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Financial Planning

Financial Planning. Identify Goals Step One. What are your goals?. How much money will you need to achieve your goals. Do you want to live on your own?. Get a car?. Go to college?. Record Income Step Two.

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Financial Planning

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  1. Financial Planning

  2. Identify GoalsStep One What are your goals? How much money will you need to achieve your goals Do you want to live on your own? Get a car? Go to college?

  3. Record IncomeStep Two Depending on the lifestyle you chose, how much money do you need to earn? Use the link below to take a quiz to help you determine the amount of income you will need. When you find your weekly salary, multiply this number by four to obtain a monthly salary. Set aside savings of 5 percent of your gross pay. http://www.jumpstart.org/madmoney/pgv_money_rc_form.html

  4. Determine ExpensesStep Three Record your known and expected expenses. Include all of your monthly bills, as well as miscellaneous expenses, such as gifts, gas, and household items. To assist with amounts you might spend on food, visit www.netgrocer.com. To assist with amounts you might spend on clothes, visit www.eddiebauer.com. To assist with amounts you might spend on entertainment, visit www.walmart.com.

  5. Savings PlanStep Four Now that you have an idea of how much money you will have available from earning (income) and how much money you will spend (expenses), you can determine how much money you can save in addition to the 5 percent. How much additional money is available to save for your long-term goal? (Total income minus total expense equals the additional money available for goal) Your expenses may be greater than your income. In this case, you must reduce some of your expenses.

  6. Budget PlanStep Five For a budget to be effective, you need to use it every day. Keep up with your budget by tracking all of your expenses. Make sure that you are not exceeding the budgeted amount for each category.

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