Term paper solutions to financial problems for freshmen

The principal objective of this essay is to help university students comprehend the importance of financial management abilities and get efficient money management skills that will simpl

MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH CITY UNIVERSITY OF FOREIGN LANGUAGES AND

INFORMATION TECHNOLOGY DEPARTMENT OF FOREIGN LANGUAGES

TERM PAPER SOLUTIONS TO FINANCIAL PROBLEMS FOR FRESHMEN

Instructor: Bui Thi Thu Ngan

Student: Luu Tuyet Linh

Student ID: 19DH713562

Class: TAI918

Major: English Business

Ho Chi Minh City, June 13, 2021

EVALUATION SHEET

Abstracts

Introduction

Body

Conclusion

Reference

Full paper

Total

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personal communication J also certify that this assignment/ report has not previously been submitted for assessment in any other unit, except where specific permission has been granted

from all unit coordinators involved, or at any other time in this unit, and that I have not copied in

part or whole or otherwise plagiarised the work of other students and/ or persons

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Table of Contents

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ABSTRACT

This term paper focuses on finding solutions for financial difficulties that freshmen confront The principal objective of this essay is to help university students comprehend the importance of financial management abilities and get efficient money management skills that will simplify their college life Understanding the importance of money will give them a good foundation on money matters 1s crucial for overall personal

development, provide a fixed budget for them, and money is no longer a problem that causes stress or distraction that affects their studies Based on an analysis and evaluation

of human resources literature, educational reports, and articles on the subject, it is possible to infer that student expenditure is problematic due to students’ experiences First, students must have stable part-time employment and a long-term savings deposit in

a bank account to save additional money Second, students must plan ahead of time and create a clear spending budget to manage their finances better Third, students must enhance their spending sense by learning what to buy and what not to buy based on their circumstances As a result, the methods outlined in this article are critical for avoiding unnecessary and preventable financial risks in daily life while also gaining valuable experiences that aid students m maturing

INTRODUCTION

According to Benjamin Franklin, be careful of minor charges; a tiny leak will make a large ship go down (Sean, n.d) That is a good quote for us to be aware of the enormous dangers of not controlling money Going to college is one of the first and great lessons in money management for many young people However, thereby not adequately trained to manage their financial activities, students often faced complex issues That is one of the most frequently used factors that students would leave the school To help students, especially freshmen, realize the adverse effects of not knowing how to manage money smarter, I chose to write this topic to give them effective solutions Money management

implies a wide range of knowledge covering everything related to handling money wisely, whether budgeting, saving, or investing your wealth Personal financial

management is an essential skill that students need to have Finance plays a crucial role in all the events of our lives Wherever we eat, buy things, travel, hang out with friends or negotiate prices, we also will face financial decisions every day Young people today are often inexperienced in solving these problems, no matter how big or small (Liz,2019) Debt causes stress in everyday life for our students and causes severe problems like divorce, poor health, depression, and significant bankruptcy for our families

Understanding the importance of money will give us a good foundation on money matters is crucial for overall personal development Realistic situations will help us know where the money comes from, make money, and appreciate it more We must understand and enjoy the money that our family and ourselves have worked hard to grow and achieve more quickly Some typical financial problems that newcomers often encounter such as debt, unemployment, wasting money How can we overcome this? Money management is becoming an increasingly complex problem for everyone, especially for freshmen We can solve these problems in the following ways: create a spending plan, get

a part-time job, and increase our spending awareness

BODY

First of all, the most prominent solution for financial management is getting a part-time job The cost of living is constantly rising, and students are still financially dependent on their parents Therefore, they often lack money to spend on living as well as studying It

is the reason why they should have a part-time job Part-time work allows students to eam additional money that they can go into their expenses Aside from that, saving money for the future is a great way to get extra spending money It's a great habit to expand savings Long-term investing will yield incredible results By making bank deposits year after year, you will be able to increase your funds steadily (Sabatier,2021)

In addition, working part-time would enable us to develop more life skills, especially in communication You will meet more people and broaden our friendship if we have strong

communication capabilities (Joanna,2019) Your part-time work is your best time at college Work will encourage you to practice and practice the skills gained every day That is a way to get the most realistic experiences A part-time job environment that allows you to realize your abilities You will uncover the personal potential through training from part-times It also lets you understand the deficiencies and the capabilities

to strengthen yourself and supplement yourself Not just that, but you will know how to build it correctly because there are strengths Most importantly, the distance between experience and philosophy has been closed to help you grow beyond reality It would make it easier to integrate freshmen into the current working environment Getting a part- time job allows them to be self-sufficient and not depend on others Remember not to get into trouble because of the need for material goods We must thus strike an equilibrium between work and study Don't be so busy working that your research will have been overlooked Debt is a sure way can ruin your life Our educational attainment would be put under pressure and also financially challenging for us There are considerable differences in the number of time students working every week, from 5 and 10 hours a week and in full time and anywhere in between Creating a clear budget, as discussed earlier before, determining how long you need to work Your aim should be to make as much as you need, with a little extra to save, but first, you must determine your actual need Remembering your college goals and remain focused on your studies You are reducing your expenditure to don't have to work so many hours that your studies suffer Moreover, we don't have much time for shopping when we work part-time It will save us from squandering money on luxury items If not resolved on time, shopping obsession will harm one's life

