Propper Financial Literacy - Essay Example

This essay will explore several articles on the topics of careers and jobs, and saving. Job and Career After some time on a job, one may get a better offer from another firm or decide it is time to move on. During such a time, one needs to know that when changing jobs will have financial implications and that there are factors a person has to take into account.   An individual should put in place plans that will ensure that his financial health is stable in the period between transitions of jobs (Farr, 2002). One could, for example, have insurance policies that will ensure he gets certain benefits. Having reserve funds will also be ideal to be able to sustain oneself within the short-term period (Certified Financial Planners Board of Standards, 2005).  One should always prepare for retirement as early as possible. This calls for the need to save enough for the future, to ensure that there are enough resources to sustain one throughout the period after retirement. In addition, job security is never guaranteed, thus, a person should always have a contingency plan in case one loses her or his job. This information will help me to secure my financial future as early as possible and prepare for unplanned circumstances (Claman, 2001).   Saving During the beginning and peak of one’s career, an individual may earn more than he will need for immediate consumption; hence, he will need to save for future times when he may not be able to have a constant income or his needs exceeds the current income. Saving can also be a way of creating more wealth and having another extra source of income. Saving can also be viewed from another perspective, which is in terms of the money one spends on a commodity or service. Different services and products have a range of prices depending on the quality, amount, and type among other factors. Based on this, one should evaluate the product that he is buying and analyze whether he can get the same at a lower price. This is an effective way of saving one's resources for other uses, such as minimizing wastage (Whitfield, Feller &Wood, 2013).   One can adopt several strategies to help him maximize his savings. These include; comparing prices before buying a product, payment of debts in time to minimize penalties, and avoiding unnecessary debts. In addition, planning one’s future is important in being able to identify what one will need in the future and what one has to do in the present to achieve that target (Consumer Federation of America, 2006). From the information obtained from the various articles, I have been able to learn and understand the different methods of saving and how to use the savings wisely.   Part 2 To be able to maintain the lifestyle in school, I require around $1130 per annum. With more proper budgeting and planning, I will be able to minimize my expenses. In addition, applying for a scholarship will help me reduce my educational expenses and have more allocations on necessary needs. In the future, and with a career, there will be new additional expenses such as income tax, housing insurance, and childcare and recurrent expenditure will increase. Other expenses such as educational fees will not be incurred.    Read More