What's Your Stuff Worth

In: Business and Management

Submitted By DJPandaMan
Words 539
Pages 3
Binula Illukpitiya
June 1st, 2016
V-Check:1.3 What’s your stuff worth?

After Hurricane Katrina, Jamie’s friends had newfound knowledge on how to become financially prepared. Their main recommendations to become financially prepared were to save as much money as possible from your job, try not to live check to check and instead try to cut back on unnecessary expenses, do not live a life where disasters like Katrina can cause severe problems to you due to living too comfortably but instead be sensible with your budget and try to save up emergency money. All of the recommendations they proposed revolved around the central idea of being careful with what you have and do not carelessly spend. A recommendation that I would add would be having a plan beforehand as to what to do during a disaster. For example, understanding where the best place is to go and having money saved up in a bank account designated for a crisis like this. Jamie was able to use the money she had earned and saved by depositing most of her earnings in a bank account. This way, Jamie was able to keep some cash on hand which was designated for use in an emergency while being able to spend on food and other items during non-emergency situations through her debit card and all the while being wise about her spending. Before watching this video, I would not have used the money in the same way Jamie had. In the past, I have been prone to spending large amounts of money on unnecessary items and never establishing a proper plan and bank account in order to save up money for emergency situations. After seeing the importance of having a plan for saving money in a bank account and cash only as a backup, I will start an account where I can deposit my earnings and keep a few hundred dollars for emergency purposes. This will ensure that I am financially prepared for a disaster situation and for everyday…...

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