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Rita Anderson

Instructor Mark Holland

Personal Finance

26 July, 2017

Personal Finance

My financial plan Keep tracking all my sensed for each month allow me to see where my

money is? According to my career, I will prepare an estimate of income and expenditure for a set

period of year, also include cost and expenses, assets, liabilities and cash flow. I will graduate

from the college on 2018, I plan to get a job and my income will be in this way.

Since budgeting allows me to create a spending plan for my money, it ensures that I will always

have enough money for the things I need and the things that are important for me. Following a

budget or spending plan will also keep me out of debt and help me work my way out of debt.
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Avoid Impulsive Spending.-

Most of us probably spend at least a couple thousand dollars a year on things we dont plan to

buy. There are two easy ways to reduce these impulse buys and save thousands:

Stick with my grocery list, so create a grocery list and stick to it if I really want to save some

money.

Do not shop with plastic

People who shop with credit cards pau 12% to 24% more than those who shop with cash. The

study further revealed that people tend to spend almost twice as much on vending machines

when they use a credit card rather than cash.

Stockpile Groceries and then Skip a Grocery Shop. -

I saved almost 25% on the groceries because I buy each year I stock up when They are on sale

and then skip one grocery shop every month. When you skip a grocery shop, you live off of

stockpiled. If you cant do this monthly, then try for once every couple of months. It will still
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save you a lot of money. You can stockpile all kinds of non-perishable food, and you can freeze

bread and meat when you find them on sale.

Price Matching.-

Many people shop at Walmart know can price match in Walmart. This means that you shop at

your favorite grocery store, but you check the grocery store flyers in advance and then take the

flyers with you to prove to the cashier that a competitor is advertising a lower price. This would

save a family of four over $ 1,100 per year.

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Take a lunch to College and save $ 1,800 yearly students dont realize how much we

spend on simple things like lunch buying a lunch everyday rather than bringing one prepared at

home. Many people save a lot of money by always making more dinner than they need and then

taking some of the leftovers to work the next day for lunch. You can decide how much of this

you want to put back in your pocket, or you can look for another place to save.

Buy a quality used vehicle rather than a new one.-

Buying a used car is less risky than it used to be. Since new cars lose so much value once you

drive them off the lot, it now makes more sense them off the lot, it now makes more sense than
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ever to seriously consider buying a quality used car rather than a new one. Once you buy your

new vehicle, you can then save more money by keeping it for 15 years without any major repair.

If you keep a reliable vehicle with good fuel economy this long will also give you plenty of time

to save for a new vehicle and hopefully avoid paying interest on a car loan.

The great advantages of going used cars is that the original owner will have absorbed the costly

depreciation that occurs in the first few years of ownership. Their pain is your gain. You can

either budget much less for your vehicle purchase or take a new car sized. Since the value of the

vehicle will be lower, youll also save on your tax and insurance premiums.

Pay off your credit cards. -

If you are carrying a credit card balance of 5,000 at 24% interest, you are paying almost more

than a $1,000 a year to your credit card company in interest. An easy way to save a thousand

dollars a year would be to paid this debt off.

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Improve your Credit Score. -

If you need to boost your credit score, It wont happen overnight. A credit score are more like

your driving record: They take into account years of past behavior you can find on your credit

report, not just your present actions.

Watch those credit card balances One major factor in your credit score is how much revolving

credit you have versus how much you're actually using. The smaller that percentage is, the better

it is for your credit rating. The optimum: 30% percent or lower.

Eliminate credit card balances.-

"A good way to improve your credit score is to eliminate nuisance balances," says John

Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax.

Pay your bills on time. -

If you're planning a major purchase (like a home or a car), you might be scrambling to assemble

one big chunk of cash.

While you're juggling bills, you don't want to start paying bills late. Even if you're sitting on a

pile of savings, a drop in your score could scuttle that dream deal.Your credit score will reflect

these smart spending behaviors.

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Planning to Buy a new home, how much house can I afford?

