Personal Financial Plan Step Three – Personal Monthly Budget
To maintain good financial health, we must always assess our monthly spending to ensure we are not engaging in foolish spending habits. It is also very important to track and assess our actual spending against our budgeted amounts. This can have both positive and negative implications towards financial goals. Based on the goals identified in Step one (1) and the personal financial statement evaluation, you will prepare a monthly budget using the Personal Monthly Budget template. The budget should include saving for an emergency fund, investments, and ranking those debts to pay off, such as personal loans, credit cards, car loans, and student loans. Prepare this monthly budget for the length of the course (and beyond if you so choose) so that you can answer the following questions as a reflection in Step nine (9):
Did you notice any “eye opening” trends in your spending? What were they?
Were you consistently under or over your budgeted amount?
Based on the expenses where you spent more than what was budgeted, what can you do to keep your spending under budget?
Based on the expenses you spent less than what was budgeted, what can you do with the extra income you saved each month?
Overall, how do you see the budgeting tracking exercise in this Project beneficial to your personal finances and your future goals?
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