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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...

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