Reflection Paper 2: Financial Management Plan 1

Name: Mark Jay D. Viray Date: 27/11/2023

Instruction: Answer the questions indicated in each number.

Financial Management Plan

1. Describe the kind of lifestyle and setup that you are planning to have after graduation.
• What kind of lifestyle do you plan to have?
• Where will you live? With your parents? Rent an apartment?
• Will you be commuting to places or driving a car?
1. Health and Well-Being and Career Lifestyle
2. I will be living with my parents.
3. Commuting and Driving

2. Based on what your plans/goals/dreams are, come up with a monthly expense list using the table below.

Category Particulars Total

Rent 10,000 / a month 120,000 (1 year)

Meals 500 / a day 182,500 (1 year)

Transportation 200 / a day 73,000 (1 year)

Cellphone Load/Bill 400 / every 2 months 2,400 (1 year)

Internet 1500 / a month 18,000 (1 year)

Recreation 3000 / a month 36,000 (1 year)

Savings/Investment 2000 / a month 24,000 (1 year)

Others (think of all 2000 / a month 24,000 (1 year)

the things you
might spend for)

TOTAL 479,900 (1 year)

Note: You may add additional category, if needed.

3. Compare the amount that you will be spending every month to the starting salary you are expected to receive
(considering the salary range for the position that you are aiming for) and/or the profit that you are expected to
receive from a particular business that you have, or you are planning to start. What did you find out/realize?

As I worked on my financial management plan and learned the base salaries for junior architects, it hit me that
my upcoming salary won't quite cover all my daily expenses. This realization has made me realize how important
budgeting and planning my finances are as I move into the working world. It has made me rethink how I spend
my money and make a more thoughtful approach to handling my money a priority.

CSBGRAD | Financial Literacy

 Reflection Paper 2: Financial Management Plan 2

4. In our previous activities, you have already identified your career and vocation plans and goals. This time
identify 3-5 financial goals and the financial/money management strategies that you would like to try to be able
to meet your financial goals by filling out the table below. Please note that financial goals may be in the form of
purchases that you want to make someday, or a savings fund you wish to put up or the need to pay up debts
(Madura, 2007).

FINANCIAL GOALS WHEN DO YOU WANT ESTIMATED MONEY MANAGEMENT STRATEGIES TO

TO ACHIEVE IT TOTAL COST MEET YOUR FINANCIAL GOAL
2024 500,000 Php Savings, Investment, Building Budget
Personal Office Setup
2035 10,000,000 Php Savings, Investment, Building Budget
Own House
2040 5,000,000 Php Savings, Investment, Building Budget
Own Car

5. What new information was added to your knowledge on financial management?

My realization in financial management added the understanding that my anticipated salary may not sufficiently
cover my daily expenses, emphasizing the importance of thorough budgeting.

6. What old beliefs about financial management were altered?

This realization altered my old belief that a fixed salary would effortlessly meet all my financial needs without
detailed planning.

7. What personal perceptions about financial management were affirmed?

It affirmed my personal perception that financial management is a critical skill, requiring proactive planning and
careful budgeting to navigate the challenges of adulting and professional life.

8. Why is financial planning and management important?

Financial planning and management are crucial because they ensure that one's income aligns with expenses,
allowing for a sustainable and secure financial future, especially when faced with the reality of potential budget
shortfalls.

CSBGRAD | Financial Literacy