Personal Finance Worksheet

1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called

personal financial planning

2. Which of the following is not one of the five major steps of the financial planning process?

Collect and organize your financial information.

3. Which phase in life is commonly associated with focus on marriage, family, purchasing a home, and career development?

Late 20s through your 40s

4. Which of the following is a benefit of having a college degree that can affect your financial planning?

All of the above

5. Which of the following elements of a comprehensive financial plan involves analyzing future needs, such as saving for retirement or college funding for dependents?

Establishing a firm foundation

6. People have different styles when it comes to handling their money. List the two things that affect your personal beliefs and opinions about financial planning. How well do you feel you manage your money? Can you spot areas for improvement in your money management style, and if so, where/how?

When it comes to managing my money, I personally think I do very well for a 20 year old. Considering a few months ago I would blow my whole paycheck and it wouldn’t hit me until I was completely broke for the next two weeks then do it all over again. I improved this problem by taking $100 from my paycheck and putting it straight into my savings account. The money that I have left over from paying my bills, and buying things I may need or want also gets to go into my savings account that way I know I have money put back.

7. Which element of the comprehensive financial plan focuses on your housing needs, setting aside money for emergencies, and establishing a career path? Consider your own finances. Do currectly own a vehicle and/or home? If yes, how well do you manage monthly home and auto expenses? How well do you save for unforeseen expenses?

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