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Chapter2MoneyManagementSkillsCopyright
©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapter2MoneyManagementSkilMoneyManagementSkills
ChapterObjectivesIdentifythemaincomponentsofwise moneymanagementCreateapersonalbalancesheetand cashflowstatementDevelopandimplementapersonal budgetConnectmoneymanagementactivities withsavingforpersonalfinancial goals2-2MoneyManagementSkills
ChapteObjective1
IdentifytheMainComponentsof
WiseMoneyManagementMoneymanagement=day-to-dayfinancialactivitiesnecessarytomanagecurrentpersonaleconomicresources,whileworkingtowardlong-termfinancialsecurityDailyspendingandsavingdecisions=centraltofinancialplanningMustbecoordinatedwithneeds,goals,andpersonalsituations2-3Objective1
IdentifytheMainComponentsofMoneyManagement2-4ComponentsofMoneyManagementMoneyManagementTroubles&DebtGettingoutofdebt:EvaluateyourcreditsituationTrackyourspendingPlantomakepaymentsontimeConsiderotherincomesourcesIfappropriate,seekassistance2-5MoneyManagementTroubles&DeAnOrganizedPersonalFinancialRecordsSystemProvidesabasisfor:Handlingdailybusinessaffairs,suchasbill payingPlanningandmeasuringfinancial progressCompletingrequiredtaxreportsMakingeffectiveinvestmentdecisionsDeterminingavailableresourcesforcurrentandfuturebuying2-6AnOrganizedPersonalFinanciaRecordsinYourHomeFileItemsyourefertooftenPersonalandemploymentrecordsMoneymanagementrecordsTaxrecordsFinancialservicesrecordsCreditrecordsConsumerpurchaseandautorecordsHousingrecordsInsurancerecordsInvestmentrecordsEstateplanningandretirementrecords2-7RecordsinYourHomeFileItemsWhattoKeepinaSafeDepositBoxRecordsanditemsthatwouldbehardtoreplace:Birth,marriageanddeathcertificatesListofchecking,savingsandfinancialinstitutionaccountnumbersCitizenshipandmilitarypapersAdoptionandcustodypapersSerialnumbersandphotosofvaluablesCDsandcreditandbankingaccountnumbersMortgagepapersandtitlesListofinsurancepolicynumbersStockandbondcertificatesCoinsandother
collectiblesCopyofwill2-8WhattoKeepinaSafeDepositRecordsonYourPersonalComputer*CurrentandpastbudgetsSummaryofcheckswrittenandotherbankingtransactionsPastincometaxreturnspreparedwithtaxpreparationsoftwareAccountsummariesandinvestmentperformanceresultsComputerizedversionsofwills,
estateplans,andotherdocuments*Keepabackup!2-9RecordsonYourPersonalCompuHowLongtoKeepRecordsRecordsRetentionPeriodBirthcertificates,willsandsocialsecurityinformationIndefinitelyPersonalpropertyandinvestmentsAslongasyouownthemDocumentsre:purchaseandsaleofrealestateIndefinitelyCopiesoftaxreturnsandsupportingdata7yearsminimum10yearsbetter2-10HowLongtoKeepRecordsRecordObjective2
CreateaPersonalBalanceSheet
andCashFlowStatementBenefitsRecapyourcurrentfinancialpositioninrelationtothevalueofitemsyouownandamountsyouoweMeasureprogresstowardfinancialgoalsMaintaininformationonfinancialactivitiesProvideinformationforpreparingtaxformsorapplyingforcredit2-11Objective2
CreateaPersonalBalanceSheetAfinancialstatementthatreportswhatanindividualorfamilyownsandowesasofaspecificdate:Alsocalled:Networth
statement
StatementoffinancialpositionItemsofValue(whatyouown)-Amountsowed(whatyouowe)NetWorth(yourwealth)=2-12BalanceSheetAfinancialstateComponentsofaBalanceSheetStep1–ListitemsofvalueLiquidassetsRealestatePersonalpossessionsInvestmentassetsStep2–DetermineamountsowedCurrentliabilities(<1year)LongtermliabilitiesStep3-Computeyournetworth.2-13ComponentsofaBalanceSheetSNetWorthAssets-Liabilities=NetWorthMeasurementofcurrentfinancialpositionNetworth≠cashavailableInsolvency:InabilitytopaydebtswhendueLiabilitiesfarexceedassets2-14NetWorthAssets-LiabilitiesSampleBalanceSheet2-15SampleBalanceSheet2-15WaystoIncreaseNetWorthIncreaseyoursavingsReducespendingIncreasethevalueofinvestmentsandotherpossessionsReduceamountsowed2-16WaystoIncreaseNetWorthIncrEvaluatingFinancialProgress
