What Do I Know About Money?


Image result for Money GifDuring Week 13, Singapore Polytechnic held the Home-Based Learning week. For my Active and Effective Citizenry module, I was tasked with self-learning on what is Money Management. 



What I Know About Money Management

  • Money management is about saving money and only spending it on things that are necessary
  • Planning out the structure on how your money will be spent 
  • Keeping records of your money flow

What I want to Know About Money Management

  • What does money managing really mean?
  • Are they ways of managing money easily?
  • Does money managing mean that we spend wisely?
After going through the lessons,

What I've Learned About Money Management

  • Money management is about putting some money aside so that there are no debts
  • It is about prioritising debts and own expenses
  • Controlling the flow of money and where it goes to


Summary

My favourite reading video from the lesson from Institute for Financial Literacy, is the Envelope Budgeting System. I like this video as it teaches a method of money managing and budgeting. The method is very realistic and really challenges the person to have self-discipline and control. It teaches how to identify what is important and what is not by prioritising paying debts first. I find this video very useful as I can learn how to manage my money properly.




 Reference List
MoneySense and Singapore Poly. (-). Envelope Budgeting System.Available: https://finlit.sg/learning-videos/envelope-budgeting-system/. Last accessed 14 July 2017.

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