VCU HUMS 202 - HUMS 202 Module 4 (3 pages)

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HUMS 202 Module 4



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HUMS 202 Module 4

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Pages:
3
School:
Virginia Commonwealth University
Course:
Hums 202 - Choices in Consumer Society
Choices in Consumer Society Documents

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HUMS 202 Module 4 Money Matters Set Financial Goals Financial Goals o Specific to what you want to do with your money within a certain time period Do the following o Identify and write down your financial goals Examples Savings for college Buying a car Making a down payment Taking a trip Building an emergency savings fund Retiring Goals should be realistic and specific They should include a time frame to when you wish to accomplish this goal Don t forget to include the actions you take to work toward this goal o Organize your financial goals Break you goals into several goals Short term less than a year Medium term 1 3 years Long term 5 or more years o Identify small steps for working towards these goals o Monitor your progress Review your progress Monthly Quarterly At least every 6 months Create a Spending Plan Step by step plan for meeting expenses in a given period of time Why o Helps you reduce the anxiety of not knowing whether you have enough money to pay your bills when they are due o Gives you a sense of control over your money rather than letting money have control over you o Helps you build assets that will help improve the quality of life for you and your family Spending Plan Steps o Keep track of your daily spending o List your monthly income and expenses o Find ways to decrease spending o Find ways to increase income Track Daily Spending Understand where you money goes by tracking your spending Use a personal spending diary Determine Income and Expenses Income is money that comes to you from o Wages o Self employment income o Public assistance o Child support or alimony o Interest dividends or investments o Social security or other federal benefits o Other sources like tips Income o Gross income Total income without reductions o Net income Gross income Deductions Also called take home pay Expenses o Fixed Expenses Do not change from month to month Don t have control over how much you pay Ex Rent or fixed loan payment o Flexible Expenses Often change



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