Personal Budgeting

Whew, where to start? The personal finance class through Dame Ramsey’s Foundations in Personal Finance textbook and video series really had a lot of useful information, and it is hard to pick out the most impactful chapters and topics. However, I think the most important stuff for me was his five foundations for financial success, which were reinforced throughout the course. I am not downplaying the other important stuff in the course, including learning about the history of credit, budgeting, consumer awareness, investing, insurance, and taxes, but I think that mastering the fundamentals is important, which is why I am choosing to highlight them in this paper.

This will take a lot of discipline and vigilance on your part but it will help you stay on top of your financial situation and to payoff student loans on time.

2. If you are currently having financial issues, I suggest that you bring them up to me so I can can assist you and solve any issues as soon as possible. There is no shame in asking for help. Most of us have gone through

c. Take out a loan from your 401k at a lower interest rate than the credit card.

Breakfast =$3, Gas+ $24, Lunch= $8, Pharmacy expenses = $12, Dinner +$10. Total = $67

Things can change so easily in life and it 's impossible to know what is going to come your way. Emergencies or large expenses may come up and you want to be as prepared as

The goal of this course is to get you thinking about personal finance issues at a point in your life when you still have time to benefit from the power of time in generating wealth to accomplish your other life goals. The financial decisions you make early in life with determine in great extent the quality of life you will enjoy later, especially given the turbulent and uncertain economic conditions. Money isn’t everything, but a lack of it will impact almost every aspect of your life and those who surround you.

Step 1: Save $1,000 cash as a starter emergency fund. Step 2: Start the “Debt Snowball” where you begin with the small debts first, and pay off the debt except for your home. Step 3: Complete your emergency fund-It should cover three to six month of expenses, in case of lost income. Step 4: Invest 15% of your income in retirement. Step 5: Save for College. Step 6: Pay off your home mortgage, and Step 7: Build

3. Prioritize. Experts don't agree on the best strategy in this step. Some say to start with the debt that has the highest interest rate. Others say to choose the smallest debt, pay it off, and then use the extra money to pay down the next largest debt, and so forth. Whatever method you choose, be systematic, but don't forget to make the minimum payment on all of the other

First, I found a partner who I plan to spend all my days with , hoping to never be a single mother. Second, we have a bill book and a very strict budget, that help keep us in our spending limits, allotting a portion to be put back into savings. However, that may not always happen. Last, we have learned using coupons, and straying away from name brand items help save money and dramatically increase our bank account. By being so firm with our finances; we can go out to eat occasionally, take our son to different activites, and most importantly, we do not have to worry or stress about

Ramsey suggests that having an emergency fund prevents you from having to use credit cards and other credit tools to fund repairs like an unexpected furnace malfunction or a car wreck. The fund is to stay liquid, meaning that it should be in cash form and should not be spent except in case of an emergency. Additionally, if you do have to break into the emergency fund plan on replenishing it right away until you have a thousand dollars again.

If I had an emergency I would not be able to handle the situation. As previously mentioned, I am still funded by my parents, therefore if there was an emergency they would surely help the situation. Being a full-time student pursuing

Although some things Iprobably wont do I will make sure I have money in each of my finacial jars, even if I dont have alot of money. I found some the activitys strange considering I went into almost 400.00 dollars in debt. Before I would run out and spend all my money, I would make sure I had enough money to spend. I would not even consider putting myself into such a large financial problem.

Personal Budget Exercise – Excel Creating a spreadsheet track personal business expenses is an excellent use of Microsoft Excel. For this exercise, you will create a spreadsheet to enter a personal budget and track actual expenses for the year. You may choose to use real data or create a fictitious budget using a monthly income amount of $2,500. Here are suggested budget categories if you are not using a real budget. At a minimum, you must have 9 budget categories: Housing (mortgage or rent) Utilities Car payment Insurance Student Loans Food Misc. Entertainment Gas Savings

A budget refers to a financial plan that represents the allocation of the income to various expenditure channels such as expenses, savings, and debt repayment. A personal budget is important because avoiding financial surprises and keeping financial stress down helps avoid a crisis and allows you to focus on your overall goals. You cannot avoid all risks in life but if you plan your finances to live within your means, you can avoid being kicked out of your home, losing your car and other terrible things that a solid budget would help you avoid. Knowing what you can afford is a central life skill. Unfortunately, many do not budget even though they know they should (Wagoner, 2012).