FINA 385 Lecture Notes - Lecture 2: Money Management, Financial Services, Canada Revenue Agency
26 May 2016
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Document Summary
Recognize relationships among financial documents and money management activities. Money management refers to the day-to-day activities that manage financial resources and work toward long- term financial security. Spending money reduces the amount you can save and invest. Saving and investing reduces the amount you can spend now. Using savings for purchases results in lost interest - savings can"t be used for other purposes. Comparison shopping can save you money but uses up valuable time. Create a system for maintaining personal financial records. To handle daily business affairs, including timely payment of bills. To determine available resources for current and future buying. Store any records and items that would be hard to replace in a safety deposit box. Birth, marriage and death certificates, as well as copy of will. Develop a personal balance sheet and cash flow statement. Summarize the value of the items you own and the amounts that you owe.
