FINC 352 Reflective Report 2021-2022-Spring Copy#1

Title:
Reflective report on Personal Finance and Planning
Introduction:
Personal finance, as a term, covers the concepts of managing your money, saving, and
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uyinvesting. It also includes banking, budgeting, mortgages, investments, insurance,

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uyretirement planning, and tax planning. One can consider that personal finance comprises
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uythe entire industry that provides financial services to individuals and advises them about
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uyfinancial and investment opportunities. Personal finance is mostly about realizing personal
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uyfinancial goals, whether it's saving enough for short-term financial needs, planning for
uyretirement, or saving for your child's college education. Mostly, it depends on your income,
uyexpenses, living requirements, and individual goals, and the plan you make to fulfill those
uygoals within your financial constraints. It’s very important to become financially literate in
uyorder to make the most of your income and savings. Financial literacy helps you distinguish
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uybetween good and bad financial advice and make savvy decisions. Few schools offer courses
uyon managing your money, so it is important to learn the basics through free online articles,
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uycourses, blogs, podcasts, or at the library. The new concept, smart personal finance involves
uydeveloping strategies that include budgeting, creating an emergency fund, paying off debt,
uyusing credit cards wisely, saving for retirement, and more.

Literature review:
In the process of personal financial planning individuals are confronted with a time
uydependent wealth allocation problem. Oftentimes the solution involves selecting financial
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uyproducts based on objective criteria, for example, product cost and expected return. While
uyobjective criteria are important to the selection process, an individual's subjective valuation
uyof all criteria, objective and subjective, relevant to the decision plays the crucial role. A goal
uyprogramming model parameterized by the analytical hierarchy process is presented to

uydetermine the allocation of an individual's disposable wealth to present and future

uyconsumption bundles and investable assets, conditional on the preference ordering of the
uyindividual. (Bellenir, 2007)
The personal financial planning process has in recent years increased in complexity, requiring
uyindividuals to seek outside assistance in developing a plan for their financial needs. Yet, to
uydate there has been relatively little rigorous academic research addressing the personal
uyfinancial planning function. One important dimension of personal financial planning involves
uythe allocation of an individual’s disposable wealth to investable assets, and present and
uyfuture consumption bundles. uy uy uy
The process of personal financial planning, most often undertaken with the counsel of a
uyfinancial planner, involves an individual making subjective assessments with regard to the
uyrisk and expected return of alternative assets, and consumption preferences. For example, a
uycommonly used tool by financial planners is a risk profile evaluation which crudely gauges an
uyindividual’s level of risk tolerance. In the personal financial planning literature, however,
uythere is no decision model that fully integrates an individual’s subjective valuation of all
uyobjectives and constraints relevant to this time dependent wealth allocation problem.
uy(Brandeburg, 2010)
Five nonacademic books are:
 Best for Debt Management: The Total Money Makeover

Debt management plays a major role in the state of your personal finances. Need a little help
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uyin that area? Look at Dave Ramsey’s “The Total Money Makeover.” This New York Times
uybestseller explains, without mincing words, how to get out of debt and improve your
uyfinancial picture by avoiding common pitfalls like rent-to-own, cash advances, or using
uycredit. It also offers solid advice on starting an emergency fund, saving for college and
uyretirement, and how to succeed at Ramsey’s famed “Snowball Method” for debt payoff.
 Best for Building Wealth: The Automatic Millionaire

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Who doesn’t want to be a millionaire? David Bach’s “The Automatic Millionaire,” a New York
uyTimes, USA Today, Bloomberg Businessweek, and Wall Street Journal business bestseller,
uyshows you how to do just that. The book kicks off with the story of a couple earning $55,000
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uycombined annually, and how they achieved their financial dreams. Think: owning two
uyhomes, putting their children through college, and retiring at 55 with a $1 million retirement
uynest egg. The secret? Setting up a financial system that not only pays yourself first but one
uythat is automatic. Bach has also written "Smart Women Finish Rich," "Smart Couples Finish
uyRich," and "Start Late, Finish Rich."

