![]() A checking account is an account at a bank that allows for deposits and withdrawals.Compounding interest is interest accrued from interest. ![]() ![]() An example of interest received is money paid from the bank to you for deposits inside your checking/savings account or a CD (certificate of deposit).An example of interest you pay would be the charge for borrowing money for a loan.Interest is money paid for money lent.Most family liabilities will include mortgages, auto loans, student loans, credit card balances, personal loans, and payday loans.A liability is any resources you owe to another person or entity.Assets could be things such as cash, cash equivalents, property or land, and personal property.An asset is any resource that has economic value.Deductions would be retirement benefits, health care costs, or special funds and donations.Expenses would be items such as union dues or possibly child support.Taxes are the fees that you pay to the government.Net Income is the total payment you receive after any taxes, expenses, or deductions.Gross Income is the total payment you receive before any taxes, expenses, or deductions.Learn basic financial terms for Family Finance INCOME Below are some of the best strategies to get started: 1. The second best time is now.” It’s never too late to start securing your family’s financial future. Like the inspiring wisdom found in this old Chinese proverb, “ The best time to plant a tree was 20 years ago. 12 Key Strategies To Manage Family Finance In order for you to make the most out of your and your family’s life, you’ll need to become familiar with common financial terms and be able to decipher between good and bad advice. Most of the time, your needs may revolve around your income, expenses, and living requirements. Your goals and desires can be limitless, but as Paula Pant says “ You can afford anything, but not everything“. It revolves around your goals and coming up with plans to fulfill those needs. When you think about it, Family Finance can be intertwined with almost all of your actions and decisions in your everyday life. Say that 5 times fast! Explanation of Family Finance It includes banking, budgeting, estate planning, insurance, investing, mortgages, tax planning, and time management. Family Finance is a term that covers the management of your family’s money and time.
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