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.
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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.
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3. Taxes

A sum of money demanded by a government to support the government itself as well as special facilities or services.
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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.
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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.
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8. Net Gain

How much money you gain or loose and is calculated by ,income-expenses=net gain or loss.
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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.
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