المهمة: مجلة التمويل الشخصي

عنوان:

Assignment 1:

Personal Finance Journal

نظرة عامة على المهمة:

Over a week, have students track their daily spending, saving, and investment habits. They should reflect daily on their financial decisions, considering their personal and societal values, cognitive biases, and how these factors impact their financial behavior.

معلومات المهمة:

Objective:

Gain insight into your personal financial habits, understand the influence of personal and societal values on your financial decisions, and identify potential improvements.

Instructions:

For one week, you will diligently record all your financial transactions, including income, expenses, savings, and investments. At the end of the week, you will analyze your financial behavior, focusing on the influence of needs vs. wants, personal and societal values, and cognitive biases.

مجموعة الأسئلة 1: س1أ، س1ب، س1ج

السؤال 1أ:

How did your spending decisions between needs and wants influence your financial activities? Provide examples. Did any spending patterns surprise you? Why?

السؤال 1ب:

What role did personal and societal values play in your financial decisions? Identify any cognitive biases you noticed.

السؤال 1ج:

How do your recorded financial behaviors align with your personal financial goals? What insights have you gained about your financial decision-making process? How do your expenditures reflect your core values?

الحل الجزء الأول:

السيناريو الافتراضي:

Let’s consider Alex, a 25-year-old recent graduate who has started his first job with a monthly income of $3,000 after taxes.

Example of Journal Setup and Daily Entries:

Date	Income Source & Amount	Expenses Category & Amount	Savings Purpose & Amount	Investments Type & Amount
Monday	Job Salary: $150	Food: $20, Transport: $10, Entertainment: $15	Emergency Fund: $30	Stock Purchase: $25
Tuesday	Job Salary: $150	Food: $15, Transport: $10, Entertainment: $10	Emergency Fund: $30	Stock Purchase: $25
Wednesday	Job Salary: $150	Food: $25, Transport: $10, Entertainment: $20	Emergency Fund: $30	Stock Purchase: $25
Thursday	Job Salary: $150	Food: $20, Transport: $10, Entertainment: $15	Emergency Fund: $30	Stock Purchase: $25
Friday	Job Salary: $150	Food: $30, Transport: $15, Entertainment: $10	Emergency Fund: $30	Stock Purchase: $25
Saturday	Freelance Work: $50	Food: $25, Transport: $20, Entertainment: $30	Emergency Fund: $30	Stock Purchase: $25
Sunday		Food: $20, Transport: $10, Entertainment: $25	Emergency Fund: $30	Stock Purchase: $25
Total	$950 (Job), $50 (Freelance)	$175 (Food), $85 (Transport), $125 (Entertainment)	$210	$175

مجموعة الأسئلة 1

السؤال 1أ:

How did your spending decisions between needs and wants influence your financial activities? Provide examples. Did any spending patterns surprise you? Why?

حل:

Answer:

Alex spent $175 on food (a need) and $125 on entertainment (a want). The high entertainment expenses were surprising and highlighted a tendency to spend more on non-essential items, impacting overall savings.

Tips and Best Practices:

Track Discretionary Spending: Closely monitor non-essential spending to identify areas for potential savings.
Set Budgets: Establish budgets for discretionary expenses to prevent overspending.

السؤال 1ب:

What role did personal and societal values play in your financial decisions? Identify any cognitive biases you noticed.

حل:

Answer:

Alex realized that societal values influenced his decision to dine out frequently, a common social activity. Cognitive biases like convenience and social conformity led to higher dining and entertainment expenses.

Best Practices:

Plan Social Activities: Opt for cost-effective social activities such as potluck dinners or outdoor events.
Awareness of Biases: Recognize and mitigate cognitive biases by setting clear financial priorities.

السؤال 1ج:

حل:

Answer:

Alex’s goal was to save $500 monthly, but he only saved $210 this week due to high discretionary spending. This misalignment highlights the need for better budgeting and prioritizing savings.

نصيحة:

Set Specific Savings Goals: Define clear savings targets and automate transfers to savings accounts to ensure consistency.
Review and Adjust: Regularly review spending habits and adjust budgets to better align with financial goals.

مجموعة الأسئلة 2: Q2A، Q2B، Q2C

السؤال 2أ:

Reflect on a specific day where you felt challenged in your financial decision-making. What was the situation, and how did you handle it? Would you do anything differently?

السؤال 2ب:

Identify a recurring expense that you think could be reduced or eliminated. What steps can you take to address this expense and reallocate the funds towards your financial goals?

السؤال 2ج:

Consider any financial advice or tips you’ve received from others or learned through your own research. How have these influenced your financial behavior this week?

Instructions:

Journal Setup:

Choose a digital format or a notebook for your journal. Organize it daily with sections for each type of financial activity:

Income: Document all income sources and amounts.
نفقات: Record all spending, categorized (e.g., groceries, transportation).
مدخرات: Note any saved amounts and their purposes.
الاستثمارات: Record any investment activities.

Daily Entry Template:

Date	Income Source & Amount	Expenses Category & Amount	Savings Purpose & Amount	Investments Type & Amount
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Total

End-of-Week Analysis:

Reflect on your financial behavior over the week using the provided questions. Provide detailed responses for each question set.

الحل الجزء الثاني:

مجموعة الأسئلة 2

السؤال 2أ:

Reflect on a specific day where you felt challenged in your financial decision-making. What was the situation, and how did you handle it? Would you do anything differently?

حل:

Answer:

On Thursday, Alex faced a challenge when his friends invited him out for an expensive dinner. He decided to go, which increased his entertainment expenses significantly. In hindsight, he could have suggested a more affordable activity.

Tips and Best Practices:

Plan Ahead: Plan social activities in advance to stay within budget.
Alternative Suggestions: Suggest cost-effective alternatives when invited to expensive outings.

السؤال 2ب:

Identify a recurring expense that you think could be reduced or eliminated. What steps can you take to address this expense and reallocate the funds towards your financial goals?

حل:

Answer:

Alex identified that his daily coffee purchase of $5 could be reduced. By making coffee at home, he could save approximately $25 a week, which could be reallocated to his savings.

Tips and Best Practices:

Small Changes: Identify small, recurring expenses that can be reduced.
Reallocate Savings: Direct the saved money towards financial goals, such as an emergency fund or investments.

السؤال 2ج:

Consider any financial advice or tips you’ve received from others or learned through your own research. How have these influenced your financial behavior this week?

حل:

Answer:

Alex applied advice he read about automating savings by setting up an automatic transfer to his savings account every payday. This helped him save consistently without needing to remember each time.

Tips and Best Practices:

أتمتة الادخار: Set up automatic transfers to ensure consistent saving.
ابقى على اطلاع: Continuously seek financial advice and apply relevant tips to improve financial habits.

كلمة الختام:

Congratulations on completing the assignment! By diligently tracking your financial activities and reflecting on your spending habits, you have taken a significant step towards better financial management. Continue applying these strategies to achieve your financial goals and maintain financial well-being.

أهم النقاط/النصائح:

Track Everything: Record every transaction to understand where your money goes.
Set Clear Goals: Define specific financial goals to guide your spending and saving decisions.
Budget Wisely: Prioritize essential expenses and savings over discretionary spending.
Reflect Regularly: Weekly reviews help identify patterns and make necessary adjustments.
ابقى على اطلاع: Continuously educate yourself about personal finance to improve financial literacy.