1st response? One concept I took away from chapters 3 and 4 is the Budget 50/20/30.?50% take home pay to f
1st response? One concept I took away from chapters 3 and 4 is the Budget 50/20/30.?50% take home pay to fixed /variable monthly expenses.?20% to savings/401k/emergency fund/travel.?30% of take home to fun and miscellaneous. I budget the first of the year every year.?I first put in my fixed bills, estimate my variables such as groceries and gas.?I have also tried to practice the ten percent of your net pay to savings, but I am not always successful.?What I do find that I am successful at is planning a big purchase or a vacation. I review the amount I will need by a certain time to secure airline tickets, lodging, and car rentals.?I then will review the amounts I will need to have ready by time of the trip such as remaining amounts due, fun excursions, spending money, and meals.?This will tell me the amount of money I need to take out each month by the amount of months/dollar amounts. I find a program I use through my bank will analyze my monthly statement.?I can review the variances to tell me whether I need to cut back a little in certain areas or I have extra to go toward savings or maybe put toward a bill. ? 2nd? There are a number of concepts from Chapters 3 and 4 that are important to my personal finances. One of the concepts that I found most important was creating a budget. Creating a budget allows me to identify what my needs are and helps me control my spending and saving accordingly. I wanted to know more about this because it forced me to create a budget of my own. To be honest I have never created a budget so this was a very eye opening experience and task for me. Creating a budget was actually a huge learning experience for me. Believe it or not I never created a budget before and saying that sounds extremely irresponsible and crazy to me. I do not how I’ve functioned as an adult without one. I have hopes that after creating a budget for myself this week I will be able to start implementing it. After creating my budget, I started to take a dive into identifying my budget variances. Our textbook advised us on creating an excel sheet. I decided to start off doing it manually alongside my budget plan sheet. The benefit to tracking budget variances is to help stay me stay on budget and eliminate careless spending.
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