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- 2. All of your financial decisions and activities have an effect on your financial health now and
- 3. Do the Math – Net Worth and Personal Budgets Money comes in, money goes out. As
- 4. A personal budget is an important financial tool, because it can help you:
- 5. The income and expense categories you include in your budget will depend on your situation and
- 6. Once you’ve made the appropriate projections, subtract your expenses from your income. If you have money
- 7. Recognize Needs Vs. Wants “Needs” are things you have to have in order to survive: food,
- 9. Скачать презентацию
All of your financial decisions and activities have an effect on
All of your financial decisions and activities have an effect on
“don’t buy a house that costs more than 2.5 years’ worth of income”
“you should always save at least 10% of your income towards retirement”
Do the Math – Net Worth and Personal Budgets
Money comes in,
Do the Math – Net Worth and Personal Budgets
Money comes in,
As a starting point, it is important to
calculate your net worth – the difference
between what you own and what you owe.
To calculate your net worth, start by
making a list of your assets (what you
own) and your liabilities (what you owe).
Tracking your net worth over time allows you to evaluate your progress, highlight your successes and identify areas requiring improvement.
ASSETS
LIABILITIES
NET WORTH
A personal budget is an important financial tool, because it can
A personal budget is an important financial tool, because it can
The income and expense categories you include in your budget will
The income and expense categories you include in your budget will
Common income categories include:
Bonuses
Child support
Interest and dividends
Rents and royalties
Retirement income
Salaries
Social security
Tips
General expense categories include:
Debt payments – car loan, student loan, credit card
Education – tuition, daycare, books
Entertainment and recreation – sports, hobbies, movies, DVDs, concerts
Food – groceries, dining out
Giving – birthdays, holidays, charitable contributions
Housing – mortgage or rent, maintenance
Insurance – health, home, auto, life
Medical/Healthcare – doctors, dentist, prescription medications
Personal – clothing, hair care, gym, professional dues
Savings – retirement, education, specific goals (i.e. holiday)
Special occasions – weddings, anniversaries
Transportation – gas, taxis, subway, parking
Utilities – phone, electric, water, gas, Internet
Once you’ve made the appropriate projections, subtract your expenses from
Once you’ve made the appropriate projections, subtract your expenses from
If you have money left over, you have a surplus and you can decide how to spend, save or invest the money.
If your expenses exceed your income, however, you will have to adjust your budget by increasing your income or by reducing your expenses.
Recognize Needs Vs. Wants
“Needs” are things you have to have in
Recognize Needs Vs. Wants
“Needs” are things you have to have in
“wants” are things you would like to have, but that you don’t need for survival