Finance Your Money

This week, we learned about how to financing your money. 

some methods to finance your money:

• Installment plan
• layaway (ask for store to keep your stuff you want to buy, and pay certain amount of money in every month/year etc.)
• Secured and unsecured loans. 

Some sources of financing are:

• retail stores
• banks and credit unions
• finance companies
• pawn shops
• payday loans (evil)
• title loans (evil)
• private lenders

Some types of credit are:

• open-end credit
• closed-end credit
• service credit
• revolving credit
• secured loans
• unsecured loans

There are many methods, sources of financing, and types of credit, but each one of them has some pros and cons. Therefore, it is important to have researches on them before you use them, and pick right method, source and type for you.

We also learned about a credit card. We all know about a credit card but we don't know what systems a credit card exactly has. There are many benefits but also costs by using a credit card. If you know exactly how to use it, it is totally useful to have. But if you don't know how to use it, it can hurt you really bad!Remember that a credit card is not a free money! If you use it to buy something, you have to pay back! Therefore, the lessons that we learned this week are really important and helpful in the future, or even now!

Again, what we learned this week are really important and helpful. Fortunately, I don't have any credit cards with me, so I don't need to worry about it right now, but I probably will have one in the future, so I am glad to have this class (:

How To Save Your Money?

This week, we continued learning about banking, but we more focused learning on BUDGET. We learned how to financial our money. Since we are still high school students, and many of us live with our family, we still don't get an idea of how to save money and why it is important to save money, or study about personal finance. On Thursday, we watched the movie about how people save their money and tips of saving money. I learned many things from the movie, but at the same time, I started concerning about my future. Can I make enough money to live in the future? Can I financial my money by myself in the future? 
In the movie they say that it is important to: 

• save your money NOW
• think difference between NEEDS and WANTS
• choose right bank for you
• check credit report every year
• get retirement plan, student loans and health insurance
• think carefully before using credit card and buying stuff
• think about future
• ask for help when you need to 

etc...

I learned really important lesson from the movie, and I want to think more about financial plan for my future. 

Reflection Of This Week

This week, we finally get into Personal Finance! First topic we've studied is Money & Banking. 

We all have money in our life, but if we think about difenition of money, it's hard to tell, isn't it? MONEY is any good that is widely accepted for the purposes of exchange and in the repayment of debts. So money can be anything unless it is 1)stable in value 2)scarce 3)accepted 4)divisible 5)portable 6)durable 7)difficult to counterfeit. To get used to this topic, we created our own island, and made our island's resources and money. We also discussed how to trade money each other.

After we learned about money, now we have started learning about banking. Banks makes money by charging interest. Banks are the safest place to save our money in! We didn't really learn much about banking this week though, we made our own banking account in our class. We learned how to set checking acount, how to check money, how to deposit or pay money, etc.

I really enjoyed the class this week, because I could learn how to set a bank account. I think what we did in class this week will be really usufule in the future because as we get an adult, and become independent from our parents, we will difenetly have to know these things. I really look forward to learn more about them in the class next week!