Money Management A system of planning for spending based on expected income.

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Presentation transcript:

Money Management A system of planning for spending based on expected income

Budget Basic tool used for money management

Reasons for Financial Planning Helps you get what you want Prevents you from spending beyond means Helps maintain a harmonious home Helps keep track of expenditures Puts you in control & helps you stay there

Cash Flow Typical monthly income and outgo

Designing a Financial Plan Estimate income Record expenditures Calculate fixed expenses Create an emergency fund Calculate flexible expenses Compare income & expenses

Net Worth Relationship between assets & liabilities

Ways to stick to a budget Get rent out of way Stay away from the ATM Leave money at home Record credit card purchases Save automatically Keep money in large coins or bills Save certain denominations

Ways to Stick to a Budget Continued : Sacrifice something Keep checkbook balanced Set goals Consider tradeoffs Take your lunch

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