What Money Means to You & Budgeting and Managing Your Money

As we have learned, financial problems are the number one source of stress for families across the life cycle.  This week’s blog will give you the opportunity to think about how your own financial situation impacts your life.

Take a few minutes to explore the Khan Academy/Bank of America Better Money Habits website. https://bettermoneyhabits.bankofamerica.com/en (Links to an external site.)

First, click on the Saving and Budgeting link and watch at least two of the related videos/check out the other information presented. https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting (Links to an external site.)

Next, click on the Credit link and watch at least two of the videos on each tab/check out the other information presented https://bettermoneyhabits.bankofamerica.com/en/credit (Links to an external site.)

Finally, choose another link that is relevant to you on the Better Money Habits site– College, Debt,  Home Ownership or any other link– and explore the resources there, watching at least two of the videos.  https://bettermoneyhabits.bankofamerica.com/en (Links to an external site.)

Finally, reflect on the videos and information you just viewed. What made you choose the videos you watched?  Discuss how successful you believe you have been at managing your financial situation up until this time.  Do you have a written or online budget?   If you have a budget, do you stick to it/use it for decision-making? How successful have you been at managing your credit.  Has money caused any problems in your family relationships? 

How did you feel about this exercise (eg stressed, interested, sad, worried, proud, encouraged)?  What areas, if any, do you need to work on in managing your money?