Personal Management
Learning Outcome
By completing this module, each student should be able to demonstrate an understanding of how to budget their money and live within their means.
Instruction
To complete this learning module, please view the following introductory video, read one of the featured articles, and read at least one other article found on the “additional resources” page. Afterwards, please complete the “Practice” activity and answer the “Reflection” questions.
VIDEOSome people seem to think that money grows on trees; however, money is often the product of hard work and determination. The most fundamental concept with money is to spend less than you make. It can be hard at times to distinguish between wants and needs, but it can help you stay out of debt and be able to have enough for emergencies. (read more)
Develop and Implement a Budget
To determine where you are financially, you must first understand financial statements. Financial statements are documents that accurately reflect your personal financial position at a specific point in time. Financial statements help you evaluate your financial health. (Be sure to read all 5 steps!) (read more)
Additional resources on budgeting can be found here .
Practice
Use the Money Management Handout to set up a budget for next month. Use the Budget Worksheet provided in the handout to determine your monthly income, expenses, and potential savings. Your assignment is to submit a copy of your Budget Worksheet showing PLANNED income and expenses over a one month period. (REMEMBER ALL INFORMATION PROVIDED IS STRICTLY CONFIDENTIAL ) (Submit your assignment)
What are you initial thoughts about personal budgeting and how it can be applied in your life?
Reflection
Respond to these questions about personal budgeting:
What do Church leaders say about budgeting?
Which budgeting principles or practices are most important to you?
How did this exercise help you to better manage your personal financial resources?
(Submit your reflection)
Personal Budgeting (After one month)
(Please submit a copy of your 'ACTUAL' income and expenses for the past month.)