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 Runner-Up, Best for Beginners: The One-Page Financial Plan uy uy uy uy uy uy uy
Confused when it comes to your money, whether it’s how to properly invest or how to deal
uywith unexpected financial challenges? Carl Richards’ “The One-Page Financial Plan” takes
uythe mystery out of how to effectively manage your finances. This book helps you not only
uyfigure out what your financial goals are, but also how to get there in a simple, one-page
uyplan. Richards is a Certified Financial Planner and a columnist for The New York Times.
 Best for Spenders: I Will Teach You to Be Rich
Being rich isn’t about not spending money at all. In "I Will Teach You to Be Rich," a New York
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uyTimes and Wall Street Journal bestseller, financial expert Ramit Sethi explains that you can
uyspend your money, guilt-free, as long as you have it invested and allocated properly. This
uytitle talks about how to deal with all the common money pitfalls, from paying off student
uyloans to how to save every month, and even how to talk your way out of late fees. This 10th-
anniversary edition includes updated views on technology, money, and psychology, as well
uyas some success stories of readers who have gotten rich from reading—you guessed it—
Sethi’s book. (Lankford, 2004)

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 Best Psychology: The Psychology of Money

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This read is an interesting delve into the psychology of money and how your ego,
uypreconceived notions, and even your pride can affect your decisions around money. As
uyexpected, this isn’t exactly the best way to manage your investment portfolio, and Morgan
uyHousel’s “The Psychology of Money'' gives readers tips and tools for combating these biases
uyin the form of 19 short stories that focus on the same topic. Housel is a partner at The
uyCollaborative Fund and has worked as a columnist at The Wall Street Journal.
Reflective Report
Chapter One: Overview of a financial plan

1. What new did I learn from this chapter?
We can learn that a financial plan is a document that covers an individual’s current financial
uysituation, short-term and long-term economic goals, and an in-depth strategy to achieve the
uygoals. A financial plan should incorporate every aspect of an individual’s finances, which
uyinclude savings, investing, debt, insurance, taxes, retirement, and an assortment of other
uyfactors that will be discussed in more depth below. The plan can be created independently
uyor with the help of a financial planner.

uy uy uy uy uy uy uy
2. What is the most important thing I take away from this chapter? uy uy uy uy uy uy uy uy uy uy uy
The most important things the most important things which I can take away from this
uychapter includes personal finance and planning I really didn't know about these terms and
uybefore deep dig into this topic now I know that these terms are necessary for everyone and I
uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy
uythink that everyone should learn about these terms because in our daily life everyone tries
uyto manage his budget but he failed it's because of lack of planning so these things which I
uyget from this chapter.

uy uy uy
3. What skills did I learn from this Chapter? uy uy uy uy uy uy uy
basically if we talk about skills I can learn a lot of skills from this chapter and creating
uypersonal finance and personal planning after reading this chapter I am capable to plan my
uyown finance before this I don't follow any specific pattern I don't have any specific planning
uymap but because of this chapter noy capable to get skills of managing my own budget with
uythe help of personal finance and planning.

uy uy uy uy uy uy
4. How can I apply what I learned from this chapter to my life?

We can apply a lot of things from this chapter to our daily life it's because the whole chapter
uyis related to finance specifically personal finance and its planning so everyone should need it
uyin their daily lives they should apply it from a lot of possible ways but the special angle which
uymostly people used to apply this thing to their life is to manage their budget specifically
uyfrom banking angle. (Ventura, 2007)

uy uy
5. How can this chapter help me in my professional life? uy uy uy uy uy uy uy uy uy
This chapter helps me a lot in my professional life its because financial plan is designed to
uy help you make the best use of your money and achieve long-term financial goals, whether
uy they are sending your children to college, buying a bigger home, leaving a legacy, or
uy enjoying a comfortable retirement. uy uy uy
6. How do I apply what I learned from this chapter to my studies?

We can apply our learning to our studies from a lot of possible ways like we know that
uy Financial plans don’t have a set format, although the good ones do tend to focus on the
uy same things. After calculating your net worth and spending habits, you’ll explore your
uy financial goals and figure out ways to make them achievable. Usually, this involves some
uy form of budgeting and creating a means to put money away each month. To ensure that
uy you live comfortably for the rest of your life, it’s generally advisable to devise a retirement,
uy risk management, and long-term investment strategy and keep tax expenses to a
uy minimum.
7. How has this chapter changed the way I think? uy uy uy uy uy uy uy uy
This chapter really helps me a lot to change my thinking related to personal planning of
uyfinance before this I really Use different other old type of methods to manage my personal
uybalance but after learning to this chapter now I understand that there are other more
uyupdated methods to manage your financial plan we can also plan our expenses and we can
uyalways Try to use these updated methods so that we can get rid of tension or any other
uyproblem that we have faced due to the financial planning.

