Understanding Money Management - PowerPoint PPT Presentation

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Understanding Money Management

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Accurate records allow you to defend yourself in a tax audit. Ability to accurately budget ... Time to balance checkbook monthly ... – PowerPoint PPT presentation

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Title: Understanding Money Management


1
Understanding Money Management
2
Why Practice Financial Management?
  • Have needed information to make good decisions
  • Able to set priorities of needs wants
  • Completing Taxes
  • Accurate records allow you to defend yourself in
    a tax audit.
  • Ability to accurately budget

3
Disadvantage of Financial Management
  • TIME
  • Time must be set aside monthly

4
Checking Accounts
  • 1. Alternative to cash
  • 2. Convenient safe method to make payments by
    mail
  • 3. Acceptable form of payment at many businesses
  • 4. Provides listing of disbursements
  • 5. May receive interest on account

5
Checking Accounts
  • 6. Incentives to open checking accounts
  • 7. Types of checking accounts
  • No Fee checking
  • Interest earning accounts
  • Package accounts with many features

6
Disadvantages of Checking Accounts
  • Many businesses will not accept checks anymore
  • Monthly fees
  • Time to balance checkbook monthly
  • Lost/stolen checks can be used to withdraw funds
    from your account
  • Service charges on overdrafts

7
Reconciliation of Checking Accounts
  • Mark deposits checks that have cleared
  • Add to the balance any checks that have not
    cleared
  • Subtract from balance deposits that have not
    cleared
  • Deduct service charges

8
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