Learning Objective # 1 Recognize relationships among financial documents and money management activities.

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Presentation transcript:

Learning Objective # 1 Recognize relationships among financial documents and money management activities.

Planning for Successful Money Mangement LO#1 Planning for Successful Money Mangement Money Management: Day-to-day financial activities necessary to manage current personal economic resources while working toward long-term financial security. Daily spending and saving decisions are at the centre of financial planning Coordinate these decisions with your needs, goals and personal situation Maintaining financial records and planning your spending are essential to success

Opportunity Costs & Money Management LO#1 Opportunity Costs & Money Management Spending money reduces the amount you can save and invest. Saving and investing reduces the amount you can spend now. Buying on credit ties up future income. Using savings for purchases results in lost interest earnings - savings can’t be used for other purposes. Comparison shopping can save you money but uses up valuable time

Major Money Management Activities LO#1 Major Money Management Activities Store and maintain personal financial records and documents Create personal financial statements (balance sheets and cash flow statements or income and outflow Create and implement a plan for spending and saving (budgeting)