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BUDGET PROJECT PART 6

Following my financial fitness reflection, I have realized that I need to be more realistic while planning for my future. I have to be more conservative in spending and budgeting for my life. As much as this is a pessimistic approach, I am very optimistic. However, I prefer to live within my means instead of being heavily dependent on debts. I will also start saving early for my retirement as well as paying back my student loan.

Currently, I do not have much to spend. However, according to my plans, my first income from employment was to fund my expenses on good furniture, car, designer clothing, and other classic household items as well as several trips on holiday to enjoy my new life. But my financial fitness reflection demands that I start my life on a low note. According to Chen & Volpe (1998), it is wise to Spend income on assets that appreciate instead of the depreciating ones.

Assuming that I will find my dream job after finishing my college education, I will be able to live well during my first year after graduation. I will afford most of the things that I desire. However, to be on the safe side, I have made a rather conservative projection because a good job is not guaranteed. In so doing, I have minimized my expenses to be on the safe side. I will not make unnecessary purchases. My lifestyle will be moderate because I may not afford a luxurious life due to the modest salary at the initial stages of my career.

The significant changes that I will make are to adjust my lifestyle to match with the income that I will be generating at that moment. My projected lifestyle is only speculative. Therefore, the adjustments after graduation will be in line with the actual income that I will be making.

The kind of adjustments that I will make relates to my lifestyle expenses. In case I may find a good paying job, I will live a highly luxurious life, however if I find a low paying job I have to reduce my expenses. However, either earning high or low income, I will spend a good proportion of my income in savings and investment for my future.