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Business Essentials

Essay by   •  June 29, 2011  •  Study Guide  •  599 Words (3 Pages)  •  1,037 Views

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Money Management Basics

* Refers to the day-to-day financial activities associated with using limited income to satisfy your unlimited wants and needs

* Involves getting the most for your money through careful planning, saving, and spending

* Involves making & using a plan for spending

Successful Money Managers

* Set goals

* Make wise decisions

* Buy wisely

* Live w/in their income

Personal balance sheet

* Assets- things people OWN

* Liabilities- things people OWE

* Net Worth- ASSETS- LIABILITIES= NET WORTH

Personal Cash Flow Statement

* Cash inflows

* Cash outflows

* Compare inflows & outflows

Budget activities

* Live w/in your income

* Achieve your financial goals

* Buy wisely

* Avoid credit problems

* Plan for financial emergencies

* Develop good money management skills

The Budget Process

* Set financial goals

* Plan budget categories

* Maintain financial records

* Evaluate your budget

Characteristics of an effective budget

* Must be realistic

* Should be flexible

* Should be evaluated regularly

* Must be well planned and clearly communicated

* Should have a simple format

Advantages of financial planning

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