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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2. Creating personal financial statements (balance sheet and cash flow statements of income and outflows).
1. Storing and maintaining personal financial records and documents.
Income and Expense Statement (Cash Flow Statement)
Comparison of Statements
Item of value (what you own)
- Amounts owed (what you owe)
= Net worth (your wealth)
Total Cash Received During the Period
- Cash Outflows During the Time Period
= Cash Surplus or Deficit
Set Goals (budgeting).
Six Phases of Budgeting
Achieve success in financial goals
Monitor, review, revise after each period.
Decision-Making Phase of Budgeting (budgeting).
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
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