Managing Person & Family Finances

Question 0

What are the three main components to successful money management?

Answer 0

Financial records, personal financial statements & budgeting.

Question 1

Money management-

Answer 1

The daily activity of handling economic resources & planning for future economic goals

Question 2

Financial records -

Answer 2

Provides the basis of money management allowing us to know everything about our current financial status

Question 3

Personal financial statements-

Answer 3

Cash flow statements of income & expenses.

Question 4

Benefits of organizing personal financial records?

Answer 4

You’ll be able to know what to owe, who you owe it to, & when you need to pay it.

Filing taxes will be more efficient.

They can help you identify where your finances are & how your situation has changed over time.

Allows you to have warranties ready in case something goes wrong with a purchase & we need to fix it