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Project managemet essay on how costing affect personal finances
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Reflective Essay on costing and budgeting effect on personal financePersonal Finance can be described as the process where an individual manages his personal activities
in terms of income expenditure, savings, and investments. My understanding of costing as a system
applied in calculating the amount involved in providing services, buying, or making a product will
affect my action on my personal finance as this will enable me as an individual to decide the amount
to charge as the selling price for products and services rendered whilst making profit and remaining
competitive.
Costing will also enable me to determine if an item is worth purchasing based on the price of that
item. This analysis will contribute to how I prioritize on what will continue to increase my income
while also accessing various alternatives available that.
Having a suitable budget is essential as this allow me to live within my means and save enough to
meet my long-term goals. With adequate budget I would be able to make informed decisions my
finances by keeping track of how money comes in, goes out and how much is left over.
With appropriate budget, I would be able to cover all my estimated expenses, save for the future and
pay debts as I already know the cost they will occur from my earnings. Costing and Budgeting will
also help in determining bad spending habits as preciously without budgeting spending money on
things not important occurred which imparted my personal finance negatively.
In respect to types of insurances available like Life, Health, Auto and other types of insurance
coverage, Costiing has taught me to analyse what type of coverage is necessary and which are not
necessary and then going for the best one that meet my immediate needs and fit into my budget.
This was helpful and will continue help me in making informed decisions on insurance and other
financial decisions in my life.
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