Description: School is starting once again. And perhaps your most important financial skill in these inflationary times could be learning to budget. A budget is simply a plan where you determine what is coming in (like your part-time earnings, student loans, summer savings, and help from parents) and then deduct all your expenses (housing, food, phone bill, etc.) Of course, don’t forget to add a little bit in there for fun.
Date: August 22, 2022
1) Do you use a budget to manage your finances at school?
2) What percentage of your classmates are using a budget this year? Do a little in-class survey to get a better feel for this topic.
3) Illustration 7.12 in Wiley’s Financial Accounting: Tools for Business Decision-Making provides six principles for managing cash. How many can be adapted from the business world to help you with your personal finances?