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BIOL 1500 (53)
Chapter 2

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BIOL 1500
Marie Therese Rush

Chapter 2Money ManagementMoney management daytoday financial activities necessary to manage current personal economic resources while working toward longterm financial security Components of Money Management1 storing and maintaining personal financial records and documents2 creating personal financial statements balance sheets and cash flow statements of income and outflows3 creating and implementing plan for spending and saving budgetingOpportunity Costs And Money Management Activitiessaving and investing for the future reduces the amount that can be spent nowbuying on credit results in payments later and reduces the amount of future income available for spendingusing savings for purchases results in lost interest earnings and inability to use savings for other purposesengaging in comparison shopping can save money and improve quality of purchases uses up valued time System For Personal Financial Recordsorganized system of financial records provides basis forhandling daily business affairs including paying bills on timeplanning and measuring financial progresscompleting required tax reportsmaking effective investment decisionsdetermining available resources for current and future buyingmost financial records are kept in one of three places1 Home Fileused to keep records for current needs and documents with limited valuemay be a series of folders cabinet with several drawers or even a cardboard box important it is organized to allow quick access to required documents and informationPersonal and Employment RecordsMoney Management Recordscurrent resumecurrent budgetemployee benefit informationrecent personal financial statements balance sheet income statementcopy of birth certificatelist of financial goalssocial insurance numberlist of safety deposit box contentsTax RecordsFinancial Services Recordspaycheque stubs T4 Slipschequebook unused chequesreceipts for tax deductible itemsbank statements cancelled chequesrecords of taxable incomelocation information and number of safety deposit boxpast income tax returns and documentationCredit RecordsConsumer Purchase and Automobile Recordspayment recordswarrantiesreceipts monthly statementsreceipts of major purchaseslist of credit account numbers and owners manuals for major appliancestelephone numbers of issuersautomobile service and repair records
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