Chapter Five: Bank and interest rates
1. What new did I learned from this chapter?
I can learn something new from this chapter it is that how banks can set up interest ratio or
uyrates When you go to a bank to open an account, you will find each kind of deposit account
uy comes with a different interest rate, depending on the bank and account. The Federal
uy Deposit Insurance Corporation (FDIC) reports that the type of accounts that usually earn
uy the highest interest rates are money market accounts, traditional savings accounts, and
uy finally certificates of deposit (CDs).

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A bank earns a spread on the funds it lends out from those it takes in as a deposit. The net
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uy interest margin (NIM), which most banks report quarterly, represents this spread, which is
uy simply the difference between what it earns on loans versus what it pays out as interest on
uy deposits. Of course, this gets much more complicated given the dizzying array of credit
uy products and interest rates used to determine the rate eventually charged for loans
2. What is the most important thing I take away from this chapter?
I can take away some important points from this chapter which are given below:
 A bank earns a spread on the funds it lends out from those it takes in as a deposit;
uy the net interest margin (NIM) represents this spread, which is simply the difference
uy between what it earns on loans versus what it pays out as interest on deposits.
 Banks are generally free to determine their own interest rates that they pay for
uy deposits and charges for loans, but they must consider competitors' rates and the
uy market levels for numerous interest rates and Fed policies.

 The U.S. Fed sets the federal funds rate to influence monetary policy; this is simply
uy the rate banks use to lend to one another and trade with the Fed.
 The Federal Deposit Insurance Corporation (FDIC) reports that the type of accounts
uy that usually earn the highest interest rates are money market accounts, savings
uy accounts, and finally checking accounts. uy uy uy uy
 Other considerations banks may take into account when setting interest rates are
uy expectations for inflation, the demand for money throughout the U.S. and uy uy uy uy uy uy uy uy uy uy
uy internationally, stock market levels, and other factors. uy uy uy uy uy uy

I can learn transcripts from this chapter related to bank and trust and their interest ratio or
uyrates before reading this chapter I don't know how banks can set up their interest ratio but
uyno I am capable of learn this thing that interest ratio on bank accounts can be set by using
uythe depositors balance I can take these things as a skill if I want to further go to banking
uysector these things helps me a lot maybe I should thanks my professor and specially the
uyauthor of this book to give us so much intellectual things that we are not capable of before
uyreading them. uy
4. How can I apply what I learned from this chapter to my life? uy uy uy uy uy uy uy uy uy uy uy uy
The whole chapter is in itself is a practical I think we can apply this to our life from so many
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uypossible prospective as we know that specially in terms of banking sector every customer of
uyevery bank should have ability to no the interest rate of their banks loans even if they don't
uywant to take loans at least they have to know that how much of interest rate he's charged by
uyusing this bank uy uy
5. How can this chapter help me in my professional life? uy uy uy uy uy uy uy uy uy
In this chapter helps me in my professional life as we can see that Banks use an array of
uy factors to set interest rates. The truth is, they are looking to maximize profits (through the
uy NIM) for their shareholders. On the flip side, consumers and businesses seek the lowest
uy rate possible. A common-sense approach for getting a good rate would be to turn the
uy above discussion on its head or look at the opposite factors from what a bank might be
uy looking for. uy uy
The easiest way to start is from client inputs, such as having the highest credit score
uy possible, putting up collateral or a large down payment for a loan, and using many services
uy (checking, savings, brokerage, mortgage) from the same bank to get a discount.
Borrowing during a down economy or when uncertainty is high (about factors such as
uy inflation and a volatile interest rate environment) could be a good strategy for achieving a
uy favourable rate—especially if you choose a time when a bank may be especially motivated
uy to make a deal or give you the best rate possible. Finally, seeking a loan or rate with
uy government backing can also help you secure the lowest rate possible. uy uy uy uy uy uy uy uy uy uy

You can apply but I learned from this chapter to master this is all about that these all
uymaterials interlinked with each other if I didn't understand this topic then I am not capable
uyof learning next one so I think these topics have a great impact on each other so I can say
uythat this topic affects my studies according to learning prospective.

