This website uses cookies to ensure you have the best experience. Learn more

Planning Your Personal Finances Essay

679 words - 3 pages

1. List some suggested methods to make saving easy and the methods available to calculate amounts needed to reach savings goals.
Saving techniques can be made easy; “if you write a check each payday and deposit it into a savings account not readily available for regular spending” (Hughes, 2009, p.94). In other words you should put money into an account that you do not have access to use. For instance, Jamie has a checking and savings account at a local bank. Jamie also has a savings account at a credit union. Jamie use the credit union account to save money because she can’t access it right away. She usually deposit twenty dollars each week she gets paid.
One can also use payroll deduction as a savings technique. Payroll deductions is money taken directly from you work check “with this system an amount is deducted from your salary and deposited in saving” (Hughes, 2009, p.95). Billy wanted to start saving for a car. Billy told his job that he wanted to get money deducted from his check so that it would be deposited into his savings account. After, Billy filled out the papers he noticed that the thirty dollars was deposited into his savings account.
Another easy savings technique would be saving coins. You can save coins from all the purchases you make. This technique may not work if you rarely use cash. “Each day, put your change in a container” (Hughes, 2009, p.95). You can also save money by eating our less. For instance, Lynn is uses to going out to eat lunch with her co-workers five days a week. Now, Lynn wants to start saving money for a vacation. Lynn decided that she will eat out once a week. Lynn would spend ten dollars each time she went out. After, calculating she determined that she spends fifty dollars per week which is two-hundred per month. Now, that she goes to eat once a week she is saving one-hundred and sixty dollars. She plans to put that into her savings account.
2. Compare how tax avoidance differs from tax evasion and...

Find Another Essay On Planning Your Personal Finances

Example of Using a Lobby Group to Help the Community

815 words - 4 pages to address the needs of people with disabilities and how the inequality and stigma they face creates social barriers. They chose to focus on the challenges that Rick and the initial six members were experiencing which are lack funding by the government in the way of inadequate assistance for housing, personal finances and jobs. In this meeting they decided to recruit members through the local paper, the recreation center and door to door

The Importance of Financial Planning Essay

659 words - 3 pages Throughout life we a faced with financial decisions. Much of the time we are unable to manage our funds the way that we would have liked. Successful financial planning allows you to have a clear prospective on your future financial needs. In order to gain the financial freedom of your desire you will need to start by reviewing your current situation. Like many others my finances are not what I?d like them to be. With everyday that passes I ask

commodity market

717 words - 3 pages Retirement Planning Retirement is a life event that most of us will experience. It is the aim of everyone to have a comfortable lifestyle that would take care of personal needs and health care, after retirement. From a financial perspective, this would mean careful planning and years of work to achieve that objective. Building a retirement plan can be daunting. However, it can be less of a headache if you do a careful study of your finances

The Profession of Financial Planners

1814 words - 8 pages life changes, personal finances, investments, and business finances (“Financial planning association,” 2012). Because there are so many types of financial planners, the best definition would be anyone who provides financial advice, investment management, or brokerage deals in exchange for money (“How to become,” 2013) A financial planner is there to help clients set realistic financial goals, assess the client’s financial health, develop a plan

The Millionaire Next Door- Stanley, T., & Danko, W. A book report

935 words - 4 pages wealthy of America spend almost twice the amount of time planning their finances per month than those who are not wealthy. It was shown through many case studies that it did not matter how large your annual income is. Rather, it was more important how you dealt with and planned your money usage. The more budgeting, investing, and planning done with your capital, the larger your reward will be.The next big idea expressed in the book is "Economic

Skills of First Year Financial Management Students in De La Salle Lipa

1281 words - 5 pages College students take a lot of time to successfully manage their personal finance. The ability to manage personal finances has become very important in our world today. Hira (2009) states that financial education is much demand in a wide range of entities including banking companies, government agencies and community interest groups, universities, schools and other organization. It measures the capacity of the individual on how to cope a problem

Managing Personal Finances

844 words - 3 pages Managing Personal Finances Managing personal finances is an important skill to acquire. However, no where in school is this subject taught. As a result of a lack of preparation, our society is subject to a high percentage of people who lack financial success. Those who are successful at managing their personal finances will find that they are successful in many other areas as well. To learn how to manage personal finances there are

your life your money

2665 words - 11 pages When searching for a book that discussed personal financial planning, I couldn’t find a more appropriate one. Right off the bat, the title caught my attention. “Your Money Your life” seemed pretty personal so I flipped the book over and the back read, “This new edition…explains their 9 step program and shows you how to: get out of debt and develop savings, make values-based decisions about your spending, resolve inner conflicts between values

Business Ethics and Entrepreneurship

676 words - 3 pages defines your business, identifies your goals, and serves as your company's resume. (http://www.sba.gov/starting_business/planning/basic.html) A business plan is crucial to any new business and will help with management of operation and finances, promotion and marketing of the business and achievement of goals and objectives. (http://www.sba.gov/starting_business/planning/basic.html) Without a well written business plan it will be difficult to get

Importance of Strategic Planning and Management in the Business Environment

904 words - 4 pages organization will pursue" (Bateman & Snell, 2007, p. 16). The planning function has multiple levels: strategic, tactical, operational, and contingency planning. According to a PowerPoint presentation in the MGT 330 class (personal communication, June 2008), the planning process involves:Define business and develop mission statementEstablish goalsDetermine alternative courses of actionEvaluate alternativesSelect best alternativeDevelop plan to

Setting Realistic Resolutions/Goals for the New Year

747 words - 3 pages that they are within your reach. Always be mindful of several factors that can affect you from achieving your goals such as schedules, personal affairs, and finances. It’s better to set realistic goals, such as walking instead of driving once a week, or decreasing the number of cigarette you smoke in a day. You can always increase your targets once you’re starting to get used to it. Don’t wait until New Year’s eve Planning is an essential part of

Similar Essays

Managing Your Personal Finances Essay

1193 words - 5 pages . Something surprising was finding out that “the imprisonment rate for check fraud is only 2” (StopCheckFruad.com). 2. List the federal laws that protect you if you have a complaint regarding consumer credit; outline your rights under the consumer credit laws. There are several different laws that helps protect you if you have a complaint concerning consumer’s credit. These laws are the Truth in lending and consumer leasing, the equal

Should I Hire An Accountant? Essay

1329 words - 5 pages accountant to assist in one’s personal finances. Though people are able to file their taxes on their taxes on their own, they aren’t necessarily going to get the outmost refund or pay less than they could. Even more, tax laws change on a consistent basis and most people aren’t as in touch with tax laws than accountants. Having a CPA file your taxes ensures that you are not breaking any tax law and you are receiving the optimal refund. Next, an

The Importance Of Budgeting To Avoid Defaulting On Student Loans

2249 words - 9 pages bills are coming up, compared to what money is coming in. It helps students to compare and match expenses with income to balance out their finances on a weekly, and/or monthly basis. So give budgeting a try, and see your life become less complicated. Works Cited Brownstone, David M. “Planning your future.” Personal Financial Survival Wiley Interscience Publication. 1981: 5 Deravics, Charles. “Student Loan Default Rates Fall

Money And Marriage: 6 Tips For A Happy Relationship

664 words - 3 pages about money. Ideally, you and your partner should be able to have the money talk prior to marriage. Be open and honest about your financial situation, obligations, how much you make and how you intend and expect to handle finances as a couple. You can gather important paperwork and financial information, such as bank or credit card statements, bills, loans and insurance premiums, to have a good understanding on where you stand financially. It might