Personal Spending Analysis
Before managing a business or a company, good managers have to manage themselves. A good manager is a person who can make proper decisions about time and money to benefit the business. In addition to making decisions about time and money, they need to stay organized in their record keeping. A business is able to produce an income and balance sheet based on good record keeping. In Farm Management class, I have learned about my spending habits through the personal finance tracker project which monitored September of 2017.
Prior to the month of September, I had cash funds designated for my college education already stored in the bank. For the fall semester, I had $13,000 to put towards tuition, my room, and meal plan. Since a semester is roughly 3.4 months, I divided $13,000 by 3.4 to get $3,823.52. I knew I would not spend that much of my “college fund money” so I listed my budget as $3,600 as a reasonable and round number. In addition to my college fund, I worked over the summer earning $900 cash (exactly) and made plans to work this month at the barn to make about $100. My wages accumulated towards a collection of $88.96 instead of the $100 I had planned for. Finally,
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To find how expensive each day is, I divided the costs listed on my bill by the number of days in a semester. Turns out, each day costs me a “flat rate” of $70.71. Commons housing is $44.42 to live there, and $0.87 a day just to park in the Commons lot or on campus. As well as living and parking, I have a meal plan that costs me $7.37 daily whether or not I use it. The student fees are also one of the worst expenses because they are one of the highest daily expenses costing me $18.05. Unfortunately, the daily cost of $70.71 does not take into account many other expenses such as items that are both wants and
Good managers do those things both effectively and efficiently" (Bateman & Snell, 2004). The management style is simply assigning tasks and then receiving the results. Management then gets it authority by being given the position in the business or organization.
Components of consumer spending Gross Domestic Product (GDP) is the final value of all goods and services produced domestically in a year, minus any trade deficit. It can also be interpreted as the sum of the total spending of its component parts. There are several components of GDP, and those include Consumer Spending (C), commercial and residential Investment Spending, Government Spending, and Net Exports (value of all exports minus the value of all imports). The largest component of GDP is Consumer Spending, totaling about $6.255 trillion in 1999, or sixty seven percent (67%) of GDP. Like GDP, Consumer Spending (here after C) is also determined by several components.
The success of a company all falls on the shoulders of good management. If you have great management the company will run very smoothly. There are so many things that take place when you have good management. It encourages initiative, encourages innovation, helps with growth and expansion, improves the life of workers, motivates employees and much more. Without good management there would be no success.
What makes a great manager? “Despite differences in their personal attributes, successful managers all excel in making, honoring, and remaking of commitments” (Sull, 2005). Commitments take many forms from capital investments to personal decisions to public statements. A mangers commitment defines what a business can and cannot do as well as the businesse’s strengths and weaknesses (Sull, 2005). However, while all good managers should be able to make, honor, and remake commitments the type of certifications, degrees, license, and experience the person will need in order to successfully do these things will depend on what type of business the manager is running (large, small, selling products, providing a service, and even if they are working with animals or on a farm). Earning the appropriate degrees, certifications and gaining the appropriate experience will allow a manager to make good decisions on their own as well as make commitments that will benefit the business in the long run and acknowledge what the positives and negatives are of every decision and what will happen if a commitment is not met. According to Sull, people in executive positions can easily forget how powerful commitments are and can become caught up in the present, “managers often take actions that while beneficial in the near term, impose lasting constraints on their operations and organizations” (Sull, 2005).
Management is the pursuit of achieving organizational goals and ideals with the work of people with similar ideals. Using this combined effort to plan, organize, lead and use the organizations resources to achieve their goals. Management is also the process of assessing and hiring new employees, while also making sure to keep all the employees in tip top shape. With selective training sessions and motivational tools, management can help the employees to be the best employee they can be. They are also in charge of keeping important records on all the resources the company uses, such as how much stock they buy that year, or the deprecation on the machines or building; and then plan next years goals around what they find. While also being a large part of human resources department that helps employees if they have a problem or need to talk to someone.
Management is a very tough job in today’s world of ambiguity, uncertainty, stiff competition and threatening environment. You have to be mentally and physically very strong to cope up the challenges posed by the current business environment. Following are the most important management skills and qualities needed for a successful manager.
Traditionally, the job of a manager has been defined as one who keeps things going in an organization. Generally the focus of a manager is on monitoring, directing and refining the current performance of the organization. (Whetten, 14) A manager gets things done through people. Leaders are those who establish the vision and set the direction of t...
Budget is combining your income and expenses to decide how much money you are going to spend on an item. Budget is an important step to determine your financial health and financial stability. It’s an important financial tool because it can help plan for expenses, cut cost were unneeded, save for future goals, plan for emergencies that occur inexpediently, and list what you are spending and saving.
Managers perform their duties by planning, organizing, leading controlling, and directing the members of a group or organization. Managers are best described as, “less charismatic individuals who are focused solely on getting things done”. (Wikibook, 2012) Overall, managing teams and groups is a process that
As can be seen, being a manager is very hard work because it requires many aspects of management fundamentals. Having the ability to organize, plan, and control are very important in a company’s interest. These three work together for a manager, and would further help them solve the question of what management’s main concern when making decisions. The main concern is the skill of prioritizing and it can be achieved through these aspects of a manager.
After one month of tracking my income, I have learned a little more about my spending habits. I am already aware of most of my spending habits, and where I most often slip up. A little on the background of my spending, I rarely use cash. There are two reasons why I do this; the first reason is so that I am not tempted to spend bits of money here and there on snacks and small things. The other reason is that so I can more effectively track my spending with less effort. I have two checking accounts to keep this balanced since on the statements it does not say what the money is specifically spent on. I use one card on essentials and school needs, and the other account is more of a lifestyle account. Although I have done this financial tracking in the past, I was able to reaffirm that I still have some areas of weakness in my spending.
Study Breaks College Media reported that the typical college student gets an average of $757 a month from parents, jobs, or other sources. 45 percent of students ' main source of income is their parents, 40 percent from Job, and 15 percent from loans. Nationwide Bank announced that three out of four college students hold jobs while in college and most often one of the followings: waiter/hostess/bartender, resident assistant, babysitter, or tutor. Through part-time jobs and help from their parents or other family members, the average student income is about $1,200 per month, which is only $14,400 per
Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
In the world of business and today’s ever-growing and evolving economy, the definition or role of a manager, may vary depending on the company or institution as well as the business module. However, the basic role of a manager and definition is standardized, irrespective of the entity or structure. According to the Oxford Dictionary; “a manager is a person controlling or administrating a business or part of a business”. In addition, managers also plans, organizes, leads and utilize the resources of the company in order for the organization to achieve its goals, objectives and financial returns, as well as they also act as motivators, advisors and mentors in an effort to increase productivity and efficiency within a business.
At the very drawn of the society, management has been emerging under changing situations. And still now it has been redefining its implications throughout every sphere of our society. Management is now widely spread out mostly in business organization. In the paradigm of business, management is getting things done through and with the other people.1 (Institute in Omaha, Nebraska,)