7. How has this chapter changed the way I think? uy uy uy uy uy uy uy uy
This chapter totally changed the way of my thinking and before reading this chapter my
uythinking is all about as the other peoples have I don't really know about this field but after
uyreading this chapter now I think there are no I have ability to spread knowledge regarding
uythis in society.
uy uy
Chapter Six: Managing your money

I can learn some new things from this chapter which includes how we can manage our
uymoney it also includes some tips which helps us a lot in this manner. which are given below:
 Track your spending to improve your finances. ...

 Create a realistic monthly budget. ... uy uy uy uy uy
 Build up your savings—even if it takes time. ...

 Pay your bills on time every month. ...

 Cut back on recurring charges. ...

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 Save up cash to afford big purchases. ...

 Start an investment strategy. uy uy uy
You can learn a lot of important things from this chapter which include how we manage our
uymoney I don't think that many of us in this society can know how to manage their money
uythey have more expenses than there saving so because of this they can bear so much
uyburden and face so much problems it's only a simple thing that if we know how to manage
uyour money and we should follow our personal plans medullated to our finance we can face
uyso much difficulties easily.

uy uy uy
3. What skills did I learn from this Chapter?uy uy uy uy uy uy uy
So, my things from this chapter specifically which includes how to manage or money I can
uyshare some points given below which helps us a lot during managing
1. Have a budget uy uy
2. Use the budget uy uy
3. Give yourself a limit for unbudgeted spending

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4. Track your spending uy uy
5. Don’t commit to any new recurring monthly bills

6. Make sure you’re paying the best prices

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7. Save up for big purchases uy uy uy uy
8. Limit your credit card purchases

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9. Contribute to savings regularly uy uy uy
10. Being good with money takes practice

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Without money management, personal finances are a bit of a mystery. This can lead to
uyoverspending and living paycheck-to-paycheck. Money management can help you have a
uybetter handle on your income and spending so you can make decisions that improve your
uyfinancial status. uy
5. How can this chapter help me in my professional life?

This chapter helps me a lot in my professional’s life regarding to managing budget as If

uyyou’re spending more than you have coming in, you need to work out where you can cut
uyback. This might be as easy as making your lunch at home or cancelling a gym membership
uyyou don’t use. You could also keep a spending diary and keep a note of everything you buy
uyin a month. Or, if you do most of your spending with a credit or debit card, look at last
uymonth’s statement and work out where your money is going.

I can learn somethings from this chapter which I think that they can apply them do my
uystudies which includes some basic categories by using which I am able to manage my
uybudgets those categories are given below:uy uy uy uy uy uy
 Making a Budget uy uy  Buying and Using Phone Cards uy uy uy uy
 Opening a Bank Account uy uy uy  Sending Money Overseas uy uy
 Your Paycheck uy  Buying a Used Car uy uy uy
 Using Debit Cards uy uy  Renting an Apartment or House uy uy uy uy
 Prepaid Cards uy  Your Education After High School

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 Saving Money When You Shop uy uy uy uy
7. How has this chapter changed the way I think?

In this chapter totally changes the way of our managing budget can we really didn't expect
uythat so much that this chapter fax us but after reading this chapter I think that we should
uyfollow those techniques that are given in this chapter they are really very beneficial for us so
uyI can say that this chapter totally changed the way I think.
Chapter Eight: Managing your credit
We can learn something new from this chapter which includes some points which are given
uybelow:
 Borrow only what you need! ... uy uy uy uy uy
 Pay your credit card bills in full every month. ...

 Don't ignore your service agreements. ...

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 Build a budget. ... uy uy uy
 Use no more than 30% of your available credit limit. ...

 Focus less on your credit score, and more on developing positive, lifelong habits.
The most important thing which again take away from this chapter is that Effective Credit
uyManagement serves to prevent late payment or non-payment. Getting it right reinforces the
uycompany's financial or liquidity position, making it a critical component in any business.

