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money management: control your cash flow

spending log
Recording everything you spend money on and how much you spend each day.
delayed gratification
A person’s ability to wait in order to obtain something that he or she wants.
needs
Items necessary for existence, such as clothing, food, and shelter.
wants
Are things we would like to have, such as entertainment, vacations, and other items that make life more comfortable and enjoyable.
values
Beliefs of a person or social group in which they have an emotional investment (either for or against something).
Instant gratification
you want something and you want it now.
Opportunity cost
The highest-valued alternative that must be given up to engage in an activity.
expenses
the cost of doing business: all business expenses except of the cost of goods.
fixed expenses
regular expenses that cannot be avoided such as the cost of club dues.
Variable expenses
Expenses that can change each month like money spent on eating out or entertainment.
pay yourself first
The setting aside of money for future use or other investments
cash flow
Movement of the money you receive and the money you spend.
spending plan or budget
a plan for managing your money during a given period.
income
earnings from work or investment.
net
The combination of all the forces acting on an object.
periodic expenses
Expenses that aren’t paid every month and can be either fixed or variable.
emergency fund
a savings account you can access quickly to pay for unexpected expenses or emergencies
specific(SMART)
where
measurable(SMART)
amount of $$$$$
attainable(SMART)
how are you going to get the money
relevant(SMART)
reason
time bound(SMART)
Containing a date when a goal will be reached.
D
define your goal
E
must have features vs. want to have features
C
eliminate any options without your must haves and choose a couple of the remaining options
I
pros.vs.cons
D
what option best matches my criteria
E
what i do and don’t like afterwards
ways to adjust your income
plan for success
limit temptations
compare prices
used vs new
discounts

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