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1 page/β‰ˆ275 words
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Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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Date:
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Topic:

Financial Planning Tools and Budgeting

Essay Instructions:

Financial Planning Tools
View the video “The Time Value of Money”. This video will walk you through present and future values of money.
This week we head back to the internet for another resource. This week’s content delves into personal/home budgeting.
Locate another resource (not one used in the week 1 discussion) that gives advice on one of three subjects:
1. How to build a home budget, or
2. How to discipline your spending habits and stay on budget, or
3. The habits families have that ruin budgets
Post the title of your YouTube Video or Web page you selected, then hyperlink it and summarize the resource in your own words. Tell a little about what you learned and what you liked about or disagreed with the video or web page?
FOLLOW THE INSTRUCTION PLEASE

Essay Sample Content Preview:

Financial Planning Tools and budgeting
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In the article “Use the 50-30-20 rule to be smarter and more successful with your money,” El-Bawab highlights how the rule is used for managing money and saving. In a budget breakdown, all the sources of income and expenses are identified and then allocated. Using the rule, after identifying the income and expenses, there is a breakdown of the income to be spent as 50% goes into the needs, 30% to the wants, and 20% to the savings. Fifty percent goes to necessities (essentials) and includes items such as rent, food, medical costs, car payment, and debt payment. El-Bawab (2021) points out that if the necessities make up more than 50% of the expenses, and then there is a need to focus on cost-cutting measures.
The 30% is spent on wants, or personal desires, which are not necessities. Tracking the finances helps identify areas where people can reduce spending without affecting their quality o...
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