Money Management Guide

By Deja Murphy

Depository institutions

• They provide a safe and secure place to store money.

• They include credit unions and commercial banks.

Taxes

They are a sum of money demanded by government to support the government or other services.

The different types include federal income tax, state income tax, property tax, sales tax, and excise tax.

Ways To Manage YOur Money Include:

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The Statement of Financial Position

It’s a financial statement that describes an individual or family’s condition of a specific date by showing assets, liabilities and net worth.

It helps you find your measure of financial wealth (net worth)

Income and Expense Statement

  • It lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year.

  • Income is money that you receive while expenses are money you spent.


The Spending Plan


  • It’s an income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time.

  • If you have a net gain, you can add more money to savings or another expense and if you have a net loss, you should increase income, decrease expenses, or both.


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