Money Management Strategies

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Presentation transcript:

Money Management Strategies CHAPTER 5

Organizing Financial Records CHAPTER 5 SECTION 1

What kinds of financial records do you keep? Brainstorm in your notes

Money Management Day-to-day financial activities necessary to get the most from your money. Money trade-offs

Financial Documents First step in effective money management is to organize your financial documents. Benefits: Financial status Pay your bills on time Tax reports Future planning Investing decisions

Storing Financial Documents Locate your documents and sort them into categories such as payroll stubs, savings account, checking account, bills, etc. Label and file each document Maintain filing discipline

Safe-Deposit Box A small, secure storage compartment that you can rent at a bank.

Chapter 5.1 Review Questions Textbook Page 125 #1-6 Due at the end of class When finished – write down the key words and definitions from Ch. 5.2

Personal Financial Statements CHAPTER 5 SECTION 2

Personal Balance Sheet Allows you to have a complete look at your financial situation. Step 1: Determine Assets Step 2: Determine Liabilities Step 3: Calculate Net Worth Step 4: Evaluate Financial Situation

Net Worth Example What is your net worth is you have $4,000 in assets and $1,250 in liabilities? $4,000 - $1,250 = $2,750

Document Detective Personal Balance Sheet Page 139 #1-7

Cash Flow Statement Movement of cash in and out of your wallet and/or bank account. Step 1: Record your income Step 2: Record your expenses Step 3: Calculate your net cash flow

Chapter 5.2 Review Questions Textbook Page 134 #1-6 Due at the end of class

Budgeting for Financial Goals CHAPTER 5 SECTION 3

Budget A plan for spending and investing your money to meet your wants and needs. Step 1: Set your financial goals Step 2: Estimate your income Step 3: Budget for unexpected expenses Step 4: Budget for fixed expenses Step 5: Budget for variable expenses Step 6: Record spending

Budget Variance The difference between the budget and the actual amount spent.

Chapter 5.3 Review Questions Textbook Page 143 #1-6 Due at the end of class

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