Ratios2-17EvaluatingFinancialProgress
TheCashFlowStatement
InflowsandOutflowsCashflowstatement=personalincomeandexpenditurestatementSummaryofcashreceiptsandpaymentsforagivenperiodTotalcashreceivedduringthetimeperiod-CashoutlaysduringthetimeperiodCashsurplusordeficit=2-18TheCashFlowStatement
InflowTheCashFlowStatement
InflowsandOutflowsStep1-RecordIncomeNetincomefromemployment(NetPay)SavingsandinvestmentincomeOthersourcesStep2-RecordcashoutflowsFixedandvariableexpensesStep3-DetermineNetCashFlowUsethisstatementasabasisforcreatingaspending,savingandinvestmentplan2-19TheCashFlowStatement
InflowSampleCashFlowStatement2-20SampleCashFlowStatement2-20Objective3
DevelopandImplementaPersonalBudget
Budget=spendingplanHelpsyou:LivewithinyourincomeSpendmoneywiselyReachfinancialgoalsPrepareforfinancialemergenciesDevelopwisefinancialmanagementhabits2-21Objective3
DevelopandImplemThe7StepsinBudgetingProcessSetfinancialgoalsEstimateincomefromallsourcesBudgetanEmergencyFundandSavingsBudgetFixedExpensesBudgetVariableExpensesRecordSpendingAmountsReviewSpendingandSavingPatternsReviewfinancialprogressRevisegoalsandbudgetallocations2-22The7StepsinBudgetingProce2-232-23TypicalBudgetAllocations2-24TypicalBudgetAllocations2-24CharacteristicsofaSuccessfulBudgetWellplannedRealisticFlexibleClearlycommunicated2-25CharacteristicsofaSuccessfuBudgetingSystemsMentalbudgetAppropriateiffinancialresourcesandresponsibilitiesarelimitedPhysicalBudgetEnvelopes,foldersorcontainersWrittenBudgetOnnotebookpaperComputerizedBudgetSpreadsheetorspecializedsoftware2-26BudgetingSystemsMentalbudgetObjective4
ConnectMoneyManagementActivitieswithSavingsforPersonalFinancialGoalsYourBalanceSheet:SnapshotofwhereyouarenowYourCashFlowStatement:WhatyoureceivedandspentoveraspecificperiodYourBudget:
Planningspendingandsavingtoachievefinancialgoals2-27Objective4
ConnectMoneyManaChangesinNetWorthChangesinNetWorthresultfromcashinflowsandoutflows.Outflows>Inflows
DrawfromsavingsorborrowProblem/Result:LowerassetsorhigherliabilitiesInflows>OutflowsPutmoneyintosavingsorpayoffdebtsResult:Highernetworth2-28ChangesinNetWorthChangesinSelectingaSavingTechniqueWriteacheckeachpaydayanddeposit
inasavingsaccountUsepayrolldeductiontodepositacertainamountinsavings(directdeposit)Savecoinsorspendlessoncertainitems2-29SelectingaSavingTechniqueWrCalculatingSavingsAmountsConvertsavingsgoalsintospecificamountsUsesavingsandinvestmentsplanstogrowyourmoneyUsetimevalueofmoneytocalculateprogresstowardfinancialgoals2-30CalculatingSavingsAmountsConUsingSavingstoAchieveFinancialGoals2-31UsingSavingstoAchieveFinanChapter2MoneyManagementSkillsCopyright
©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapter2MoneyManagementSkilMoneyManagementSkills
ChapterObjectivesIdentifythemaincomponentsofwise moneymanagementCreateapersonalbalancesheetand cashflowstatementDevelopandimplementapersonal budgetConnectmoneymanagementactivities withsavingforpersonalfinancial goals2-33MoneyManagementSkills
ChapteObjective1
IdentifytheMainComponentsof
WiseMoneyManagementMoneymanagement=day-to-dayfinancialactivitiesnecessarytomanagecurrentpersonaleconomicresources,whileworkingtowardlong-termfinancialsecurityDailyspendingandsavingdecisions=centraltofinancialplanningMustbecoordinatedwithneeds,goals,andpersonalsituations2-34Objective1