Whole chapter is in itself is a skill set which tells us that we should manage our credits we
uynever raise the level of our credits we borrow only when we need otherwise we have to
uyleave I don't know what seeming and always try to manage and build a budget it's really
uyhelpful for us and always pay your bills full at the end of every month so that you can't get
uyany charge and never ever ignore the service agreement.


Apply so many things toward life from this chapter which includes that we should always try
uyto do them they are given below:

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 Get a copy of your credit report.

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 Identify the negative accounts. uy uy uy
 Dispute the negative items with the credit bureaus. uy uy uy uy uy uy uy
 Dispute Credit Inquiries. uy uy
 Pay down credit card balances.

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 Do not pay your accounts in collections.

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 Have someone add you as an authorized user.


The whole chapter focuses on that Money-management has a lot to do with budgeting and
uythose who know how to budget are those who are able to save.
For example, spending £1.50 on a coffee each and every day of the year will amount to
uy£1000 over twelve months. If you’re trying to save towards something, cutting down on
uyunnecessary luxuries like this is certainly one way to boost your cash-flow.
In order to build a good credit history and get a good credit score, you must prove that you
uyare able to repay borrowed credit. This means sticking to all repayment deadlines for direct
uydebits, bills, credit cards and loans.

uy uy uy uy uy
Having a good credit score will make it more likely that you’re accepted for credit
uyagreements and loan applications in the future but there are unsecured loans for people
uywith bad credit too so you don’t need to feel excluded if you’ve previously been refused a
uyloan.

I have applied the whole chapter to my studies specifically when we talk about planning or
uyfinance then here comes so much factors which already presented here to affects our
uylearning specifically our budget is affected by these factors so much and we have to
uyspecifically manage or credits otherwise I don't think that it's considerable to plan a budget
uyso these factors I want to apply in my studies.


It’s important to learn the ins and outs of money management from a young age. Teaching
uychildren about finance and money management will help them to save and spend sensibly in
uylater life. Although it’s wise to learn financial skills from a young age, the best time to teach
uychildren about money management is before they reach high school. This is when a number
uyof kids begin to have their own financial responsibilities and is often the age when children
uyget a part-time job. uy uy uy
Chapter Fourteen: Investing fundamentals
In this chapter I can learn about investing which is that a simply the process of acquiring
uyassets that you hope will grow in value. Investments can include owning a home, owning a
uybusiness, owning real estate, or having money in savings accounts and CDs at a bank or
uycredit union. uy
uy we can discuss here some fundamentals of investing some of them include are:
 Fundamental analysis involves looking at any data which is expected to impact the uy uy uy uy uy uy uy uy uy uy uy uy
uy price or perceived value of a stock.

uy uy uy uy uy uy
 Some of the fundamentals of stocks include cash flow, return on assets, and
uy conservative gearing. uy
 Performing fundamental analysis can be challenging because it requires digging uy uy uy uy uy uy uy uy uy
uy through financial statements to know when the stock price is wrong.

3. What skills did I learn from this Chapter?

We can learn some basic fundamentals related to investing that hope we can earn money by
uyinvesting in right places it also includes stocks or we can also say that it also include rental
uyproperty are there are so many terms which includes in it but it's not so easy the all terms
uywhich are included in it we can take them as a skill so the whole chapter is in itself is a skill
uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy
uywe can learn so much form it.

uy uy uy uy uy uy

we can apply what we learn to our daily life it's very easy just we have to focus some points
uywe can invest only after to do some research because there are a lot of scam in market
uywhich are very dangerous so we have to avoid these things and try to change your life to
uyinvest right thing in right place it will really help us in this manner.
Owning a share of stock is owning a portion of the company. If you buy 100 shares of General
uyElectric stock, you own a portion of GE. You can profit by owning shares when the company
uypays a dividend or if the value of the shares increases while you own them. You can also lose
uymoney if the value of the shares goes down before you sell them.
When you own a bond, you are lending money to the company or institution issuing the
uybond. You profit when you receive interest payments and if the value of the bond increases
uywhile you own it. You can lose money if interest payments are not made if the principal of
uythe bond is not repaid when it is due or if the value of the bond falls and you sell the bond.
When you buy mutual funds, you are buying shares in a company that in turn owns stocks in
uyother companies or owns bonds issued by other companies or institutions. By investing in

