About This Chapter
How It Works:
- Find the lesson within this chapter that corresponds to what you're studying in the Money Management Skills chapter of your textbook.
- Watch fun videos that cover the personal budgeting and savings concepts you need to learn or review.
- Complete the quiz after watching each video lesson to test your understanding.
- If you need additional help, rewatch the videos until you've mastered the material, or submit a question for one of our instructors.
You'll learn all of the money management topics covered in the textbook chapter, including:
- How to develop a system for and store personal financial records
- Uses of the personal balance sheet
- Steps for calculating a personal cash flow statement
- Four steps to create a personal budget
- How to set up an allowance and stay on track
- Tips for spending money wisely as a U.S. consumer
- Components of a budget and how to categorize income and expenses based as variable or fixed
- Importance and uses of a personal emergency fund
- Definition and types of savings accounts
- How to save money for a financial goal
Focus on Personal Finance is a registered trademark of McGraw-Hill Global Education Holdings, LLC, which is not affiliated with Study.com.
1. Personal Financial Records: System & Storage
You want to have a good system to keep track of all your financial records as it will make paying bills on time and reaching your financial goals that much easier. Learn what you can to in this lesson.
2. Personal Balance Sheet: Uses & Examples
A balance sheet is one of the primary financial statements you can adapt to your personal finances to gauge your financial health. In this lesson, we'll discuss what a balance sheet can tell you and how to prepare your own.
3. Calculating a Personal Cash Flow Statement
Cash is king. You can budget based on expectations, but you also need a way to track the actual amounts of cash you bring in and put out. In this lesson, we'll learn how to build a cash flow statement.
4. How to Create a Personal Budget: Tools & Examples
Creating a personal budget doesn't have to be overwhelming or discouraging. There are four basic steps to create an effective budget. This lesson will walk you through the steps to create a solid budget.
5. Importance of Allowance in Personal Budgeting
An allowance can help a person maintain a balanced budget while still having a bit of fun. Let's look at how to set one up and how to stay on track to meet personal finance goals.
6. Spending Money Wisely as a US Consumer
This lesson explores steps necessary to become a wise consumer within the United States. It highlights the importance of a budget, the necessity of planning purchases, and how to protect yourself and your purchases.
7. Household Budgets & Personal Financial Management
In this lesson, we'll explain and define the components of a budget: income, expenses, and discretionary income. You'll also learn how to categorize income and expenses as fixed or variable.
8. Personal Emergency Fund: Definition, Importance & Uses
During this lesson, we will define the term 'emergency fund,' along with explaining its uses. Then, we'll look at the importance of having an emergency fund, and how to funnel money into an emergency fund.
9. What is a Savings Account? - Definition & Types
People use savings accounts to invest their money for short periods of time. They are the most simple, liquid types of short-term investments. Learn about some basic types of savings accounts and then test your knowledge with a quiz.
10. How to Save Money for a Financial Goal
The lesson will address how individuals can plan to save money for a financial goal by defining the annual compound interest rate formula and provide a numeric example to be followed as a guide.
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Other chapters within the Focus on Personal Finance: Online Textbook Help course
- Ch. 1: Personal Finance Planning
- Ch. 3: Taxes in a Financial Plan
- Ch. 4: Financial Services
- Ch. 5: Consumer Credit
- Ch. 6: Buying Motor Vehicles
- Ch. 7: Financing Housing
- Ch. 8: Insurance
- Ch. 9: Health & Disability Insurance
- Ch. 10: Planning with Life Insurance
- Ch. 11: Investing Basics
- Ch. 12: Investing in Stocks
- Ch. 13: Investing in Mutual Funds
- Ch. 14: Retirement & Estate Planning
- App. A: Education Loans & Scholarships
- App. B: Career Search Strategy
- App. C: Consumer Agencies & Organizations
- App. D: Daily Spending Diary