The Skill of Managing Personal Finances

For many people, finances are an unsolvable Rubik’s cube filled with anxiety. There are millions of Americans who live with the shackles of debt each day. We don’t teach children when they are young the value of a good credit score. Many people have a hard time formatting and sticking to a budget. You can easily solve the finance puzzle with a little hard work, self-control, and the right tools. Today is a new day; you are taking the first steps to reclaiming your financial freedom.

Research has consistently demonstrated that when clear goals are associated with learning that the learning occurs more easily and rapidly. By the end of this course, you will be able to:

  • Understand your personal expenses
  • Know the benefits of making a budget
  • Set financial goals
  • Develop good spending habits
  • Learn how to pay off debt
  • Learn how to effectively make a budget

The Benefits of Budgeting

  • Getting Rid of Debt
  • Generating Savings
  • Reducing Stress and Anxiety
  • Lessening Family Conflicts
  • Case Study
  • Assessment

Recognizing Symptoms in Others

  • Understand Your Income
  • Determine a Budget Duration
  • Determine Expenses
  • Track What’s Being Spent
  • Case Study
  • Assessment

Types of Fixed Personal Expenses

  • Utility Bills
  • Housing Bills
  • Transportation
  • Debt Payments
  • Case Study
  • Assessment

Types of Fluctuating Personal Expenses

  • Personal Care
  • Non-Fixed Transportation Costs
  • Entertainment
  • Eating Out
  • Case Study
  • Assessment

Establish Your Goals

  • Short Term vs Long Term
  • Be Realistic
  • Actually Get Rid of Debt
  • Save for the Future
  • Case Study
  • Assessment

Determine Where Cuts Can Be Made

  • Cut Bad Habits
  • Decrease Transportation Costs
  • Reduce Utility Bills
  • Decrease Entertainment Expenses
  • Case Study
  • Assessment

Tools

  • Software
  • Phone Applications
  • The Envelope System
  • Expenditure Notebook
  • Case Study
  • Assessment

Stick With Your Budget

  • Use Cash for Weekly Allowance
  • Accountability to Family or Friends
  • Set Up a Different Account for Savings
  • Remind Self of Benefit to Sticking with Budget
  • Case Study
  • Assessment

Additional Ways to Make Money

  • Make and Sell Items
  • Sell Unused Items
  • Small Part-Time Job
  • Recycle for Money
  • Case Study
  • Assessment

The Principles of Effective Bookkeeping

Numbers! Numbers! Numbers! Wherever you go, you are bound to see them. On addresses, license plates, phones, prices, and of course, money! Numbers connect us all to each other in many more ways than we might imagine. Essentially, our world revolves around numbers. Some of us enjoy dealing with numbers while others may have a fear of them, or even a phobia. For those of you who have already recognized and appreciate the impact that numbers actually have on just about everything, you deserve a cookie.

Research has consistently demonstrated that when clear goals are associated with learning, the learning occurs more easily and rapidly. By the end of this course, you will be able to:

  • Understand basic accounting terminology.
  • Identify the differences between the cash and accrual accounting methods.
  • Keep track of your business by becoming familiar with accounts payable and accounts receivable.
  • Use a journal and general ledger to document business financial’s.
  • Utilize the balance sheet.
  • Identify different types of financial statements.
  • Uncover the reasons for and actually create a budget.
  • Be familiar with internal and external auditing.

Basic Terminology (I)

  • Balance Sheet
  • Assets
  • Liabilities
  • Equity
  • Income Statement
  • Revenue
  • Cost of Goods Sold
  • Expenses
  • Accounting Period
  • Case Study
  • Assessment

Basic Terminology (II)

  • Accounts Receivable
  • Accounts Payable
  • Depreciation
  • General Ledger
  • Interest
  • Inventory
  • Journals
  • Payroll
  • Trial Balance
  • Case Study
  • Assessment

Accounting Methods

  • Cash Method
  • Accrual Method
  • Differences between Cash and Accrual
  • Case Study
  • Assessment