uymutual funds, you get the professional services of the mutual fund manager who decides
uywhere and when to invest. You profit when the mutual fund distributes dividends (and
uycapital gains and interest) and if the value of your mutual fund shares increases because of
uythe increases in the underlying values of the stocks and bonds it owns.
There are several ways you can own investments. Most people start out with individual
uyaccounts set up at brokerage firms or mutual fund companies, in their IRAs and through
uytheir company retirement plan. If you invest through an individual account, the income
uy(dividends, interest, and capital gain distributions) from the account is taxable. If the
uyinvestments are within an IRA or a qualified plan, you will probably not owe any tax on the
uyreturns until you take funds out.uy uy uy uy uy

we learnt from this chapter towards studies because all the concepts are interlinked with
uyeach other we cannot go further far without understanding the concepts behind them. So
uyit's a necessity for us to understand these basic concepts so that we can get help during
uymanaging our financial crisis. uy uy uy

This chapter totally change the way of my thinking because before reading this chapter I
uythink that we can manage our budget without some factors which and specifically include
uyinvesting and now I think that we got able to plan and manage our budget without focusing
uythese factors cause they're really very necessary for us so we don't need to avoid them we
uyhave to tackle them and use them.

uy uy uy uy uy uy
Conclusion
1. What have I achieved while attending this course?
I have achieved a lot of things while attending this course which I never think that I can
uyachieve them without attending the course these things specifically includes the planning of
uybudget and managing the financial crisis and also watched in the factors which which can be
uyaffected to our budget and financial planning so I think that this course is really good for me I
uycan learn a lot from this I specifically achieve the skill that ho to manage or budget and I
uythink this is the biggest thing that I achieved while during this course.
2. What were the hardest parts, and why were they difficult for me? uy uy uy uy uy uy uy uy uy uy uy uy
there are not as such hardest parts in this course which I think that are very difficult for me
uybut if I talk about investing it will create at difficulty for me regarding this aspect that how
uywe identify that our investment is on right place or not so there are some factors he needs
uytype which I think that I consider them hardest parts for me but no I think that there are no
uymore hardest for me. uy uy uy
3. Which parts are most noticeable, and why did I find them easy? uy uy uy uy uy uy uy uy uy uy uy
There are many parts which I think that they are noticeable like if you can talk about
uymanaging our credits it's also noticeable an I find it also easy it's because of it can include
uyour routine categories if we can handle over routine things like managing our debts then we
uyare able to manage our credits and if we can pay our bills at a time we can also get rid of that
uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy uy
uything but these are some little factors which I think that they are noticeable and have create
uya big impact on our learning.

uy uy uy uy uy uy
4. How have I developed my knowledge and skills? uy uy uy uy uy uy uy
I have developed my knowledge and skills regarding to this topic including managing my
uybudget and planning my personal finance by using the factors which are available to me like
uyis there any type of credit during developing my budget so these are the same factors which
uyI can also think that they can impact on a development of budget and I can take my
uydevelopment of budget as my skill and I think that it's also a knowledge able thing for me.
5. What are the 3 biggest challenges in doing this course? uy uy uy uy uy uy uy uy uy
 Not budgeting consistently.

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 Not using the right budgeting method. ...

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 Not having financial goals. ...

uy uy uy uy
These above given are the biggest challenges that I faced in this course they're all based on
uyfear that either I can manage to make my budget consistently or not so first of all we have to
uyfocus on our fear if we can handle it we can easily manage these challenges
6. What is the most boring or boring part of this course? What are your uy uy uy uy uy uy uy uy uy uy uy uy uy
uy recommendations for potential improvement? uy uy uy
I don't think that the whole course is boring or any specific part of this course is boring I like
uythe course and the way my teacher teach it I like it also but if if we can talk about boring part
uyof this course is that teacher have to engage the students and try to motivate them and also
uygive them big example related to the course Android to enhance the students’ knowledge
uyotherwise I don't think that there are any other in potential improvement is required in this
uycourse it's really good I like it. uy uy uy uy uy uy
7. What have I learnt about myself while taking this course? uy uy uy uy uy uy uy uy uy
I have learned a lot of things while taking this course which I never expected to make it
uybefore taking this course I don't have knowledge related to Islamic finance but after taking
uythis course my whole concepts are getting clear day by day I know I am capable of spreading
uythe knowledge that I get by taking this course and also I am capable to know the different
uymethods of planning which helps us in daily life and I think we should spread these methods
uyin our society so that everyone should get benefit from them because I think no one in
uypublic get pay attention to the money managing method so because of this at the end of the
uyday they can stock into very big problems so that's why I think that managing and planning
uymoney is the most hardest part we should not ignore it we should consider it again and
uyagain and try to manage your money as safe as possible.

