Section 2.2 Documentation 49
Spending records to keep include:
¶ a‘mjrs‘sdldmsr‘mcbgdbjannjqdfhrsdqr:
¶ qdbdhosreqnlotqbg‘rdr‘mcahkkro‘hc:
¶ rs‘sdldmsreqnlbqdchs‘bbntmsr:‘mc
¶ b‘rgqdfhrsdqqdbdhosrenqahfotqbg‘rdr-
Receipts serve as proof of payments. They are especially important for
ehwdcdwodmrdr+rtbg‘rkn‘mo‘xldmsr+‘mcenql‘inqotqbg‘rdr+rtbg‘r‘
road bike. They also may be needed for warranty services or settling disputes.
Keeping receipts for minor purchases, such as cosmetics or movie tickets,
is a good way to keep track of your spending. If you have trouble staying
within your budget, you may want to record all purchases for a time. Then
you will have a clear idea of where your money goes. Be sure to keep receipts
enq‘mxotqbg‘rdrxntl‘xmddcsnqdstqm+dwbg‘mfd+nqg‘udrdquhbdc-Oqnne
of purchase is often required for these transactions.
Keeping track of financial records is an important part of money
management. In later years, you will need more detailed records for savings,
bqdchssq‘mr‘bshnmr+hmudrsldmsr+qd‘kdrs‘sd+s‘wdr+‘mchmrtq‘mbd-
Other Documents
Accurate records will be necessary for a variety of transactions and
otqonrdr- Enq dw‘lokd+ Ehftqd 1,0/ khrsr hsdlr sg‘s l‘x ad qdpthqdc vgdm
you:
¶ ‘ookxenq‘ina+‘lnqsf‘fd+nq‘m‘o‘qsldms:
¶ l‘jdatcfds‘mcehm‘mbh‘kok‘mmhmfcdbhrhnmr:
FYI
Pay yourself fi rst means
that you should budget
for savings before you
budget for spending. If
you do not budget for
savings, you probably will
not save.
Case Study
Making Plans
At 28, Myra had no plans to marry or to have children. She is a top-notch
photographer and earns $50,000 annually. She also receives outstanding benefits
through her job, including health, disability, and life insurance. Myra’s parents are
in good health, and they both work. Her two brothers have jobs and families of
their own. Myra lives in a rented apartment and is thinking about buying a home,
something she has always dreamed of doing.
Case Review
1. What changes in Myra’s situation could alter her financial needs and plans?
2. Suppose one of Myra’s parents becomes ill, resulting in financial problems. How
could this affect Myra’s financial plans?
3. Suppose Myra’s brother and his wife die in an accident and Myra is named
guardian of their children. How might this change her financial plans?
4. What are some financial steps Myra should take before purchasing a home?
What additional expenses will home ownership bring?
5. What are some key differences in financial planning for those with dependents
and those without dependents?
6. How does an individual’s age relate to financial planning and decisions?