Budgeting and Spending Plans

23 terms by gc961084 

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What are the traits to successful budgeting?

-well planned
-realistic
-flexible
-clearly communicated

What are the steps in the budgeting process?

-Set financial goals
-Estimate income
-Budget emergency funds/savings
-Budget fixed expense
-Budget variable expense
-Record spending amounts
-Records saving amounts

What are the reasons behind fights regarding financial issues?

1. debts
2. levels of spending and saving
3. time spent working
4. difference in long-term financial goals
5. money chores

What are some common financial mistakes people do?

1. personal characteristic
2. what peeps don't do
3. what peeps don't know

What are some personal characteristics that cause peeps to make finical mistakes?

1. values are not clarified
2. inability to make decisions
3. procrastination
4. use money for ulterior purposes
5. only 1 family member doing finances
6. conflicting values/goals

What are some things that peeps don't do?

1. set goals
2. follow through
3. keep records
4. maintain adequate liquidity
5. buy disability income insurance
6. maintain adequate diversification
7. get advice from profession

What people don't know?

1. fed income tax laws
2. amount and type of life insurance needed
3. employer benefits
4. up to date financial info

How do you develop money sense in children?

-give children access money
-give children freedom to spend and save
-allow children the freedom to fail
-talk about family fiances with children

what is the first commandment for financial sucess?

have a properly written will

What is the second commandment for financial success?

have a relationship with a banker

What is the third commandment for financial success?

buy a home

What is the fourth commandment for financial success?

have excellent credit rating

What is the fifth commandment for financial success?

have adequate insurance

What is the sixth commandment for financial success?

develop and adhere to a budget

What is the seventh commandment for financial success?

Plan for retirement

What is the eighth commandment for financial success?

develop a savings plan

what is ninth commandment for financial success?

be a comparison shopper

what is the tenth commandment for financial success?

Do not define thyself by thy possesions

True of false? Do not set impossible limits

true

True or false? Ignore your wants

false

True or false? remember unexpected expenses

true

True or false? do not include family members

false

True or false? dont underestimate the importance of detailed record of actual expenditures

true

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