Money management activities l.jpg
Sponsored Links
This presentation is the property of its rightful owner.
1 / 14

Money Management Activities PowerPoint PPT Presentation


  • 136 Views
  • Updated On :
  • Presentation posted in: General

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.

Download Presentation

Money Management Activities

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


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


Get Organized

  • 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

CASH Expo


Get Organized

  • 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.

CASH Expo


PAST

PRESENT

FUTURE

Income and Expense Statement (Cash Flow Statement)

Balance Sheet

Budget

Comparison of Statements

CASH Expo


Balance Sheet

Item of value (what you own)

- Amounts owed (what you owe)

= Net worth (your wealth)

CASH Expo


Cash Flow Statement

Total Cash Received During the Period

- Cash Outflows During the Time Period

= Cash Surplus or Deficit

CASH Expo


Set Goals

Organize

Decide

Implement

Control

Evaluate

Six Phases of Budgeting

Achieve success in financial goals

Monitor, review, revise after each period.

CASH Expo


Financial Goal-Setting Phase of 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.

CASH Expo


Organization Phase of Budgeting

  • Select recordkeeping format.

  • Use cash basis.

  • Select budget classifications.

  • Select time periods.

CASH Expo


Decision-Making Phase of Budgeting

  • Inflation and other economic factors

  • Realistic budget estimates

  • Reconciling initial estimates

CASH Expo


Implementation Phase of Budgeting

  • Recording actual income/expenditures

  • Managing with a cash-flow calendar

  • Utilizing a revolving savings fund

  • Calculating time-period totals

CASH Expo


Control Phase of 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

CASH Expo


Evaluation Phase of Budgeting

  • Compare estimated and actual amounts

  • Decide how to handle balances

  • Assess progress toward goals

CASH Expo


www.sa.utah.edu/personalfinance

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

CASH Expo


  • Login