10 Money Management Concepts
By: Justin Matthews
1. Depository Institutions
They are places that keep your money safe and are places you can store them. There are two different types, commercial banks and credit unions.
2. Checking Accounts and Saving Accounts
These allow storage of money. A saving account is intended for money that is not intended to be used for daily use. A checking account allows quick access to funds for transactions.
A sum of money demanded by a government to support the government itself as well as special facilities or services.
4. Taxes (part 2)
Their are multiple types of taxes pay'd. Including income and excise taxes.
5. Statement of Financial Position
Shows a family's financial conditions on a specified date by showing assets, liabilities, and net worth's.
6. Statement of Financial Position (part 2)
recommended to make once a year to keep up with your finances.
7. Income and Expense Statement
These summarize income and expense transactions that have taken over a specific period of time, usually a month or year.
8. Net Gain
How much money you gain or loose and is calculated by ,income-expenses=net gain or loss.
9. Spending Plan
These allow you to make changes on how you spend your money.
10. Spending Plan
Evaluating and adjusting a spending plan helps you figure out how well your spending plan works and helps you achieve goals you've set for yourself.