Bm151: Financial Services Project 1 Money Management Skills

YOUR SCORE: ________


Instructor Comments:


I have neither personal finances nor a money management plan. However, I am able to make general suggestions for full-time students who want to effectively manage their finances. Budgeting, saving, investing, and managing debt are a few of the effective ways to manage one's personal finances, according to the articles provided. Although you may not have a steady income as a full-time student, you can still implement these strategies by creating a budget, investing in a low-cost index fund, saving money from part-time jobs or internships, and effectively managing your student loans.

A SWOT analysis matrix that identifies your strengths, weaknesses, opportunities, and threats can be used to evaluate your money management strategy. Your assets could incorporate your capacity to spending plan and set aside cash, your scholarly exhibition that might prompt better work possibilities and pay from here on out, and your insight into monetary proficiency. A lack of discipline in sticking to your budget, student loans that may accrue interest, or a lack of income or funds are among your weaknesses. Scholarships, internships, and part-time jobs are all possibilities to boost your income and improve your financial situation. Unexpected expenses like medical bills or credit card debt or a recession that could make it harder to find work and make money are examples of threats.

You can figure out what you can do with your SWOT analysis to build on your strengths, reduce your weaknesses, take advantage of opportunities, and avoid threats. By saving money from your income, for instance, you can capitalize on your strengths and set financial goals that are within your means. Paying off high-interest debts first, avoiding unnecessary expenses, and practicing discipline in sticking to your budget are all ways to reduce your weaknesses. To make the most of chances, you can apply for grants, entry level positions or seasonal positions, and put resources into minimal expense record supports that can assist with developing your cash. You can build an emergency fund, keep your credit score high, and stay up to date on the most recent financial news and trends to avoid being targeted by criminals.