Personal Finance Plan Worksheet Essay

The surgical procedure of creating a detailed excogitate to meet your fiscal expects and prep be for the future is called b. ain pecuniary planning. 2. Which of the next is not one of the five major steps of the fiscal planning act upon? c. collect and organize your financial information 3. Which phase in deportment is commonly associated with focus on marriage, family, purchasing a category, and flight developing? c. ate 20s through your 40s 4.Which of the following is a benefit of having a college degree that lav affect your financial planning? d. all the above 5. Which of the following elements of a comprehensive financial plan involves analyzing future call for, such as saving for retirement or college funding for dependents? d. protecting wealth and dependents Directions Respond to the following short-answer questions in 50-to 100-words 6. the great unwashed deal different styles when it comes to handling their bills. List the 2 things that affect your personal b eliefs and opinions ab stunned financial planning.How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how? a. 2 things that affect my personal beliefs about financial planning are my family paper and values. I want my family to be comfortable and I overly hold on but not as much and often as I should. Making sure I publish for hard time and my family stableness is a must. Setting up a compute is a master(prenominal) topic in my basehold. b. I can do better and give the axe tapping into my savings. I do wee a savings account that is cogitate to my account.Everytime I spend something a dollar is sent to my savings, so that also help me balance my account as well. I also need to focus on our needs and not what we want. c. Yes I could stop disbursement more money and save more which is hard because we dependable move and we are spoiling the house we are renting. Im barfting money into the house b ut bills mollify switch to be paid. We are starting to do a budget to eliminate the how, who, when, and where. 7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path?Consider your own finances. Do currectly own a vehicle and/or home? If yes, how well do you manage monthly home and auto expenses? How well do you save for unforeseen expenses? a. Securing basic needs b. I own two vehicles and purchasing a home. We pay our owe at the beginning of the month in which we split, we pay the bills as before long as we get the bills and we split those as well, then the car notes are split up, and at the end of the month our car insurance is due. c. We have a savings account that pulls money from our checking whenever we spend money nd then we literally have what I call a porcine bank and we save change as well. There is nothing wrong(p) about saving change because it does add up. 8. The econ omy is unpredictable and can affect your personal financial planning. List one calculate in economic conditions that may affect your financial future. How could you lower the impact of that factor on your finances? a. Inflation b. To reduce the affect of inflation is to save and go on a budget. You can also shop smarter by shopping cheaper, like generic brands.Also using coupons and your rewards card to reduce the cost of groceries and gas. You can shop around for the cheapest prices and most of the time if you buy in bulk its cheaper. 9. Which step in the five-step financial planning process requires you to organize your financial information, create personal financial statements, and evaluate your online financial position? Have you ever completed this step? If so, is it still applicable to your veritable financial situation? If not, do you plan to do this soon? Why or why not? a. musical note1 Analyze your current financial position. b. Yes I have done it before, but now we besides moved and we are now creating a new budget. Since the bills have changed we have to do a new budget and gather our bank statements, bills, and calculater our income to be more financially stable and save more money. We are presently going over a new budget as we speak. 10. Step Five in the five-step financial planning process discusses the importance of regularly reevaluating and revising your plan because personal circumstances often change.List two life changes that may require you to update your financial plan. Have you recently experienced a change that requires you to reevaluate your financial plan? If so, what was it and how have you accommodated it? (Please share only what you are comfortable sharing) a. Marriage and children b. I just recently got married and were just purchasing a home. My hubby just received social security and 100% in forces disability and I work. This attract it a little easier for us to make it.I do have children and one is disabled so its sorry but we make it. We split everything down the middle so no one person would be overwhelmed with paying all the bills on their own. We provide to do a budget and stick to it. We do bargin shop and estimate to limit where we go due to high gas prices. We also put money to the side for different things we want to do whether its go out to eat, go to the movies, or date night. We also put money prat for food and gas. We include everything we do and everything that can happen in our budget and daily life.