Economic Changes and Agility/Creating and Managing a Budget
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Scenario 1: Economic Changes and Agility
Throughout your professional career, you will need to adjust your working habits to convert economic challenges like inflation into financial opportunities. Remember: agility isn’t just moving quickly. It’s the ability to be flexible and respond to change so you can make the best possible decision—even when you have little time to think it over.
Imagine, for instance, that you’re considering which specific degree to pursue after you finish your general education requirements. It might be wisest to research future as well as current job trends so you can anticipate the need for your skills over the coming decade. This is an example of using proactive agility to educate yourself to make the best choice.
Consider the following scenario:
You have been notified that, in three months, your monthly housing costs will be increasing by 250 dollars. Luckily, you have options open to you in the near term:
· A friend needs help running their Web store and has offered you 20 dollars per hour to work eight hours per week.
· Your financial aid renewal window is approaching, and you can increase your student loan amount to cover the costs.
· A relative recently gave you their old car, which has a market value of 3500 dollars and could be sold. Selling the car also means you would avoid the need to pay for fuel, upkeep, and insurance for the vehicle.
· Then, begin a conversation about the following:
· Describe the plan you would create to respond to the increased housing costs based on the options provided in the scenario.
· Consider:
· The benefits of the plan for your finances, time, and well-being.
· The drawbacks of the plan for your finances, time, and well-being.
· How you could leverage agility and innovative thinking to make your plan more flexible
Scenario 2: Creating and Managing a Budget
Now that you have experienced analyzing a budget, review
How to Create and Manage a Budget
, then engage in conversation with the question below:
· Which budget system would work best for you in achieving your financial goals and why?
· Consider:
· Why financial goal setting is an important part of your daily budgeting progress.
· How often you should analyze your spending and balance your finances.
Response Guidelines
· Your Writing: Each post should be courteous, succinct, professional, well written, and organized, using proper writing mechanics, grammar, and punctuation.
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