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Treat your savings as a monthly fixed expense. This will have you treat savings with more importance because it is not something you deal with before the variable expenses. Consider a payroll saving deduction. This will allow you to not even have the money in your hand because it goes directly into your savings account so you are not attempted to spend it. You can also spend less.

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property that has a money value or an exchangeable value which can be used to purchase goods and services.

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The price at which a property is valued and can be sold at.

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The transitions of money; The movement of cash that goes in and out of a wallet.

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This is the amount of money left over after paying for essentials such as rent, food, utilities. This money can be spent how you want on things such as vacations, a new car, a new pet.

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Difference between budgeted amount and actual amount spent

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Provides information on your current financial situation. Summarizing how much you make vs how much you spend.

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any items of value that you own, such as cash, real estate, investments and personal possessions.

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Land along with any structure on that land, like a house or building.

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A persons inability to pay debts by the time they are due.

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How Increasing the amount you put into savings will affect your budget

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How Increasing the amount you put into savings will affect your budget

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When you put an amount of money into a savings account, that money will collect interest and help you gain more money. By putting more money into the account, you will get a high number back from interest. But, putting money into a savings account means less money for you to spend. Saving more will mean that you will have to cut back on some of the things that you usually spend your budget on, so that you can put it away and gain more later.

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Identify the steps to create a personal budget.

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Identify the steps to create a personal budget.

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1. Set your financial goals
2. Estimate your income
3. Budget for unexpected expenses
4. Budget for fixed expenses
5. Budget for variable expenses
6. Record what you spend
7. Review spending and saving patterns

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Plan for spending and investing money to meet one's needs

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1. Pay off unexpected expenses
2. Save money for retirement
3. More money to buy things in the future

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The amount of income left over after subtracting taxes, benefits, and other deductions from your gross pay.

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 What role does each play in the development of a personal financial plan?

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 What role does each play in the development of a personal financial plan?

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Since they are similar you can use both to identify the amount of money you make and spend and record it onto a document. For example in a cash outflow, you know that you are spending money, and in liabilities, you also know that you are spending money. Knowing what you are spending and losing you area ble to create a personal financial plan because you know now what to save and what you can keep spending to achieve your goal.

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All of the debts that someone owes.

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Deficit occurs when expenses exceed revenues, imports exceed exports, or liabilities exceed assets.

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a small box that a secured and safe that one can rent at a bank. It acts as a safe storage compartment where many put important files.

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difference of cash flow statement and personal balance sheet

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difference of cash flow statement and personal balance sheet

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A personal balance sheet is created by gathering all of your expenses and putting them into separate categories on a spreadsheet, and then totaling everything up to see how much money you spend on certain things and to find the net worth. A cash flow statement is made by taking the cash collected from operations and subtracting the cash from the operations.

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 Describe a system to maintain personal financial documents.

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 Describe a system to maintain personal financial documents.

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Home files or safe deposit boxes are effective ways to file important documents

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Explain the benefits of keeping financial records and documents.

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Explain the benefits of keeping financial records and documents.

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So you can determine your financial situation, pay your bills on time, do your taxes, plan for the future, and make safe and well informed financial choices.

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Amount of an asset or resource that exceeds the portion that is utilized. In the context of inventories, a surplus describes products that remain sitting on store shelves, unpurchased. In budgetary contexts, a surplus occurs when income earned exceeds expenses paid.

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What types of documents would be stored in your examples.

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What types of documents would be stored in your examples.

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Examples of documents to be stored and kept safe are your passport, birth certificate, car title, etc

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Liquid assets are everything you can quickly turn into cash, including cash itself.

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Budgets are carefully planned and they are related to your goals. Budgets are also practical and Flexible to any problems that you might encounter. Budgets are also easily accessible so the person who owns it is able to make sure they are on track with their budget by periodically checking it as needed.

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Discuss the relationship between opportunity costs and money management.

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Discuss the relationship between opportunity costs and money management.

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Opportunity costs are the costs of making decisions, and when used properly with monet management, which is how we handle finances to get the most of our money, we can improve our financial plans and goals. Doing so would require trade offs, giving up something for something else,which is necessary for efficient money management

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How are the roles of maintaining financial records and managing opportunity costs in a sound financial plan similar and different?

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How are the roles of maintaining financial records and managing opportunity costs in a sound financial plan similar and different?

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Managing opportunity costs and financial records are similar because records keep track of what you save and spend, which is related to opportunity costs. They are also different because the records have the specific costs of things but opportunity costs involve thinking about what you are willing to give up in your daily spending decisions. - Jackie and Kate

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Day to day financial activities to get the most out of your money

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Your net worth is the difference between the amount you own and the debt you owe, it's the measure of your current financial position.

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Income is the amount of money you receive on a regular basis through a paycheck, investments, or allowance.

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documents can be stored in filing cabinets, folders, safety deposit boxes, safes, computer files

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Where your money is coming and going.

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Similarities between Personal balance sheets and cash flow statements

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Similarities between Personal balance sheets and cash flow statements

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Personal balance sheets and cash flow statements are similar in the sense that they both show your current financial situation. They both take positives and negatives of your finances and take the difference between the two.

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Why it's hard for people to increase their savings

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Why it's hard for people to increase their savings

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It may be hard for some people to increase their savings because they do not know how to effectively save or they've faced many unexpected expenses. If they do not know how to save, they will make bad financial decisions that can lead them to debt. It can also be hard for some people because of the opportunity costs of saving. Some people might find it difficult to resist the urge of buying everything that they see, rather than just what they need.

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A record of all your assets and liabilities to find your net worth