Exercise: Assignment The purpose of this exercise: Use this exercise to create a plan of the way you spend your money from month to month. Description/Instructions: Figures usually change from month to month because of periodic payments such as tuition, so revise this record as needed. You can make your own template with Word, or Excel workbooks. I'll provide the template. You can also select one you prefer or create your own. 1. Create a budget worksheet with four columns "Money in from/amount," "Money out to/amount," "Money left this month," and "Money for next month". Each Budget Worksheet will last for one month. 2. On on the page, under "Money In From" list the sources of income you earn via Your Money Monitor and the amount. 3. "Money Out To "Money Out To" list all "Money Out" categories, titles, and sums in the Money Monitor and the amount 4. Combine all items in the "Money In From" items and write the total at the bottom of the column, and label it "Total Cash Income." Add all the "Money Out To" items and then write that total in the end of that column and label it "Total Cash Expenses." 5. Subtract your total cash expenses from the total cash income and enter the result in the box marked "Money Left" column. It is the monthly surplus or deficit. 6. Now you're able to determine how much surplus you'd like next month , or how big the deficit you'll be able to manage. (Unless you're a government agency, you'll probably not keep a deficit running for long.) You can also make a plan to come out at dead even, with no surplus and zero deficit, if you put in the "Money Out" categories money you reserve to save and for emergencies. After you've decided on your objective, record it in the box that says "Money Left" under the "Next Month" column. 7. Then, you can adjust the "Money In From" categories (income) as well as those in your "Money Out To" categories (expenses) in order to reach your goals for the next month. For instance, if you experienced a deficit of $50 the previous month, and you wish to achieve a surplus of $50 next month, you can increase your the income by $100, cut down on costs to $100 or either of the above. It is possible to decide to put in 5 hours more to earn an additional $50 next month. This could mean you cut your entertainment expenses to $20 or less, and your dining expenditure by $15 and your clothing spending by $15. Enter the amount for your categories of budget that have been adjusted in the column titled "Next Month." Then add them all together to make sure you achieve your goal. Other budgeting suggestions Make use of the old utility bill, receipts cancelled checks, as well as credit card information as sources of data for your budget. Remember to add any unexpected expenses that you can anticipate for, such as medical bills, tuition and car licenses, repairs, or vacations. Every month, review the previous month's money Monitor and utilize that data to improve your budget. Be realistic about the amount of money that will be likely to enter and what will go out. Make sure you stick to your budget.
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