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3. Creating and implementing a plan for spending and saving (budgeting). 2. Creating personal financial statements (balance sheet and cash flow statements of income and outflows). 1. Storing and maintaining personal financial records and documents. Money Management Activities. Get Organized.

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3. Creating and implementing a plan for spending and saving (budgeting).

2. Creating personal financial statements (balance sheet and cash flow statements of income and outflows).

1. Storing and maintaining personal financial records and documents.

Money Management Activities

CASH Expo


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Get Organized (budgeting).

  • Home File

    • Personal and Employment Records

    • Money Management Records

    • Tax Records

    • Financial Services Records

    • Credit Records

    • Consumer Purchase and Automobile Records

    • Housing Records

    • Insurance Records

    • Investment Records

    • Estate Planning and Retirement Reports

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Get Organized (budgeting).

  • Safe Deposit Box

    • Death Certificates, Citizenship Papers, Adoption, Custody Papers, Military Papers, Serial Numbers of Expensive Items, Photographs or Video of Valuable Belongings.

    • Certificate of Deposits, List of Checking and Savings Account Numbers and Financial Institutions, Credit Contacts

    • Mortgage Papers, Title Deed, Automobile Title, List of Insurance Policy Numbers and Company Names, Rare Coins, Stamps, Gems, and Other Collectibles, Copy of Will.

  • Personal Computer

    • Current and Past Budgets, Summary of Banking Transactions, Past Income Tax Returns, Account Summaries and Performance Results of Investments, Computerized Version of Wills, Estate Plans, and Other Documents.

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PAST (budgeting).

PRESENT

FUTURE

Income and Expense Statement (Cash Flow Statement)

Balance Sheet

Budget

Comparison of Statements

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Balance Sheet (budgeting).

Item of value (what you own)

- Amounts owed (what you owe)

= Net worth (your wealth)

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Cash Flow Statement (budgeting).

Total Cash Received During the Period

- Cash Outflows During the Time Period

= Cash Surplus or Deficit

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Set Goals (budgeting).

Organize

Decide

Implement

Control

Evaluate

Six Phases of Budgeting

Achieve success in financial goals

Monitor, review, revise after each period.

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Financial Goal-Setting Phase of Budgeting (budgeting).

  • Setting long-term goals—anything more than 12 months away.

  • Developing short-term goals from long-term goals.

  • Prioritizing goals.

  • Making goals time and dollar specific.

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Organization Phase of Budgeting (budgeting).

  • Select recordkeeping format.

  • Use cash basis.

  • Select budget classifications.

  • Select time periods.

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Decision-Making Phase of Budgeting (budgeting).

  • Inflation and other economic factors

  • Realistic budget estimates

  • Reconciling initial estimates

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Implementation Phase of Budgeting (budgeting).

  • Recording actual income/expenditures

  • Managing with a cash-flow calendar

  • Utilizing a revolving savings fund

  • Calculating time-period totals

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Control Phase of Budgeting (budgeting).

  • REASONSFOR BUDGET CONTROLS:

1. Stay on target

2. Be alert to problems or errors

3. Employ a credit control sheet

4. Monitor unexpended balances

5. Use the envelope system

6. Check progress

7. Use a checking account

8. Check accuracy

9. Justify exceptions

10. Employ subordinate budgets

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Evaluation Phase of Budgeting (budgeting).

  • Compare estimated and actual amounts

  • Decide how to handle balances

  • Assess progress toward goals

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www.sa.utah.edu/personalfinance (budgeting).

Go to “Resources.”

At the bottom of the page click on CASH expo May 15, 2009-Budgeting For School, Fun, and the Future

Jerry Basford 801-581-3435

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