Budgeting Reflection Essay

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I have learned a number of things from this budgeting process. First, I have learned the importance of saving when one still has the ability and energy to work. Saving money enables one to be financially stable and secure as well as providing a safety net in the event of an emergency during the old age (McLeay, Radia, & Thomas, 2014). The saved money accrues compounded annual interest, thus amounting to a significant figure when one attains the retirement age.

            I have also acquired new skills in Excel software. I was able to use the software to calculate present values, future values, and PMT values of different case scenarios. The software produced more accurate results than values obtained from manual calculations. The figures obtained from the evaluation of future value (FV) after retirement seemed to be too big to be correct. Initially, I thought that because the negative value of PMT in the formula, FV would be zero or negative numbers. But it eventually turned out that obtained figures were the correct values for each scenario.

            One of the most challenging parts that consumed a significant portion of my time was the determination of the present value using the formula. Several attempts using the PV formula in excel produced unreasonably large figures. I later discovered that two commas (,,) were supposed to be placed before selecting the cell with the future value. Should I face such a challenge again, I will pay keen attention to small details.

            I would recommend my clients to invest such funds in both moderate- and low-risk ventures. The funds can be invested in treasury bonds, real estate or in assets such as jewels, and collectibles. According to Leduc and Liu (2016), treasury bonds are safer than corporate bonds.


Leduc, S., & Liu, Z. (2016). Uncertainty shocks are aggregate demand shocks. Journal of Monetary Economics, 82, 20-35.

McLeay, M., Radia, A., & Thomas, R. (2014). Money creation in the modern economy.

August 18, 2023

Economics Life



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