The Lack of Money Management Skills Among University Students

Despite the importance of finance, accounting, and consumer intelligence, these topics are typically neglected in high schools. Unfortunately, personal finance is often learned by trial and error. The problem with this method of learning is that it only takes one costly financial mishap to set you back for years. This is why I created a basic personal finance book for total beginners. With these concepts you can use the other books in the Smart Money series to further build your knowledge of personal finance topics.

This target market is outgoing, fluent in English, and highly value conscious3. They reside in urban areas with higher population densities and educational institutions. In terms of market segmentation, these young adults are the innovators and early adopters of new products and services. On a daily basis, being exposed to thousands of different messages makes them proactive and more aware of the world. They are heavily impacted by popular culture and being technologically savvy allows them to share their experiences on social media4.

Although knowing how to manage money, budget, and finance does not guarantee life will be a piece of cake, failing to understand can come with consequences. Many students are going into college and starting careers without knowing how to properly manage their finances, save money, or invest. In her article, Yes: Ignorance Carries a High Price, Annamaria Lusardi uses driving as an example. Lusardi mentions how there are many precautions taken in

The study will be financial literacy effectiveness with Rent to Work’s clients. Rent to Work is a rental assistance program for homeless individuals and families. The Rent to Work is operated by the Department of Community Services for the City and County of Honolulu, Hawaii. The method used will be a pre-survey and post-survey to understand skills obtained during the financial education class, Money SMARTS. The areas measured are developing financial goals, opening a bank account, establishing a budget, saving money, repairing credit, and using credit responsibly. The survey involves collaboration with Kūlia Like, which is the agency that administers the course, to the gauge the necessity of Money SMARTS, a financial literacy class. Financial literacy has many definitions, but for this paper, the definition is the understanding about individual or family finances and the application of the skills to make responsible financial decisions (Delgadillo,

Being able to manage your money is an important skill to have as an adult, but the current education system does not make financial management a required class to take. While some people think that parents are the ones responsible, this should not be

There is much controversy regarding whether a financial literacy course should be mandatory, or not even brought into the school systems at all. In all of the America, only 13 states require a financial literacy course. Managing one's money can be very difficult and challenging. Now is the time we have to ask ourselves whether or not this course would be beneficial for students. Getting older means gaining more responsibilities; and once graduating from high school, a person gets thrown into the real world, where they have to balance their spendings and know how to manage their income.

Overcoming financial difficulties is not easy, but understanding where money comes from and where it goes would help ease budgeting in that the importance of financial security would prove itself to make life less chaotic in the long-run. Writing things down, organizing money appropriately, adapting to life’s changes, following things through, and actively seeking information is necessary for a “rich” life. For example, goals, as indicated in the book, are vital in determining one’s ability of spending, saving, or sharing. Without goals, the destination one reaches could potentially be financially devastating. Having goals would lay the foundation down for developing new skills in saving money. Saving money is heavily encouraged for good reasons; it gives people a peace of mind, emergency cushion, retirement, down payment on big-ticket items, and an increase in luxurious opportunities or items. Although, most the benefits that stem from saving are not shown immediately, their future-self would sincerely thank themselves for their financial

I work hard to earn the money I am paid. Moreover, I work hard to spend the money I am paid. Suffice it to say, let us discuss how finding financial balance is important. I have yet to receive my degree in higher education, and let me say it has been hard to get where I am at this time without it. Experiencing any shortage on monetary endowments will keep reality in check. So, I developed managing money as good as possible by practicing cost-efficient spending, stretching pay periods, and exhausting monetary resources. By focusing on balancing my finance on what is necessary vs. what is preferred, I can return to school. By prioritizing what needs to be paid first, I am directly supporting my personal responsibility to myself. Ideally, everyone wants to pay off all debts. Being able to prioritize which debts are paid off first supports organization and validity in all aspects of an individual’s life.

External promotions (i.e., advertising, public relations, sale promotions) reach customers by delivering information in various ways. Commercials are an important part of advertising in today’s world. A large number of AT&T customers have been reached through commercials. Window ads are also a great way to catch the eyes of individuals passing by stores. Companies use window ads to deliver information that is important like a promotion or the release of new electronics. By using window ads, the information still reaches customers without spending a lot of money on a promotions that will end soon. However, AT&T has implemented interactive promotions to communicate with potential customers. A large portion of individuals today are on Facebook a vast amount of the time. Therefore, AT&T has purchased a set date and time from Facebook that will run their ad on members’ news feed. AT&T has created a strong foundation in which customers feel comfortable with not only their products but, the company

In order to describe the most influential internet activities it would be correct to describe internet advertisement. There are a lot of ads we observe each day: streets, billboards, shopping malls, TV and etc. Internet space is overcrowded with any kind of ads. The main important aspect of internet space is that internet is “the best friend” of contemporary people and it’s important to mention that customer is able to access the good immediately and buy it. Internet space gives much more information on personality of customer and provides the most seductive offer within whole database. (Kim, L.,2010, Sept. 15)

How to properly manage money is something that should be taught to young people because it is a very important asset in everyday life. “Total consumer debt in the United States stands at nearly $2.6 trillion dollars. That works out to be nearly $8,500 in debt for every man” (Anderson). Many times teenagers are known for “throwing away” their money by spending it on unnecessary things. This is something that could easily be avoided if students were taught the proper techniques on saving and spending money. There are many different skills that students could learn if personal finance was taught in the school system. Managing money is one of those very important skills and would help to lessen the number of young people spending irresponsibly instead of

When students go to college, often times they forget about how their decisions affect their future. In “Money Mistakes College Students Make,” Tracey English explains this fact when it comes to making decisions about their money. When students first start going to college, they often wind up in debt. They spend money without really thinking about how to budget it. Often times it’s spent on things that are more of a luxury than a necessity, such as dorm decorations, or parties. As a result, students end up in debt because they didn’t account for necessary expenses (food, laundry, etc.). The causes for this irresponsible spending is usually linked to the independence that students feel when they first arrive on campus. They have the freedom to

58.01— Analyze the types, advantages, and disadvantages of Internet advertising (interacting personally and wireless network).

Social Media today is present everywhere and Brand pages on sites like Facebook, Google+, YouTube and Twitter have gotten popular around the world. Concept of marketing has changed with the customer engagement on these platforms.

Money is a precious thing and it can become challenging to not spend it immediately after getting it. It is crucial that this does not happen. There is no denying that money is an important part of society. The world revolves around money and without it, one? would not be able to function. In everyday life the average household will spend one hundred and sixty dollars daily. It is safe to say that money is an resource used daily. It is a tool that can be used to connect with other people or buy anything a person could want or need. Yet it is easy to spend money without realizing how much is really being spent. With only a few simple tips it will become much easier to save money instead of spending it on frivolous things. One’s hard-earned dollar should be saved, and simple tips such as using cash instead of cards, saving small change and only purchasing what one really needs are a few of many ways of doing this. The power of money can easily be abused and it is very important to make sure that a person is well informed on ways to save and spend money wisely.