Today in personal finance we discussed the importance of budgeting. We first started off by using a compound interest calculator- I thought this was especially effective in proving to us how crucial investing at a younger age is. Before this class, I had no idea how much could be made over the course of a few years through investing even a small amount of money. I'm really looking forward to sitting down and having this discussion with my dad, whose job is centered around finance. I think he'll be supportive and will be pleasantly surprised that I've learned these important financial life skills from a high school class.
We were assigned to create a draft budget plan, I've attached the plan on this post. My dad and I went through my phone bills over the past 12 months and added them all together, then divided the total by 12 to find the average. I then considered all the things I usually pay for in a month. Since I've been using the same laptop since 7th grade (nearly 4 years ago), we decided that I would receive 1/12 of the price of a macbook, and add that amount to my monthly budget. After 1 year, I should have saved enough to purchase the laptop myself.
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