Money Management Guide

Personal Finance

Depository Systems

Depository institutions is a safe and secure place to store your money. It is a way to manage cash, and a opportunity to earn interest. When choosing a depository system choose one that meets your needs and goals. Make sure that you analyze the fees charged, services offered, location, featured offers, insurance and the type of system.

Depository systems have checking and saving accounts. A checking accounts provides a quick access to funds for transitions, and a savings account is a account for money not intended to be used for daily expenses.

A commercial bank is for profit. It is open to anyone who wants to utilize depository institutions. Its offers numerous financial services. Its also one of the largest depository systems. A credit union is non-for profit. This depository systems have membership qualification. Members must share a common bond!

These depository banks also have mobile and online banking. Mobile banking is apps that have developed online banking from mobile devices. Online banking completes certain transactions from a secured internet site.

Debit cards, atms, and fees are also ways you can interact with an depository institution.


Taxes is the sum of money demanded by the government to support the government as well as specific facilities or services.

Taxpayers is the person who pays a tax to national state, county, or city-town governments.

AS a community member you receive many benefit you could not pay individually. Taxed are member of a community provide for one another.

Earned income: money earned from working for pay.

Unearned income: Income received from sources other than government.


Payroll tax: a tax earned income that supports the social security and medicare programs.

  • Set a percentage of earned income
  • Deduced from paycheck

Social security.

Purpose: Income fore retirees people with disabilities, children with no parents and people who have experienced deaths,

Taxed charged: 6.2% earned income.

Medicare: helps pay for health care for senior citizens over age.

Tax charged: 1.45% earned income.

Tax payable: Account comprised of taxes that must be paid to the government within a year.

Tax benefit: deduction on a tax return intended to reduce a taxpayers burden while supporting community activities.

Taxes play a big role in both earning and spending. It is one of the most largest expenses for many people.

Statement of financial position

Net worth: measure of financial wealth.

Wealth: indicates the monetary value of all possessions that a person or households owns, minus the total amount owed to others.

Net worth depends on how a person manages their income.

Income: money received such as wages earned from working for pay.

Statement of financial position: A financial statement that describes an individual or family family's financial condition on a specific date by showing assets, liabilities and net worth.

Assets: everything a person owns with monetary.

Tangible assets: personal property that was purchased to create a lifestyle or improve your life.

Investment assets: financial assets purchased with the hope that will generate income and appreciate in value to make it possible to sell at a higher price in the future.

Monetary assets can be quickly and easily converted into cash.

Liabilities: a dept or obligation owed to others.

(EX: Loans, mortgage, automobiles.)


Income and expense statement

Income and expense statement: expense transactions that have taken place over a specific period of time, that usually takes a month or year.

Saving and investing

  • includes any portion of income that is saved or invested for future use.
  • Retirement investments may be deducted directly from a paycheck.

Insurance: a product that transfers an individual to an insurance company or organization.

Housing category

  • Housing payment
  • Property taxes
  • Household furnishing

  • Loan
  • Fuel
  • Licence and insurance
  • Repairs


  • Groceries
  • Snacks
  • Meals and restaurants
  • Kitchen supplies

Tracking systems are ways of keeping data. For example, using a smart phone, keeping receipts, depository systems, and keeping record in writing all are tracking systems.

Net gain: Use the money for savings or other expenses.

Net loss: increase income and decrease expenses.

Spending plans

Spending plan: income and expense statement which is sometimes referred to as a budget which records both planned and actual income and expenses over a period of time.

  • Help manage money in a positive manner
  • Increase net worth
  • Help set and reach goals

Net loss

  • Increase and decreases expenses.

Net gain

  • Add more money to savings or expenses