Personal Budget

As us Americans are struggling daily with the economy, its now more important than ever to HAVE A BUDGET!!!
But if you must spend...
It is okay but make sure you balance your fixed and flexible expenses:

• Fixed: payment every month-- bills
• Flexible: payments on other things in life- entertainment, clothes

But it is also essential to SAVE your money!!!!
Putting your money in an savings account will not only help you avoid debt, but you can get interest on your money!

• Simple Interest:determined by multiplying the interest rate by the principal by the number of periods (based on originally principal)

• Compound Interest: accumulated interest of a principal deposit, loan or debt (interest on interest)

Learn more:  http://www.atg.wa.gov/teenconsumer/finances/compound_interests.htm 


My advice to you..... put your money in a savings account!  And maybe even invest in stocks! In the long run, its more convenient for you and you'll make more money!


 ATTENTION COLLEGE STUDENTS! Having a hard time managing your budget?
Click here for some advice from NY Daily News!
http://www.nydailynews.com/money/2011/04/07/2011-04-07_financial_literacy_key_to_successful_transition_to_college_with_financial_aid_me.html



ATTENTION PARENTS! Want to know how to teach your kids how to save money?!?!?!?
Watch this video!
http://www.youtube.com/watch?v=askEIFVMY2c




Sources:
http://www.investopedia.com/dictionary/default.asp
Wandzi's notes