 

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Consequences of Responsible Money Decisions 

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“Financial responsibility entails being accountable for managing money in order to satisfy one’s current and future economic choices" (Unit 1 page 1).

- By saving my money, I will have an emergency fund and I will be able to save up for college.
-By budgeting my money, I never go bankrupt and I have started to spend my money more responsibly because of this.
-By saving, my brother was able to buy his fiancee the dream ring she wanted. He also will have plenty of money saved away for when they are married. This will allow them to not start of very poor and will give them a few months of money to have as a safety net.

(photo from https://az616578.vo.msecnd.net/files/responsive/embedded/any/desktop/2016/07/15/636042111502998492-1022250451_happy-face-clip-art-dr-odd.jpg).

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"To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make!" (Unit 1 page 2).

- I have binge shopped and bought over $100 worth of clothing in one sitting because there were sales, but the clothing was not a necessity at the time.
- My parents bought a home that was way out of their budget and they are still paying off loans for the home
- My sister invested in a friends company without looking fully into details or financial statement of the company. The company went out of business a couple years later.

(photo from http://mathforlove.com/wp-content/uploads/2015/03/PiggyBank_page-bg_16009.jpg).

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"A great way to do this is when you get your paycheck - and before you pay your bills - pay yourself first. Put that money into a savings account.  A good goal to save is 10% of each paycheck" (Unit 1 page 3).

- I put away about 1/2 of my paycheck into my savings account and leave the rest in my checking account.
- I budget my money for every two weeks (how often i'm paid) based how much I earned on that paycheck. The budget helps balance how much I spend.
- my brother put money in his savings account for a year so he could save up enough money to a) buy his fiancee her engagement ring b) have enough money saved away for when they get married.

(photo from https://static.pexels.com/photos/9660/business-money-pink-coins.jpg).