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The Components Of A Comprehensive Budget And What Is The Purpose Of Each Component?

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WRITTEN ASSIGNMENT #4 What’s the Financial tools described in this chapter that can help you make better financial decisions? The Financial tools that can help me make better financial decisions are budgeting and comprehensive budgeting. Budgeting is taking into account all of your expenses. I do this on a monthly basis. My income is average and my expenses are not that great so I live within my means. Rent, food, car insurance and school loan is pretty much what I pay a month but through budgeting and learning more about comprehensive budgeting I can get a complete look at my finances. With learning how to do comprehensive budgeting I’ll learn how to calculate interest on loans, gas, taxes, interest on credit cards, which is something I don’t do right now so learning this will be a great advantage and help to me. What are the components of a comprehensive budget and what is the purpose of each component? …show more content…

Wages, interest, loans, dividends, expenses, etc. Textbook Chapter 5 (page 91). It’s every financial calculation that you incur in your life on a monthly, weekly or yearly basis. Some money is calculated every month which we call reoccurring income and expenses, while some expenses are nonrecurring expenses. Some expenses only occur twice a year so you have to take those into account as well. In chapter 5, Mark has a chart of his comprehensive budget and it’s extensive. I learned a lot from this budget. How to tally interest on credit cards, and gas, property tax. I have to incorporate this into my budget. Something that I haven’t done as of yet but I will start. Comprehensive budgeting is very detailed and exact and keeps a true record of your real expenses as they occur throughout the week, month and

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