![]() ![]() Determining available resources for current and future buying. Planning and measuring financial progress. Organized system of financial records provides a basis for: Handling daily business affairs, including payment of bills on time. Creating and implementing a plan for spending, and saving (budgeting).Ħ A System for Personal Financial Records Creating personal financial statements (balance sheets and cash flow statements of income and outflow). Storing and maintaining personal financial records and documents. Money management means the day-to-day financial activities necessary to manage personal economic resources, while working toward long-term financial security. Decisions must be coordinated with your needs, goals, and personal situations. Chapter Objectives Identify the main components of wise money management Create a personal balance sheet and cash flow statement Develop and implement a personal budget Connect money management activities with saving for personal financial goalsĤ Objective 1: Identify the main components of wise money managementĭaily spending and saving decisions are at the center of financial planning. ![]()
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