Glencoe Accounting

Chapter 4: Transactions that Affect Assets, Liabilities, and Owner's Capital

Making It Personal

Managing Your Money

Saving money can be as difficult as earning it. The reality is that if you would like to attend college, or buy a car, or even move into your own apartment when you graduate, you will need some savings. Most Americans live paycheck-to-paycheck. This means that they earn just enough to pay bills and take care of essential spending, with nothing left over. Experts say that even if your paycheck is small, you can still save. Managing Your Money has ideas to help you stash some money away for a rainy day.

Destination Title: Managing Your Money

www.managingmymoney.com/managing.html

Guided Activity

Start at the Managing Your Money Web site. Record your answers to these questions separately.

1. Scroll down the page and click on Saving Money with a Spending Plan. How do some of us view the word "budget?"
2. Click on Why Should I Save Money at the bottom of this page. List three reasons to save money.
3. Click on How Savings Grow at the bottom of this page. If you saved $50 per month and deposited it into a savings account that paid 2%, how much would the account hold in five years?
4. Click on Pay Yourself First. If you were to select an amount of money that "you wouldn't miss" if it was automatically deducted from your checking account and deposited into your savings account, what amount would you select?