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Expenses & Budgeting - PERSONAL FINANCE - Lecture 2 notes $3.92
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  7. Personal Finance (BAF6PFI)

Class notes

Expenses & Budgeting - PERSONAL FINANCE - Lecture 2 notes
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  • Course
  • Personal Finance (BAF6PFI)
  • Institution
  • London South Bank University (LSBU)
  • Book
  • Personal Finance

This is an option module for students studying Accounting and Finance. This document covers: the power of budgeting, the theories behind our spending decisions, different types of budgeting systems, how to prepare a budget, different types of consumer behaviours, what is budgeting, purpose of budge...

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Document information

  • May 28, 2021
  • 9
  • 2020/2021
  • Class notes
  • -
  • Expenses & budgeting

Subjects

  • accounting and finance
  • personal finance
  • expenses
  • budgeting
  • consumers
  • financial planning
  • financial goals
  • household finances
  • financial independence
  • retire early
  • financial ind
  • personal financial planning

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  • London South Bank University (LSBU)
  • London South Bank University
  • Personal Finance (BAF6PFI)
All documents for this subject (13)

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Module: Personal Finance


Lecture 2 – Expenses & Budgeting


Learning Objectives
 To understand the power of budgeting
 The theories behind our spending decisions
 Different types of budget
 How to prepare a budget
 How to use a budget to gain control over your finances and meet objectives
 How to make sure that your income covers your expenses


Conspicuous Consumers
 This term refers to people who prefer goods and services because they are
more expensive.
 It’s all about social status
 Purchase of goods and services for the specific purpose of displaying one’s
wealth
 If it’s not expensive, they don’t buy it.


Symbolic Consumers
 This term refers to consumers who are concerned about what others think of
them and that the opinions we hold about other people are based partly on
what they consume and the material things they own (Veblen 1925)
 They want people to form an idea in their head about who they are
 Bourdieu (1977): How one spends money is an attempt to distinguish oneself
from those in lower social classes


Sacred Consumers
This term refers to consumers who save up money for events out of the ordinary
(special occasions like a holiday). Also known as suffer now, enjoy later.


Profane Consumers
Refers to events that are part of everyday life – ordinary & mundane.




Compulsive Consumers

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