Personal Budgeting

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Personal Budget Summary and Findings ACC 547/Taxation Michael De Marco Personal Budget Summary and Findings Memo DATE: October 1, 2012 TO: Henry and Mary Jones FROM: RE: Follow-up on Financial Planning Meeting It was a pleasure to meet with both of you to discuss your personal finances, your financial dreams, and concerns. As we discussed, being in control of your personal finances, and not your finances being in control of you, is very important. When you are in control of your finances you can achieve your financial goals and comfortably provide for you and your children. Below is a summary of my findings and recommendations for you to help achieve your goals. You will also see attached your personal budget that you…show more content…
4. Temporarily stop funding your retirement accounts. Use this money to help fund your emergency fund and eventually use to help pay off debt. Once the debt is paid off then start fully funding your retirement accounts again. 5. Depending on how aggressive you want to be in accomplishing your goals, you might consider selling your boat. You can use the money for the boat payment to fund your emergency fund and pay off other debt. 6. All debt, except for the mortgage, must be paid off before incurring any new debt. Would like to see you pay cash for all future purchases and not incur any new debt. 7. For any unexpected financial emergency, you will use money from your emergency fund to pay for the emergency. If you use your emergency fund after it is fully funded, you will immediately replenish your emergency fund instead of paying extra towards your debt. Once the emergency fund is replenished you then can pay extra towards your debt. Conclusion This seems like a daunting task that is not achievable. With solid goals and discipline you can become debt free, have three to six months of money in savings, and be able to fully fund your children’s college fund. Additionally, you will be able to use this experience to teach your children how to properly use money and be financially independent. I look forward to working with you to accomplish your financial goals. I will contact you at the end of the
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