Finances 101 Reflection

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Before playing the Finances 101 game, I thought that I had a decent understanding of my finances. After playing, I realized that there were many issues and choices that I was simply unaware of prior to playing. Some of the things I was unaware of stem from the fact that my parents, up to this point, have handled most of the financial issues in our family. Although I have had multiple part-time or neighborhood jobs, most of the money earned went directly into my savings account. I have never given serious thought to budgeting, and financial decisions. I realized that with college beginning in the fall, and then my future career, playing this game was a much needed experience.
The first lesson that I learned from this simulation was about a profession.
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Currently, my financial planning is limited to managing my savings account. This was an important decision because it taught me the importance of long term savings. During the game I chose to put ten percent of my earnings into savings, as a result, I plan to continue this practice as an adult. After playing the game I also realized that in the future, I will need to set up a household budget. Again, I was vaguely aware of some of the expenses that my parents discussed. However, it was a bit overwhelming to see everything listed out in this game. I never considered the cost of utilities, insurance premiums, or even groceries. I realize how I took simple things for granted. For example, while I was sometimes disappointed when my family did not eat out, I now understand how expensive it can be and the benefit of preparing meals at home. I also had a chance to reflect on the different issues my parents have to take into consideration when balancing the financial needs of a six-person household.
There are some decisions that I have made from playing this simulation. One is buying versus renting a home. It is a much wiser investment to find a small home to purchase and live in, instead of paying to rent an apartment or home. When it comes to purchasing a car, I will also be looking for a used car rather than spending
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