UA CSM 204 - Planning for Successful Money Management (7 pages)

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Planning for Successful Money Management



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Planning for Successful Money Management

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Money Management Strategy: Financial Statement and Budgeting


Lecture number:
3
Pages:
7
Type:
Lecture Note
School:
University of Alabama
Course:
Csm 204 - Intro Personl Finan Plan
Edition:
1

Unformatted text preview:

CSM 204 Chapter 3 Lecture Outline of Previous Lecture I Career Choice Facts II Trade Offs of Career Decisions III Career Training and Skill Development IV Informational Interviews V Career Planning and Advancement VI Fields with Hiring Potential VII Obtaining Employment Experience VIII Career Information Sources IX Career Advancement Tips X Quiz 1 2 Outline of Current Lecture I II III IV V VI VII VIII IX X XI XII XIII XIV XV XVI XVII XVIII Planning for Successful Money Management Opportunity Cost and Money Management Money Management Components Financial Records System Items to File at Home Items for a Safe Deposit Box Computer Records Record Retention 3 Components of Successful Planning Balance Sheet or Statement of Net Worth Income and Expense Sheet Important Equations The Budgeting Process Characteristics of Successful Budgeting Selecting a Budget System Identifying Savings Goals Savings Techniques Quiz 1 3 Current Lecture Chapter 3 Money Management Strategy Financial Statements and Budgeting 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 BOOK SMART WOMEN FINISH RICH Planning for Successful Money Management Make wise decisions daily Coordinate decisions with needs and goals Money management The day to day activities necessary to manage current economic resources and pursue long term goals Opportunity Cost and Money Management Spending reduces savings potential while saving reduces amounts available for spending Credit use ties up future income Using savings for purchases depletes savings Comparison shopping spends time but saves money Money Management Components Storing and maintaining personal financial records and documents Creating personal financial statements Creating a plan for spending and saving a budget Financial Records System Facilitates handling financial affairs Promotes timely bill paying Provides benchmarks for success Records are available at



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