Spending Records To Achieve Financial Goals

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 course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property.

My personal finances are solid and on track with my attitudes towards money and savings. This budget exercise is common practice for me as I keep track of every dollar I spend. I am a saver and I keep track of my savings using a spreadsheet and updating my information almost every day. Budgeting is a necessary step in order to figure out where exactly money is going and how much of it is being allocated to different items.

things I used to find out my budget was groceries ($2,280 /yr), buying a car ($33,000), paying

Many adults and teenagers living in the present day still do not know why saving money is important. As much as we all hope emergencies won’t happen, the truth is we all know that sometimes they are unavoidable. If you do not have a safety net to lean on when these problems arise they can rapidly turn into additional debt and loans. Setting a little money aside will assist you when these life emergencies arise. Saving money also helps people achieve and aspire to their personal, social, political, and environmental goals. Once you have enough money saved you can become financially independent and able to make your own choices about how to spend your money. Additionally, saving money gives you peace and satisfaction. Knowing that you have your finances in control feels commendable. Not having to worry about sudden emergencies or costly repairs lowers your stress levels. Saving money helps in sudden emergencies, assists

A) Realistic, I do think that I could reach my short and long term savings goals.

“Keep a record of your expenditures. Record and review monthly income and expenses. Determine how to reduce what you spend for nonessentials….discipline yourself to live within your budget plan.”

In regards to my future, I hope to be working in a large athletic department at a higher division university. In my personal budget spreadsheet, I assumed my income wages to be at forty five thousand per year, therefore, I would be making three thousand, seven hundred and fifty dollars each month. Working in a athletic department requires a lot of time, so I did not plan on having a family in this budget. Since I did not plan for a family, I decided I would rent an apartment; therefore, I would not have to worry about home repairs, security or lawn care.

Trying to manage your budget is knowing your credit score, how much money is on your debit card and having insurance to help us save and budget our money. The impact of of a credit score “is a number indicates to lenders to repay the loan you borrow”(Investopedia, para1). If you have good credit score then you can mortgage a house but if you have bad credit will you’ll keep renting a house or not live in a house. With a credit card if you’re using it to make a purchase then you promise to pay the money back, also to that’s how you boost your credit score up. With a debit card if you purchase something it comes out of the account electronically.

The only challenge I experienced during this assignment was not having money to spend. Every day I either didn’t spend anything or only spent 40 cents for my lunch daily. There was once in awhile where I had some extra money and I saved it or didn’t spend it. There were a few times when my mother spent money on me or I went out dining a few times. My expenses were recorded at least once a week. Which I suppose isn’t the best idea if I’m going to be keeping track of how much I spend in the future. I should be keeping track of how much I spend daily.

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. What financial tools described in this chapter can help you make better financial decisions?

Personal budgeting is an important factor in regards to successful long term financial stability. Budgeting has many great aspects as well as showing areas of weakness. It can show the truth about your personal financial spending habits, areas that are not looked at enough, and if there are needs for a larger emergency fund. The reality of personal budgeting is that many people potentially do not keep a personal budget for one reason or another. People also don’t consider the negative effect that it could have on one personally and or how it effects the economy.

For this piece of assignment, a cash budget will be made for Doomy Corporation for the second quarter of the year. For this budget, all the sales figures for the second quarter and some of the expenditure have been given. Hence, to prepare a cash budget, the sales figure given will be used and some calculations will be worked out in order to fully prepare an outstanding budget for Doomy Corporation the following information will be used efficiently.

International experience suggests that authorities should publish an explicit calendar every year to guide ministries, agencies and sub-national governments in terms of the revenue and expenditure ceilings as well as requirements and targets of the upcoming fiscal year in advanced. However, in Vietnam, the calendar always issued late, results in the delay of follow-up works. What is more, the budget ceilings have not been rigorously examined by the central government, meanwhile the sub-national governments treat the ceiling not serious enough, the real expenditure always higher than the ceilings, which made the calendar with no meanings. Besides, even if Vietnam have developed a medium-term framework, there are no forecasting budget for the next and third fiscal year, while the departmental planning is not consistent with the overall projections.