Determining causes and effects of not keeping a personal...

Determining causes and effects of not keeping a personal budget William E. David ENG115- English Composition Prof. Sandra McDonald March 10, 2015 It has been observed that most of the employees of Bank of America create individual budgets but do not keep a record of them. This is because most of the employees return to the bank for personal loans just two weeks after receiving their salaries. Due to this finding, the factory utilized financial analysts and decided to develop measures of controlling and curbing extravagance among the bank’s employees by enabling them to be able to keep their own budgets. The financial analyst described a budget as a compass and a mirror of how funds will be spent. It is termed as a compass since†¦show more content†¦Brott (2007) observed that it is not what is earned that gives someone financial security, but what is saved (Brott, 2007, p.42). After about three weeks, after salaries are paid to the employees of the bank, it has been observed that most of them showed low self-esteem. It was discovered that this was because they borrowed money and became debtors, which is a haunti ng condition. After borrowing money, one assumes the position of a debtor - a person who owes another and who automatically gives the lender the power of auctioning property in case of failure to pay the debt. The thought of being a debtor may result into withdrawal from a healthy lifestyle, which is being happy. When this dreaded possibility happens, lenders may be robbed of their active social life. This also has an ill effect on the future dreams of a person. It implies that whatever desire such as purchasing assets that one may have for the future will have to be delayed while waiting for a fresh financial start due to the loan payment. The leading second cause of not keeping personal budgets as observed from the study was that employees gave up too soon after tabling their personal budgets through ignorance. Also findings revealed the lack of discipline of the bank employees towards their budgets after developing them. The employees would tend to quit being governed by the bud gets. Quitting was due to the frustration of things not working out as planned. TheyShow MoreRelatedEssay about Cause and Effects Not Keepinga Personal Budget1233 Words   |  5 PagesDetermining Causes and Effects Revised Version Personal budgeting is an important factor in regards to successful long term financial stability. Budgeting has many great aspects as well as showing areas of weakness. It can show the truth about your personal financial spending habits, areas that are not looked at enough, and if there are needs for a larger emergency fund. 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