A financial goal that would be important in all stages of the life cycle is creating and maintaining an emergency fund.

Tax avoidance is legal, tax evasion is illegal.​

​If you are married, you can legally file a single tax return.

​Net income (after taxes) should be used when preparing an income and expense statement.

​A cash budget has value only if you use it, review it regularly, and keep careful records of income and expenses

Personal financial plans help individuals to have the same standard of living across the country.

Estimating expenses using actual expenses from previous years and tracking current expenses make the task of preparing a cash budget easier.​

​You have a balanced budget when your total income for the year equals or exceeds your total expenditure for the year.

Personal financial plans help individuals to have the same standard of living across the country.

​You have a balanced budget when your total income for the year equals or exceeds your total expenditure for the year.