PERFORMANCE TASK

FOR

BUSINESS FINANCE

Submitted by:

Lileth Anne P. Viduya

(ABM 12-D)

Submitted to:

Sir. Albert N. Gamatero

Date:

January 22, 2018

 DATA GATHERED THROUGH INTERVIEW

Table 1. Answers in question #1

(1) What did you/he/she learned in 2017 in terms of managing your/his/her personal
finances? (Including the mistakes, you've/they’ve done where you/ they learned from)

An adult who just started

A young Someone who is
to raise his/her own
professional between ages 40-55 My own answer
family
(ages 21-29) years old
(ages 30-39)
Name: Renee Briz Name: Adie Austria Name: Shie Estole Name: Lileth Viduya

I learned that I What I’ve learned in 2017
should plan my in terms of managing my
personal finances. I personal finances are the
should segregate my following:
income and expenses 1.I set a budget (education, income. my secret is
and ensure that my utilities, transpo, food,
income is bigger travel etc.)
than my expenses. I 2. Allocate 30% of my
should have income goes to savings
prioritized the things 3. Going within our means
that is more if there is extra fund we
important. I have fun if not we do not
shouldn't spend plan activities that will
much money to the entails excessive expenses
things that soon 4. I am maintaining a
depreciate its value financial calendar of my
like gadgets. due dates to avoid
unnecessary charges on
electric bills, water bills,
credit card, telephone bills. But above all,
Pay advance to avail
2017 was a good I have learned to think
year for me. I met over and over before I
my financial goal to decide on buying
save 25% of my net something. I have
tried to avoid impulse
do not spend more buy. Managing my
than what you personal finances
earned. The formula helps me to be wiser
is net income less on spending my
the saving is equal to money and save it for
expenses. This is the the future.
most effective
financial formula
from Chinkee tan,
Francis Kong and Bo
Sanchez. I met these
3 guys in the course
of my quest to be
financially stable.
praising God every
 discount day.
5. Never allow anyone to
ride with your credit card.
It would be hard to control
when they will pay you.
6. Balance everything. To
improve my personal
financial, I negotiate with
my company on promotion
and salary increase and
benefits, but you need to
work hard and deliver
result to make it easy for
them to grant it.

Table 2. Answers in question #2

(2) What do(es) you/he/she plan to do in 2018 to improve your/his/her personal finances?
What are your/his/her plans in 2018? What are your/his/her financial goals?

An adult who just

A young professional started to raise Someone who is between
(ages 21-29) his/her own family ages 40-55 years old My own answer
(ages 30-39)
Name: Renee Briz Name: Adie Austria Name: Shie Estole Name: Lileth Viduya
My plan for this year I am continuing that For 2018, my plan is to I’m really trying and
in terms of my practices till now. Just increase my financial exerting big efforts to
finances is to plan it in have a balance of savings to 35% with the save money from my
different terms like everything allot same formula. Net income allowance. Also, I’m
short and long terms. budget for travel and less savings equal to looking for other ways
check it time to time vacation with family. expenses. You may ask to earn money. Like,
and the most important Money is not how to do it. Live simple there was a time were
is to save money for everything but quality spend wise and be my mother ask me to
future purposes. I time. You can get contented and be happy in help her checked her
would like to invest back your money, but life. “Quiapo church lang paper works.
my money in such a you can never get Sobrang happy ko na.” My Obviously, my goal
way that it will back the time. plan for 2018 is to scatter was to save money
become productive. investment and study stock because I was planning
market. Go for time to give my savings to
deposit. Currently, I have my mother who
one investment scheme. bought me laptop last
Plan to expand horizon. Friday.

Synthesis: Managing and Improving Personal Finances

In today’s generation, money is very vital in every one of us. It is true that we cannot
deny the importance of money in our life, as it is the most necessary thing that we require. It is
more than to what we need and what we want. It can buy things that we commonly demand and
quite believed that it can buy happiness depends on how it will be use. It is hard to achieve and
maintain a stable life without having a money. Even wanting to live with happy life requires
money. From buying necessary stuffs, foods, paying bills, rents, fees, etc. you need money. In
short, money can be considered as everything. But in the same time, money is not that easy to
get. It is hard to find and hard to gain. And not all of us has the capacity to have enough money
to sustain their basic needs. That is why, managing personal finances plays an important role in
our life.

