FINPLN 2183 1st Edition Lecture 7 Outline of Last Lecture I. Annuities Outline of Current Lecture II. Budgeting a. Record KeepingCurrent Lecture- Budget• Normally prepared on a monthly basis• Should reflect your personal goals• Designed to monitor and control expenses (WHAT YOU SPEND MATTERS MUCH MORE THAN WHAT YOU EARN)• A budget should never deprive you of what you need• Budgeting process involves:– Assessing expected income– Deciding how much to allocate– Keeping records of actual income, spending, and saving– Evaluating your budget• What are some records worth keeping?These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.– Credit card statements, taxes, investment statements, household inventories, car titles, wills, pay stubs, warranties, journals, photos, social security cards, diplomas, wedding and family videos• Where should you keep these?– Safe deposit box, home safe, computer backed-up• How long should you keep them?– Depends on the items – some months and some years– Tax statements kept longer than credit card statements (except for those which are tax record)• How should you discard them?– Shred, shred,