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One response post to a fellow accountant's post.

This chapter goes over the budgeting process for a business, as well as some commonly devised budgets. But a budget is not unique to businesses. In fact, personal financial planners recommend that their clients create budgets in order to better manage their finances and ultimately accumulate wealth.

Think about your personal finances for a bit, then describe a number of expenses that would appear on your personal budget. Conclude with how you would improve your financial situation, based on the types of expenses that you have. Here are some examples. Sally's biggest expenses include the mortgage, food, and utilities. In order to start building some savings, she plans to install solar roof panels to lower the electricity bills. Over time, this would likely translate to thousands of dollars in savings.Bill's expenses comprise of college tuition, rent, ... , gym membership. Because rent has gone up $200 this year, he plans to apply and see if he can qualify for more financial aid, cancel his Netflix membership, and eat out less and cook more at home.

This exercise requires that you reflect upon your personal financial situation, then post your analysis. If you feel uncomfortable discussing your personal finances on a discussion forum,your post for a "typical" college student. What types of expenses would a traditional college student have? And how would the student go about getting a better handle on his/her finances?

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