ipl-logo

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

569 Words3 Pages

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

Show More
Related

Hrm/531 Week 1 Classification

447 Words | 2 Pages

Since tracking our spending I’ve given myself a budget of forty dollars a month for groceries. I managed to reduce my cost and spent about twenty dollars a month on groceries. The way I keep track of my spending was through Microsoft Excel by splitting each category into five sections. In my grocery/store category I have one section to describe each item that I purchase and another section to write down the day that I purchase them.

Read More

Home Depot Financial Analysis

365 Words | 2 Pages

P., Tsay, B., & Olds, P. R. (2011). Fundamental managerial accounting concepts (6th ed.). New York, NY: McGraw-Hill Irwin. WILLSON, T. (2014). Finding Budget Flexibility - or Not: The Impact of Fixed and Variable Cost.

Read More

Summary Of The Documentary 'Maxed Out'

612 Words | 3 Pages

so when i am budgeting my money for the month I try to live the most inexpensive way

Read More

Pros And Cons Of Military Spending

1012 Words | 5 Pages

Here are them: 1. It is used for important military matters. The US military budget is the portion of the country’s discretionary federal budget that is allocated to the Department of Defense or, more generally, the portion of the budget that is allocated to any expenditure related to the military. It is used to pay the training, health care and salaries of civilian and uniformed personnel; to maintain arms, equipment and facilities; to fund operations; and to

Read More

Money In David Chilton's The Wealthy Barber

623 Words | 3 Pages

Aside from saving your gross income, Chilton also recommends that people pay themselves first, and then spend on a budget. Or in other words, save first. Spend the rest. Good. (Chilton, 2011) stated that “Many average-income Canadians carry $15,000 to $25,000 credit-card limits” (p. 19) and this is an invitation to disaster.

Read More

College Athletes Should Get Paid Essay

774 Words | 4 Pages

Write down everything you spend money on for a full week. Most people who engage in this activity are shocked to find out how much money they spend on items they don’t need. By practicing basic money management techniques, college students can feel confident about their ability to manage their

Read More

Harley Davidson Case Study Solution

813 Words | 4 Pages

Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome.

Read More

Graduation Speech: The Red Pill

503 Words | 3 Pages

This may sound overwhelming to deal with but it is plain and simple. I work at a retirement home/hospice and make eleven dollars an hour. If I'm working twenty four hours a week (part time) I will come home with a monthly check of about one thousand and fifty six before taxes. With this amount I am able to pay my two credit cards, student loans, room and board (rent), and still have money left over for food and gas.

Read More

Analysis Of 'From Riches To Rags From The Sunday Republican'

863 Words | 4 Pages

When people don't know how to manage their money they don't make smart informed decisions. They don’t have a decision-making process that takes them through being all the steps to being a good consumer, they don’t know to make sure that there is enough money in their budget to buy a product. In fact, they don’t have a budget or even understand the necessity for one. We need a budget because it ensures that we have enough money for the things we need and the things that are important to you, and any good budget has savings for “just in case”. Having a budget will help you develop better financial habits, relieve emotional stress and assist you in achieving your financial goals.

Read More

Genesis 12: 1-14: An Analysis

1412 Words | 6 Pages

If you 've never saved in your life, you have to include savings in your budget. Proverbs 13:11 tells us that gathering money little by little makes it grow. You will grow and become financially flexible when you obey and apply God 's word to your assets. You must have something in the barn for Him to bless and you must put your hand to it (Deuteronomy 28:1-14). No matter what the economy is doing, you will be able to go on vacation, put your children in private school, go out to dinner and keep

Read More

Personal Narrative: My Immigration To My Personal Character

536 Words | 3 Pages

To deal with this problem, I decide to help my dad to create the budget plan. Every month, I decided an amount to save and spend. This shaped me to be a manageable and a mature person, because I started managing my family. I knew how to spend and save the money at the same time with a small

Read More

Becoming Homeless

234 Words | 1 Pages

If there is any leftover money after budgeting, then save that for emergencies. There will come a time where crap will hit the fan so fast that there will be no reaction time, just you scrambling to

Read More

Why College Is Important To Me Essay

563 Words | 3 Pages

I plan to master the skill of budgeting. Tuition, books, housing, utilities, and food is a very costly aspect of college life. Being able to master a budget throughout my college years is a skill that I will be able to use throughout life. Independence is also a skill that I plan to gain. While living on campus, I will be away from my home and family, which will force me to find out things on my own.

Read More

Informative Speech On Finance

727 Words | 3 Pages

One fundamental and easy way of doing just that is by writing down as much you spend and what spend it on. 2. At the end of the month you have your own financial report and can calculate your spending. B. How to save better 1.

Read More

The Importance Of Accounting In Personal Finance

748 Words | 3 Pages

Introduction Keeping record of activities and expenditures is crucial in personal finance planning and could really help in managing personal finances. This paper identify what is accounting and how does it help to manage personal finance, describes products of accounting and bookkeeping procedures that are useful in personal financial planning and how personal financial software could assist in personal financial decisions. What is accounting and how does it help you manage your personal finances?

Read More

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

Related Topics

Open Document