Personal Financial Problem Term Paper Example | Topics and Well Written Essays - 500 words

Personal Financial Problem - Term Paper Example It is very easy for people to save money on their discretionary costs and use it in their habits like coffee or cigarette. This is because one might see that they are only using few coins to buy coffee. However, if these few coins can be saved for a week or two, they can experience the significance of this saving. If we can make the calculations of the amount we can save if we dont take coffee per day, and project it for 1 year, 10 years and even 20 years to people, some might change their minds about not taking coffee. Especially, those from large families of around ten people, if you save $20 per day, it results to saving $146,000 after 20 years. One would see that this amount of money is too high and can begin to save. However, to save this amount, one can resort to purchasing alternative beverages that cost less by $2 or more like cappuccino. We can make people realize that saving after a period makes a huge saving in the end (Lorenzo, 2013). To make people stop taking coffee even if they say they enjoy it, we can make them realize the cost of taking coffee and compare it with the cost of taking another beverage after a period of time (Richard, 2013). Coffee, first of all, is an addictive beverage with caffeine component that is considered a drug. It, therefore, influences peoples behavior as it has an addictive feeling (Tiago, 2014). However, once one has already begun taking it, it becomes hard for them to stop (Rob, 2013). There are personal problems that such coffee or cigarette addiction bring to us. One will go to an extent of cutting on their budget for basic needs like food to go take coffee. It therefore leads to lack of proper budget planning and following (Scott, Cynthia, & George, 2008). People can also use budgets to help them plan their expenditure. They need to have their financial goals right and put their eyes on the goals to achieve