Many support the view that a predictable expenditure plan and budget are essential to effective financial management The first step in managing financial problems for freshmen is to create a budget We can use some software, online budget tools, mobile apps to control our money faster and easier Besides that, a personal spending plan is creating a scientific project that helps manage an individual's money (Nation, 2020) It

includes all decisions about financial activities such as income, expenditures, savings, and investment of oneself or the whole household Successful people devote all of their time to achieving their objectives Firstly, precisely determining what you want in every area of your life, especially in the financial sector Secondly, writing down clearly and precisely that goal Thirdly, setting a deadline for each purpose Fourthly, making a list of things to do to achieve each goal Fifth, turning the above list into an action plan Sixth, let's start implementing the project immediately Finally, doing all of that every to bring you closer to your most important goal (Bnian,2018) If these essential costs exceed 50%, you need to be flexible with your expenses to minimize the need to break the spending plan In case of forcing majeure, you can cut other fees to recover essential needs Be flexible in balancing your finances and giving yourself the experience Nonetheless, we need to recognize that we do not need to hurry to see results; we need the patience to adapt If the numbers of the work plan cause complications or errors, we should examine and resolve it in a time of appreciation Furthermore, life is full of unexpected twists and tums that we are unaware of it As a result, risk management is essential not only for large corporations but also for individuals No one can't expect that to happen, but that is the natural rule We would have an emergency fund if we follow a realistic personal spending control plan and stick to the acknowledged budget When we find this issue that does not significantly impact our lives, we do not need to be concerned (Mariam, 2020) Our energies will be much easier, and we will have more time to spend with friends, families, and relatives and enjoy the freedom of life without having to think about

finances

Last but not least, among the most crucial matters we need to do if we want to manage our money correctly is to raise awareness of personal expenditures However, we sometimes concentrate so much on our emotional and physical wellbeing that we ignore the fact that finance is still a major critical and essential field that will influence our future The fact that students must pay certain payments at university Besides the college tuition, they will also have many new other expenses such as rent and transportation rent

Paying these charges becomes a massive financial challenge for university students That makes it challenging for students, especially freshmen who do not have much experience

in handling finances That is the reason why students sometimes drop out of college Additionally, Impulsive purchases wasting a lot of money when their small expenses can add up to enormous sums (Whitney,2021) Therefore, our generation needs to make efforts to raise awareness about financial spending We should develop personal finance classes for all students in order to increase a community that understands that debt is not

a natural way of life Furthermore, I believe that carrying only cash is one of the most effective ways to make individuals more aware of their expenditures Suppose you maintain a particular amount of money in your wallet every day, such as 200,000 VND to 300,000 VND In that case, you can readily know how much money you spent today after comparing the remaining cash in your wallet at the end of the day Knowing your existing spending habits and adjusting your current spending habits will help you make more conscious spending choices while you are at college However, by enhancing your financial literacy, you will be better prepared to confront possible economic issues Therefore, your adult life cannot begin with bad financial habits, and college is an excellent opportunity to start having to take responsibility for your finances (Bill,2021) From the very first day, you must have a solid, well-thought-out financial plan with you

at your helm Financial management also helps students increase their savings and gives them peace of mind by ensuring that their money is being spent wisely They will be more confident about managing their budget as they understand how to manage money efficiently by growing their spending awareness

CONCLUSION

On the whole, money is one of the most pressing problems in our everyday life A few basic money management skills such as budgeting, getting a part-time job, and increasing our spending awareness will help us secure our future Personal finance becomes much more crucial for newcomers than it is for the rest of society Money management 1s the actual act and skill of an individual or everyone in growing or saving money for future

use Saving money tactics are crucial for college students because most do not have a source of income College students depend on others to cover their education costs, necessitating managing the available funds Students sometimes also deal with these challenges subjectively to save resources, such as a lack of stringent supervision and maintenance, a lack of a coherent schedule, a lack of a contingency fund for dangerous events, etc However, these interventions are ineffective in resolving student financial issues Spending management is critical in evaluating each individual's current, tomorrow, and progress Proper and efficient financial management would allow each person to benefit from the following great benefits: Getting a healthy life today, as well as

a potential contingency fund Above everything, it will teach you how to use your money more wisely and efficiently Furthermore, it aids one in being less constrained and anxious over money when confronted with unforeseen problems like sickness or future ambitions such as purchasing a home or a vehicle, among other things It will also help you to be more successful and effective in your use of resources The advantage of studying and mastering the various facets of personal finance 1s perfect for a younger person with limited lifestyle exposure than others In addition to instructing them to manage their finances to a greater degree, they learn the importance of several different financial strategies and the possibility of depending too heavily on riskier economic alternatives (Kay, n.d) We need to try our best to improve our financial management That means we must make the best possible use of the capital we have I think money management should be taught to young people when they reach adulthood—making it a goal to save money The quicker you start saving, the more money you'll be able to invest

in the long run Not just that, your savings will significantly grow if you spend wisely! Moreover, there are a few locations that offer student discounts Any restaurants, cafés, and even clothes retailers will offer student discounts In addition, areas like beaches, fun parks, libraries, film theaters, and similar facilities can provide unique student rewards Please make use of your student pass as you already have it