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LET’S PRACTICE
Name: _____________________________________________________________________________
1. Suggest three things you can do to reduce your monthly discretionary expenses . _ __________________________________________ _ __________________________________________ _ __________________________________________ _ __________________________________________ _ __________________________________________ _ __________________________________________ 2. Suggest three things you can do to increase your monthly income .
_ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 3. You are interested in understanding what your seasonal spending patterns are so you can anticipate and plan for additional expenses. What can you do? _ ______________________________________________________________________________ 4. Suggest three things you can do to reduce your monthly mandatory expenses . _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 5. If you reduce your actual discretionary expenses by 10% and invest that same amount each month for five years at a compounding rate of return of 5%, how much will you have? _ ______________________________________________________________________________ 6. You expect a 5% raise next year and will enroll in a professional development course that will cost you $100 per month for eight months. At that point should you revise your budget? Why or why not? _ ______________________________________________________________________________ 7. Where can you find online personal money management programs to help you build and stay on a budget? _ ______________________________________________________________________________ PRODUCT PREVIEW
Chapter 14 | The Beauty of the Budget 276
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