Create an account
What are the traits to successful budgeting?
What are the steps in the budgeting process?
-Set financial goals
-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?
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
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
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