FIN1 FTU - Stage 5

F1 – Project-Stage 5: Tracking daily expenses TCHE322 Tillery & Tillery (2017). Chapter 2 Thomas (2009). Chapter 3 Lawrence et al (2011). Chapter 2 CFP Handbook (2015). Chapter 7 1 Personal finance planning Personal finance planning process 1. Define financial goals. 2. Develop financial plans and strategies to achieve goals. 3. Implement financial plans and strategies. 4. Periodically develop and implement budgets to monitor and control process toward goals. 5. Use financial statement to evaluate results of plans and budgets, taking corrective action as required. 6. Redefine goals and revise plans and strategies as personal circumstances change. Essential Information of personal financial plans * 1. A summary of the goals 2. Significant assumptions and justification 3. Estimates 4. Recommendations 5. A description of limitations on the work performed 6. The recommendations in the engagement should contain qualifications to the recommendations if the effects of certain planning areas on the client’s overall financial picture were not considered. * Adapted from Paragraph .35, Statement on Standards in Personal Financial Planning Services No. 1 3 Schedule of lectures Project topic covered • Categorise expenses • Allocating expenses Groupwork project activities • Estimate daily expenses • Recording monthly and yearly expenses • Expected outcome: Monthly income and expenses statement 4 Categorise expenses 5