By definition, Personal Finance refers to how you manage your money, including your
income, expenses and savings. Managing personal finances enable us to have a right decision on
making, spending and saving money. Through this, you can see the importance of money in your
daily life. Putting a lot of effort on managing your personal finance makes you become more
effective money saver. But because we are in different situations, we also have different kinds of
ways on how we manage our money. Plans, techniques and goals of saving money are usually
depending on the social status of a person. The ways of how young professionals manage their
money is different from those adults who just started to raise his/her own family and to those
people who is already between the ages of 40-55. We have different savings with different
income and expenses.

Over the years, we encounter such financial problems because of some unavoidable
mistakes we made during managing personal finances and with that you may learned something
from it. For several young professional income earners, they segregate their income and
expenses to ensure that they save bigger amount of money than spending too much. Since they
don’t have that big responsibility in terms of supporting a family, they are more engage in
purchasing things that are not necessary but just to satisfy their wants. This is where some of
them commonly encounter a conflict with their budget. And through that situations, they are
learning the importance of managing their personal finance. They learn how to prioritize things
that is more important. And shouldn't spend much money to the things that soon depreciate its
value like gadgets. In contrast, for those adults who just started to raise his/her own family, they
usually have the bigger responsibility for the financial support to their family. They are obliged
to sustain the basic needs of their family and sometimes to fulfill the satisfaction of their
children. Paying different kinds of bills, rents, school fees and so on are some of the
responsibilities these people. Therefore, they make many different strategies to manage their
income and to have a budget for each expense. One of the strategies they make is to have a
maintaining a financial calendar of due dates to avoid unnecessary charges on electric bills,
water bills, credit card, telephone bills. Also, one of their goals is to avail discounts, incentives
that gives benefits to them. They are the type of money savers who sought from many
opportunities to save money. On the other hand, there are also much knowledgeable about
managing their personal finance. These are the midlife, people ages between 44-55 years old.
They are more aware about having a proper management of their finance. They are more expert
in saving money because some of them are fully learned about setting a plan to organize their
income, expenses and savings. They already know where to spend their money. They have the
formula in mind to be financially stable (Net income less the saving is equal to expenses). They
sometimes consult with other people to know what’s best for them.

And me, as a student who doesn’t have anything, but the allowance given by my parents,
I usually control myself being an impulsive buyer. I’m avoiding going out with my friends and
buying things that is not necessary. I think over and over before I decide on buying something.
My only ways to save money is to set my mind to finish my “Ipon challenge” goal. It was really
hard for me, since I do have many wants to satisfy but then I’m still finding ways on how to
improve my savings.

Managing personal finances is truly hard but once you have a proper plan with right
attitude, you may improve managing personal finance. According to Ms. Renee Briz (a young
professional money saver), her plan for improving her finances is to plan it in different terms like
short and long terms. To check it time to time and the most important is to save money for her
future purposes. She would like also to invest her money in such a way that it will become
productive. And for Mrs. Adie Austria (An adult who just started to raise her own family), would
rather prefer to maintain her strategies in managing her personal finances and to just to balance
everything a lot. While Mrs. Shie Estole (midlife, ages between 40-55) said that she wants to
increase her financial savings to 35%. Also, she planned to scatter investment and study stock
market. Go for time deposit and plan to expand horizon. Like them, I’m really trying and
exerting big efforts to save money from my allowance. Also, I’m looking for other ways to earn
money. My plan is to maintain my discipline in how I spend my allowance.

All of us had many ways to manage our personal finances but we only have one goal.
And this is to save money for our own good. Saving a money helps you to secure your life for
future. In addition, a financially stable person is one who has done a lot of planning and
managing of his own finances. In short, being financially stable gives a person enough
confidence and positive outlook in life.