In this activity, you will write short “Twitter” summaries of key topics from Unit 2, which can be an enjoyable activity that promotes critical thought (Bailey, Hendricks, & Applewhite, 2015).
These “tweets” will be framed around the following topics. In a sentence of about 30 words or fewer, you should identify a problem and offer a solution or strategy.
Pick 3 of the following 6 prompts that you find particularly interesting, and then write a short blurb about them, either on Twitter, on paper, or in a computer file.
Identify one or more strategies to avoid overdraft fees on your bank account.
How can a budget improve your spending habits?
Identify a concern in calculating your net worth.
Talk about a benefit of using cash as compared to debit or credit.
How can having a goal motivate you to save money?
Give advice on comparison shopping and avoiding impulse purchases.
Now, scroll down and look at the examples. There are plenty of different tweets that can be written for these prompts. Don’t worry if yours are different; instead, think about the different ways in which these questions could be answered or approached.
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EXAMPLE TWITTER SUMMARIES FOR SPENDING AND SAVING ACTIVITY
Identify one or more strategies to avoid overdraft fees on your bank account.
Recording your purchases and balance, putting reminders on your calendar for recurring ACH drafts (e.g., bills), and keeping several hundred dollars extra in your account can help prevent overdrafts.
How can a budget improve your spending habits?
Making a budget shows you where your money is going. It encourages you to think carefully about your bills and look for ways to improve your spending habits.
Identify a concern in calculating your net worth.
Having some portion of liquid assets is important for emergencies—net worth alone does not consider liquidity. Budgets and net worth spreadsheets, together, are a powerful combination.
Talk about a benefit of using cash as compared to debit or credit.
You cannot be overcharged when paying with cash. You might spend less money because spending cash seems more “real” than swiping plastic.
How can having a goal motivate you to save money?
A goal, such as saving for a better car, reminds you that your actions will have a foreseeable and tangible payoff, which can be a powerful motivator.
Give advice on comparison shopping and avoiding impulse purchases.
Sleep on it! Look at customer reviews and similar products. Think—how much will I actually use this item? If you can’t remember a situation where you really needed this item, it may be a bad purchase.
Now that you’ve compared these examples to your writing, you have at least two perspectives for how to approach these questions. Now, you may be better prepared to articulate these issues to others and analyze them in personal spending and saving decisions.
Reference
Bailey, S., Hendricks, S., & Applewhite, S. (2015). Student perspectives of assessment strategies in online courses. Journal of Interactive Online Learning, 13(3), 112–125.