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a small secure, or safe, storage compartment that you can rent in a bank usually for $100 or less. They are kept in a special vault in the bank.

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The difference between the budget amount and the actual amount spent

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meaning your cash flow is negative and you spent more than you received

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also known as a net worth statment, it is a financial statement that shows what you own and what you owe.

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if your net flow is positive you have a surplus of extra money that you can spend or save

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Explain why it is sometimes difficult for people to increase their savings. How will increasing the amount you put in savings affect your budget?

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Explain why it is sometimes difficult for people to increase their savings. How will increasing the amount you put in savings affect your budget?

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Section 3- Question 4: People spend money on things that they don't need which makes them lose money. Increasing the amount you put in savings will help you have a smaller budget since you are saving money.

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A plan for spending and investing your money to meet your wants and needs

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Cash inflow, or the money you receive is called your income

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The money you have left after paying for your essentials.

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Any item of value that you own (cash, real estate, personal possessions, investments).

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The day-to-day financial activities necessary to get the most from you money.

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are cash and items that can be quickly converted to cash

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The price at which the property would sell for

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The inability to pay debts when they are due

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gives information about your current financial position and presents a summary of income and spending.

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Why is it important to keep and maintain financial records and documents?

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Why is it important to keep and maintain financial records and documents?

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It's important to keep and maintain financial records and documents because it will ensure that you can get a good idea of how you are doing financially. This will also help to make sure your bill payments are on time, required tax reports are completed, and you are prepared for any large financial decisions.

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is property that has a money value or an exchange value

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also known as net pay; amount of income left after taxes and deductions are subtracted from your gross pay

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debts that you owe, can be split into current (less than a year) and long term (over a year)

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The difference between the amount you own and the debts you owe.

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The movement of cash in and out of your wallet and/or your bank account is called as cash flow

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Land and any structures that are on it (ex. house)

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Section 3 Question 3: What are the advantages of increasing your savings?

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Section 3 Question 3: What are the advantages of increasing your savings?

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Increasing your savings allows you to pay for unexpected expenses, like a medical emergency, or unexpected repairs. Savings also let you buy luxury items, like a new TV or phone. Increasing savings will also help you pay off long term liabilities like Student loans or mortgages. Overall increasing your savings will help you achieve your financial goals, and provide a safety net for any unexpected expenses.

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Section 1 Question 1: How are opportunity costs, or trade-offs and money management related 

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Section 1 Question 1: How are opportunity costs, or trade-offs and money management related 

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An example of opportunity costs would be buying a laptop instead of a clothing. Therefore money management and opportunity costs are related as opportunity cost is money management although the term money management is much more broad whereas opportunity costs usually refers to a specific transaction.

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Section 2 Question 2: What is a Cash Flow Statement?

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Section 2 Question 2: What is a Cash Flow Statement?

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A cash flow statement is a summary of all of your cash inflow and cash outflow over a specific period of time. The cash flow statement will give specific, significant information and feedback on where your money came from, as well as where you spent your money.

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Describe what items are included in a personal budget

Some things that are included in a personal budget are your income, savings, expenses, etc.

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What are the steps for developing a personal budget?

Set your financial goals

Estimate your income

Budget for unexpected expenses

Budget for fixed expenses

Budget for variable expenses

Record what you spend

Review spending and saving patterns

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Section 1 Question 3: What is an effective system for maintaining personal financial documents? 

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Section 1 Question 3: What is an effective system for maintaining personal financial documents? 

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There are many different options when it comes to storing your financial records/documents. You can keep them in a safe deposit box or a file cabinet that has a lock on it. When putting it in a file cabinet, a way to keep it organized is to do alphabetical order. Another option is to keep it in a home computer as long as it has a protected password.

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How are Personal Balance sheets and Cash Flow statements similar? How are they different? What role does each play in the development of a Personal Finance plan?

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How are Personal Balance sheets and Cash Flow statements similar? How are they different? What role does each play in the development of a Personal Finance plan?

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Personal Balance sheets and Cash Flow statements are similar because they both give important information about your financials. However they are different because a Personal Balance sheet displays info about what you have while a Cash Flow statement displays information about what you earn and spend in a given time period. They both play a big role in creating a good Personal Financial plan because they give info about your spending habits  to stay in a good financial situation.

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A a personal balance sheet is a financial statement that shows what you own and what you owe.

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How is a Cash Flow Statement created? How is a Personal Balance sheet created? What are the components of each?

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How is a Cash Flow Statement created? How is a Personal Balance sheet created? What are the components of each?

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A Personal Balance sheet is created by determining assets and liabilities than using them to calculate Net Worth. A Cash Flow Statement is created by recording your sources of income and sources of expenses with their value then using them to calculate your net cash flow.  A Cash flow statement's income portion is composed of expenses including things you purchase or pay for on a monthly basis such as rent, cable, or the bus fare to work and net pay as well as any interest that may be earned in the time period.

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

Managing financial records and managing opportunity costs are similar because they are both processes that need to be carefully carried out and well thought out. However, they are different because managing financial records is establishing a safe place for your documents but managing opportunity costs is weighing the pros and cons of one financial choice over another.

- Kaitlyn and Jaimee