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1Reflection: Personal Finance BasicsAdela BenigalCollege of business, Grand Canyon UniversityUNV-103: University SuccessCandace DuffyDecember 19, 2021
2Reflection: Personal Finance BasicsFinancial literacy refers to the act of implementing financial skills such as budgeting,savings, and an overall management of personal income in order to make informed decisionsregarding one’s personal financial resources. The main idea I learned from this week’s objectivesand literature is the importance of establishing a household budget. Without a proper budget inplace, it is easy to lose control of personal spending which in turn affects savings goals andcauses an increase in debt. Creating a household budget will allow me a as a student to identifythe amount of my monthly income and spending. My opinion is that budgeting is the first stepone needs to take as a means to become financially successful and increase personal financialsecurity.