Keeping Track of Your Business

  • Accounts Payable
  • Accounts Receivable
  • The Journal
  • The General Ledger
  • Cash Management
  • Case Study
  • Assessment

Understanding the Balance Sheet

  • The Accounting Equation
  • Double-Entry Accounting
  • Case Study
  • Assessment

Other Financial Statements

  • Income Statement
  • Cash Flow Statement
  • Capital Statement
  • Budget vs. Actual
  • Case Study
  • Assessment

Payroll Accounting / Terminology

  • Gross Wages
  • Net Wages
  • Employee Tax Withholding’s
  • Employer Tax Expenses
  • Salary Deferrals
  • Employee Payroll
  • Employee Benefits
  • Tracking Accrued Leave
  • Government Payroll Returns/Reports
  • Case Study
  • Assessment

End of Period Procedures

  • Depreciating Your Assets
  • Reconciling Cash
  • Reconciling Investments
  • Working with the Trial Balance
  • Bad Debt
  • Posting Adjustments and Corrections
  • Case Study
  • Assessment

Financial Planning, Budgeting and Control

  • Reasons for Budgeting
  • Creating a Budget
  • Comparing Budget to Actual Expenses
  • Case Study
  • Assessment

Mastering Budgeting and Financial Reports

Everyday businesses deal with budgets and financial reports in some form or fashion. At minimum, business managers review budget numbers and run financial reports for decision-making and reporting to shareholders and Federal regulators once a month. Many companies devote the last few months of the calendar year to creating budgets for the next calendar year. In addition, organizations create and disseminate year-end financial reports to investors.

The goal of this course is to give you a basic understanding of budgets and financial reports so you can hold relevant discussions and render decisions based on financial data. This course will define key terms like ROI, EBIT, GAAP, and extrapolation. Furthermore, this course will discuss commonly used financial terms, financial statements, budgets, forecasting, purchasing decisions, and laws that regulate the handling of financial information.

Research has consistently demonstrated that when clear goals are associated with learning, it occurs more easily and rapidly. In this course, you are going to achieve the following learning objectives:

• Identify financial terminology
• Understand financial statements
• Identify how to analyze financial statements
• Understand budgets
• How to make budgeting easy
• Understand advanced forecasting techniques
• Understand how to manage the budget
• Identify How to make smart purchasing decisions
• Identify the legal aspects of finances

Glossary

  • What is Finance?
  • Commonly Used Terms
  • Key Players
  • Important Financial Organizations
  • Understanding GAAP
  • Case Study
  • Assessment

Understanding Financial Statements

  • Balance Sheets
  • Income Statements (AKA Profit & Loss Statements)
  • Statement of Retained Earnings
  • Statement of Cash Flows
  • Annual Reports
  • Case Study
  • Assessment

Analyzing Financial Statements (I)

  • Income Ratios
  • Profitability Ratios
  • Liquidity Ratios
  • Working Capital Ratios
  • Bankruptcy Ratios
  • Case Study
  • Assessment

Analyzing Financial Statements (II)

  • Long-Term Analysis Ratios
  • Coverage Ratios
  • Leverage Ratios
  • Calculating Return on Investment (ROI)
  • Case Study
  • Assessment

Understanding Budgets

  • Common Types of Budgets
  • What Information do I Need?
  • Who Should Be Involved?
  • What Should a Budget Look Like?
  • Case Study
  • Assessment

Budgeting Made Easy

  • Factoring in Historical Data
  • Gathering Related Information
  • Adjusting for Special Circumstances
  • Putting It All Together
  • Computer Based Methods
  • Case Study
  • Assessment

Organizing Your Binder

  • Using the Average
  • Regression Analysis
  • Extrapolation
  • Formal Financial Models
  • Case Study
  • Assessment

Managing the Budget

  • How to Tell If You’re on Track
  • Should Your Budget be Updated
  • Keeping a Diary of Lessons Learned
  • When to Panic
  • Case Study
  • Assessment

Share Office Procedure Guide

  • 10 Questions You Must Ask
  • Determining the Payback Period
  • Deciding Whether to Lease or Buy
  • Thinking Outside the Box
  • Case Study
  • Assessment