MANUEL, RICHELLE S. BSBA-2J 1. Discuss at least two factors or problems that we discussed which can cause mishandling of money and state some tips on how you are going to prevent them. Cite examples. The One-Day Millionaire is the factor that causes the problems or mishandling of money that always us, Filipinos do we tend to spend much money on everything we don’t need without thinking the future ahead. In our family my father always does this one day-millionaire habit when he has so much money. Moreover, on this one-day millionaire when people knows that a person have so much money they tend to borrow money (loan) and have a wonderful word of mouth so that they have libre (free food or etc). As I learned on personal finance, I encouraged my family the things they need to buy in the market and also not overly spending to the things they don’t need. Plan also to spend money wisely because there is still inflation. Don’t always fall onto trap na “Libre mo naman ako, Marami ka namang pera”, sometimes learn to say no. Buying new materials to be ahead of other. This simply means that you engaged to your wants over your needs. Shopping with emotions and envy just the thought alone can make us lose a lot of money because we expect that buying new materials could satisfy us. But those money we buy could easily sustain jus our daily needs. So, in the end we end up broke or financially stress. All we need to do is be contented and discipline yourself. Steps to start breaking these problems or mishandling of money: 1. List and know all your expenditures. 2. Know the spending priorities (electricity bill, grocery etc) 3. Know how much you are earning 4. Know how much your spending capacity and limit. 5. Know where to put your money. 2. What is the importance of budgeting in your life? As a financial management student, how do you budget your daily or weekly allowances? Cite examples. Budgeting is vital to a student like me because it leads me to habit that I need to budget my money in order to minimize my spending and help me to earn some money while is study. I budget my weekly allowances through listing all my expenses and match them with my allowance. My Weekly Budget as a Student Daily allowance (P200) P1000 Bus fare (P80 per day) Tricycle fare (40 per day) Meal allowance (30 per day) Total expenses Excess from spending P400 P200 P150____ P750____ P250____ The excess from spending should be save incased of future expenses in school such as printing research paper, paper, and books to be buy. Budgeting is really important to a student in order for them to know their target expenses and not to exceed in their spending capacity. 3. We all know that identity theft is rampant nowadays. State one type of identity theft and explain how to prevent it. Cite an example. Text scam is any type of unsolicited electronic message that attempts to obtain personal information about your identity, online accounts, or money. In text scams, always think before you click. Don’t believe in malicious text message stating you win something or any other scenarios engaging you to click on some link. When someone texted with you with unknown number asking your personal details kindly disregard it. Also, don’t be curious to click on those text message sent to you. For me I also received so many text scams on my phone and I just delete those. As of in the Philippines we are encouraged to register our sim cards because of high volume of text scammers nowadays. In using our mobile phones always be alert and active to be able to be not a victim of text scams.
