Personal finance by Iris

Personal finance by Iris - December 2024 Scholarship Essay

During high school, I faced a challenging academic experience in my Personal Finance class. The course covered essential topics like budgeting, taxes, credit management, and investing—subjects that were entirely new to me. One of the most difficult assignments was creating a comprehensive financial plan, including a realistic monthly budget, savings goals, and investment strategies, based on a simulated career and income.

Initially, I struggled to grasp the practical applications of concepts like calculating compound interest and balancing expenses against income. My first attempt at the project was disorganized, and I received feedback that I needed to refine my calculations and make my financial goals more realistic.

To overcome these challenges, I sought extra help from my teacher, who guided me in breaking the project into manageable steps. I also researched real-world examples of financial planning and used online tools to practice budget creation and investment analysis. Additionally, I collaborated with classmates to exchange ideas and share strategies, which helped me understand different approaches to managing finances.

By the end of the project, I not only improved my financial plan but also gained a deeper understanding of how to apply these skills to real-life scenarios. This experience taught me the importance of persistence, resourcefulness, and seeking feedback to improve. It also gave me confidence in managing my own finances in the future.