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Personal Financial Management - Research Paper Example

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College
Research Paper
Finance & Accounting
Pages 3 (753 words)

Summary

Financial Plan is something which depicts the future cash flow and the saving while using the current asset values and withdrawal/expense plan. During the completion of the “Financial Plan” I have found many key points regarding the budgetary deficit and how to overcome that deficit…

Extract of sample
Personal Financial Management

Following are my observations while reviewing the plan. During the first week while I was reviewing the expenses, it was an eye opening situation that the major spending were on account of food stuff, clothing and spending leisure time. The total expenses were $1,312/- excluding my credit card payments, rental payments and groceries. I then thought for remedial measures to curtail my expenditure and sort out the problem with the fact that if I start cooking myself, search for the discounted items and spend less to spent leisure and by doing this I can not only manage my finances, live my life accordingly but also save something for the rainy day. While reviewing the data of the second week I noted that I certainly curtail my expenses on food stuff by 33% and the overall expenses reduced from $1,312/- to $ 850/- in second week excluding my house rent and credit card payments which shows betterment and my interest towards savings, but still the major expenses were made on account of groceries where I spent $223.83/- and for spending leisure I spent $118.81. ...
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