According my career, I choose and my husband income together we will be going to get Gross

Yearly income $91,700

Get set: Finding a Mortgage Company and Choose a Real Estate Agent.

New Home price $ 350,000 Area Sandy, Mortgage Conventional Down Payment 70,000

Monthly payment $ 1,750.00

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Saving for Your Goals and the Future.-

When you created your budget, you planned to set aside a certain amount to save toward your

goals each month. Think of your money as a pipeline: as money comes in, its routed to savings

or expenses as outlined in your budget.

To save the most toward your goals, look beyond one-size-fits-all approaches. Consider your

spending habits when reviewing these savings methods to find one or more that work best for

you.

IRAs

If youre thinking about saving for retirement, an Individual Retirement Account (IRA, also

known as an Individual Retirement Arrangement) is a savings option that offers tax advantages,

too. You can choose from two main types of IRAs, traditional and Roth, each with its own

unique blend of tax benefits:

A traditional IRA offers tax-deductible contributions (if you meet certain requirements), and

earnings are tax-deferred. That means any earnings in the account remain untaxed until you start

withdrawing the money at retirement (generally, no earlier than age 59). At that time,

distributions are taxed as ordinary income tax rates. Earnings in a Roth IRA are also tax-
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deferred. While the contributions are after tax, if you hold the account for at least five years and

are at least age 59 when you start distributions, your withdrawals will be free of federal taxes.

You can contribute up to $5,500 or your total earned income, whichever is less, for 2015.Those

who are 50 years old and older may make an additional $1,000 catch-up contribution, or up to a

total of $6,500 for 2017.

Monthly Spending Planner

Net Monthly Income 5,000

From all sources 2,641.66

Monthly Expenses Description Actual Monthly Budgeted Monthly

Payment Payment

Loans Mortgage 1,750.00 1,750.00

Automobile # 1 250.00 250.00

Automobile # 2 280.00 250.00

Furniture RC 0 0

WILLEY

Credit Cards Visa 500.00 500.00

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American Express 2,700 500.00

Costco 175.00 100.00

Sinclair/Gasoline 200.00 200.00

Utilities Electricity 115.00 115.00

Heating 45.00 45.00

Cell phones 120.00 120.00

Cable/TV/Internet 60.00 60.00

Insurance Auto 200.00 200.00

Health 240.00 240.00

Life 60.00 60.00

Dental 120.00 120.00

HOA 123.00 123.00

Disability 0 0

Donations Church 500.00 500.00

Charity 25.00 25.00

Organizations 25.00 25.00

Medical Dentist 0 0
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Prescriptions 12.50 12.50

Hospital 0 0

Transportation Gasoline 0 0

Maintenance 20.00 20.00

Parking 10.00 10.00

Public Transportation 0 0

Food Groceries

College/work lunches 60.00 60.00

Clothing New clothing 20.00 20.00

Dry 10.00 10.00

Cleaning/Laundry

Uniforms/Requires 0 0

Household Repairs 50.00 50.00

Supplies 0 0

Miscellaneous Hobbies 20.00 20.00

Vacations 100.00 100.00

Gifts 25.00 25.00

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Pet Supplies 10.00 10.00

Savings Saving Bonds 100.00 100.00

Financial Institution 100.00 100.00

5,890.00 5,890.00

TOTAL
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Works Cited

http://www.mymoneycoach.ca/budgeting/loans-debt-credit/get-pay-off-debt

https://www.google.com/search?q=Avoid+Impulsive+Spending&rlz=1C5CHFA_enUS702US70
6&oq=Avoid+Impu

https://www.google.com/search?q=Stockpile+Groceries+and+then+Skip+a+Grocery+Shop&rlz
=1C5CHFA_enUS702US70

https://cars.usnews.com/cars-trucks/new-cars-vs-used-cars

http://www.bankrate.com/finance/debt/7-simple-ways-improve-credit-score-
1.aspx?ic_id=most_shared_default

https://makingcents.navyfederal.org/knowledge-center/financial-literacy/budget-basics/savings-
strategies.html