IdentifytheMainComponentsofMoneyManagement2-35ComponentsofMoneyManagementMoneyManagementTroubles&DebtGettingoutofdebt:EvaluateyourcreditsituationTrackyourspendingPlantomakepaymentsontimeConsiderotherincomesourcesIfappropriate,seekassistance2-36MoneyManagementTroubles&DeAnOrganizedPersonalFinancialRecordsSystemProvidesabasisfor:Handlingdailybusinessaffairs,suchasbill payingPlanningandmeasuringfinancial progressCompletingrequiredtaxreportsMakingeffectiveinvestmentdecisionsDeterminingavailableresourcesforcurrentandfuturebuying2-37AnOrganizedPersonalFinanciaRecordsinYourHomeFileItemsyourefertooftenPersonalandemploymentrecordsMoneymanagementrecordsTaxrecordsFinancialservicesrecordsCreditrecordsConsumerpurchaseandautorecordsHousingrecordsInsurancerecordsInvestmentrecordsEstateplanningandretirementrecords2-38RecordsinYourHomeFileItemsWhattoKeepinaSafeDepositBoxRecordsanditemsthatwouldbehardtoreplace:Birth,marriageanddeathcertificatesListofchecking,savingsandfinancialinstitutionaccountnumbersCitizenshipandmilitarypapersAdoptionandcustodypapersSerialnumbersandphotosofvaluablesCDsandcreditandbankingaccountnumbersMortgagepapersandtitlesListofinsurancepolicynumbersStockandbondcertificatesCoinsandother
collectiblesCopyofwill2-39WhattoKeepinaSafeDepositRecordsonYourPersonalComputer*CurrentandpastbudgetsSummaryofcheckswrittenandotherbankingtransactionsPastincometaxreturnspreparedwithtaxpreparationsoftwareAccountsummariesandinvestmentperformanceresultsComputerizedversionsofwills,
estateplans,andotherdocuments*Keepabackup!2-40RecordsonYourPersonalCompuHowLongtoKeepRecordsRecordsRetentionPeriodBirthcertificates,willsandsocialsecurityinformationIndefinitelyPersonalpropertyandinvestmentsAslongasyouownthemDocumentsre:purchaseandsaleofrealestateIndefinitelyCopiesoftaxreturnsandsupportingdata7yearsminimum10yearsbetter2-41HowLongtoKeepRecordsRecordObjective2
CreateaPersonalBalanceSheet
andCashFlowStatementBenefitsRecapyourcurrentfinancialpositioninrelationtothevalueofitemsyouownandamountsyouoweMeasureprogresstowardfinancialgoalsMaintaininformationonfinancialactivitiesProvideinformationforpreparingtaxformsorapplyingforcredit2-42Objective2
CreateaPersonalBalanceSheetAfinancialstatementthatreportswhatanindividualorfamilyownsandowesasofaspecificdate:Alsocalled:Networth
statement
StatementoffinancialpositionItemsofValue(whatyouown)-Amountsowed(whatyouowe)NetWorth(yourwealth)=2-43BalanceSheetAfinancialstateComponentsofaBalanceSheetStep1–ListitemsofvalueLiquidassetsRealestatePersonalpossessionsInvestmentassetsStep2–DetermineamountsowedCurrentliabilities(<1year)LongtermliabilitiesStep3-Computeyournetworth.2-44ComponentsofaBalanceSheetSNetWorthAssets-Liabilities=NetWorthMeasurementofcurrentfinancialpositionNetworth≠cashavailableInsolvency:InabilitytopaydebtswhendueLiabilitiesfarexceedassets2-45NetWorthAssets-LiabilitiesSampleBalanceSheet2-46SampleBalanceSheet2-15WaystoIncreaseNetWorthIncreaseyoursavingsReducespendingIncreasethevalueofinvestmentsandotherpossessionsReduceamountsowed2-47WaystoIncreaseNetWorthIncrEvaluatingFinancialProgress
Ratios2-48EvaluatingFinancialProgress
TheCashFlowStatement
InflowsandOutflowsCashflowstatement=personalincomeandexpenditurestatementSummaryofcashreceiptsandpaymentsforagivenperiodTotalcashreceivedduringthetimeperiod-CashoutlaysduringthetimeperiodCashsurplusordeficit=2-49TheCashFlowStatement
InflowTheCashFlowStatement
InflowsandOutflowsStep1-RecordIncomeNetincomefromemployment(NetPay)SavingsandinvestmentincomeOthersourcesStep2-RecordcashoutflowsFixedandvariableexpensesStep3-DetermineNetCashFlowUsethisstatementasabasisforcreatingaspending,savingandinvestmentplan2-50TheCashFlowStatement
InflowSampleCashFlowStatement2-51SampleCashFlowStatement2-20Objective3
DevelopandImplementaPersonalBudget
Budget=spendingplanHelpsyou:LivewithinyourincomeSpendmoneywiselyReachfinancialgoalsPrepareforfinancialemergenciesDevelopwisefinancialmanagementhabits2-52Objective3
DevelopandImplemThe7StepsinBudgetingProcessSetfinancialgoalsEstimateincomefromallsourcesBudgetanEmergencyFundandSavingsBudgetFixedExpensesBudgetVariableExpensesRecordSpendingAmountsReviewSpendingandSavingPatternsReviewfinancialprogressRevisegoalsandbudgetallocations2-53The7StepsinBudgetingProce2-542-23TypicalBudgetAllocations2-55TypicalBudgetAllocations2-24CharacteristicsofaSuccessfulBudgetWellplannedRealisticFlexibleClearlycommun
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