Managing+Your+Money

Managing Money Opportunity Cost and Money Management Questions to ask when it comes to money management??? - Should you spend your whole paycheck on clothes, or should you put some off it in the banks so that it will earn interest? - Is it a good idea to shop around and see if another store has this CD player at a lower price, or is that a waste of your time?

Where to keep your financial documents - Home files, Safe-Deposit Boxes, Home Computers

Important facts: Personal financial statements are documents that provide information about your current financial position and present a summary of your income and spending A balance sheet also called a net worth statement, is a financial statement that lists the items of value that you own, the debts you owe and also your net worth Your net worth is the difference between the amount you own and the debts that you owe Liquid assets are cash and items that can be quickly converted to cash Real estate is the land that a person or family owns Market value is the price at which you could or can sell your property

Budgeting A budget is a plan for using your money in a way that best meets your wants and needs. You need to, when creating a budget, setting your financial goals, estimating your income, budgets for unexpected expenses and savings, budgeting for fixed expenses, budgeting for variable expenses, recording what you spend,and reviewing spending and saving patterns. Successful budgeting and increasing your savings can help you in the future with other budgets. ** Monthly Budget Amount ** || ** Actual Amount ** || ** Difference ** ||
 * ** Category ** ||
 * ** INCOME: ** ||  ||   ||   ||
 * Wages/Income || $872 || $810 || $62 ||
 * Interest Income || $232 || $196 || $36 ||
 * ** INCOME SUBTOTAL ** || **$1,104** || **$1,006** || **$98** ||
 * ** EXPENSES: ** ||  ||   ||   ||
 * Taxes || $386 || $397 || ($11) ||
 * Rent/Mortgage || $298 || $239 || $59 ||
 * Utilities || $99 || $95 || $4 ||
 * Groceries/Food || $121 || $100 || $21 ||
 * Clothing || $66 || $60 || $6 ||
 * Shopping || $55 || $46 || $9 ||
 * Entertainment || $44 || $44 || $0 ||
 * Miscellaneous/Other || $35 || $31 || $4 ||
 * ** EXPENSES SUBTOTAL ** || **$1,104** || **$1,012** || **$92** ||
 * ** NET INCOME (Income - Expenses) ** || **$0** || **($6)** ||
 * ** NET INCOME (Income - Expenses) ** || **$0** || **($6)** ||
 * ** NET INCOME (Income - Expenses) ** || **$0** || **($6)** ||

Purchasing Consumer purchasing: A research based approach Before you shop: identify your needs, gather information, become aware of the marketplace, weigh the alternatives, decide what's important to you, compare prices, comparison shopping Purchasing: negotiate the price, using cash or credit, the real price, timing purchases, selecting the store, comparing brands, label information, comparing prices, evaluating warranties,