References
1. Bellenir, K., 2007. Budgeting and Debt Management: Advice From Finance Industry
Experts about Personal and Family Finances. detroit.

uy uy uy uy uy uy
2. Brandeburg, M., 2010. Financial Planning for Your First Job.. bridgeway financial
uygroup.
3. Lankford, K., 2004. Rescue Your Financial Life: 11 Things You Can Do Now to Get Back
uyon Track.
uy uy
4. Ventura, J., 2007. Managing Debt for Dummies.


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Reflective report on Personal Finance and Planning

uyinvesting. It also includes banking, budgeting, mortgages, investments, insurance,

uyusing credit cards wisely, saving for retirement, and more.

uyprogramming model parameterized by the analytical hierarchy process is presented to

uydetermine the allocation of an individual's disposable wealth to present and future

uyindividual. (Bellenir, 2007)

uyfuture consumption bundles. uy uy uy

Five nonacademic books are:

 Best for Debt Management: The Total Money Makeover

 Best for Building Wealth: The Automatic Millionaire

uyRich," and "Start Late, Finish Rich."

 Runner-Up, Best for Beginners: The One-Page Financial Plan uy uy uy uy uy uy uy

Sethi’s book. (Lankford, 2004)

 Best Psychology: The Psychology of Money

Chapter One: Overview of a financial plan

uyor with the help of a financial planner.

uyget from this chapter.

3. What skills did I learn from this Chapter? uy uy uy uy uy uy uy

uythe help of personal finance and planning.

4. How can I apply what I learned from this chapter to my life?

uyfrom banking angle. (Ventura, 2007)

5. How can this chapter help me in my professional life? uy uy uy uy uy uy uy uy uy

uy enjoying a comfortable retirement. uy uy uy

6. How do I apply what I learned from this chapter to my studies?

7. How has this chapter changed the way I think? uy uy uy uy uy uy uy uy

uyproblem that we have faced due to the financial planning.

Chapter Five: Bank and interest rates

1. What new did I learned from this chapter?

uy finally certificates of deposit (CDs).

uy market levels for numerous interest rates and Fed policies.

uy accounts, and finally checking accounts. uy uy uy uy

uy internationally, stock market levels, and other factors. uy uy uy uy uy uy

4. How can I apply what I learned from this chapter to my life? uy uy uy uy uy uy uy uy uy uy uy uy

uyusing this bank uy uy

5. How can this chapter help me in my professional life? uy uy uy uy uy uy uy uy uy

6. How do I apply what I learned from this chapter to my studies?

uythat this topic affects my studies according to learning prospective.

7. How has this chapter changed the way I think? uy uy uy uy uy uy uy uy

Chapter Six: Managing your money

 Track your spending to improve your finances. ...

 Create a realistic monthly budget. ... uy uy uy uy uy

 Build up your savings—even if it takes time. ...

 Pay your bills on time every month. ...

 Cut back on recurring charges. ...

 Save up cash to afford big purchases. ...

 Start an investment strategy. uy uy uy

uyso much difficulties easily.

3. What skills did I learn from this Chapter?uy uy uy uy uy uy uy

2. Use the budget uy uy

3. Give yourself a limit for unbudgeted spending

4. Track your spending uy uy

5. Don’t commit to any new recurring monthly bills

6. Make sure you’re paying the best prices

7. Save up for big purchases uy uy uy uy

8. Limit your credit card purchases

9. Contribute to savings regularly uy uy uy

10. Being good with money takes practice

4. How can I apply what I learned from this chapter to my life?

5. How can this chapter help me in my professional life?

This chapter helps me a lot in my professional’s life regarding to managing budget as If

uymonth’s statement and work out where your money is going.

uybudgets those categories are given below:uy uy uy uy uy uy

 Making a Budget uy uy  Buying and Using Phone Cards uy uy uy uy