Personal Financial Management - Research Paper Example

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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. ...Show more

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…
Author : vincentcorkery
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