Question

The purpose of this discussion board is to discuss cash management methods. Posts are due based on the information in the syllabus (i.e., Eastern Standard Time). Make sure you are clear regarding the discussion board expectations.

Answer 1

Answer:

Cash management is critical throughout the corporate sector, and even at work is just as essential. Younger people can get ahead of the curve by understanding and managing the cash efficiently, keeping the price down,
Accounts of the bank

(a) Bank Accounts:
Depositing most of the money into a common savings account will make things easier with cash to fall from the fingertips. Putting away different sums of money in retirement plans or supplementary plans will enable you to adhere to the schedule. When the automatically place a part of your salary in an upscale for rent, taxes, savings, charitable donations, and loans, they will know how you can comfortably invest what was remaining in the main account for food, entertainment as well as other items. and keeping money away for savings, stocks, and bills. A few basic cash management techniques will allow you to make improvements in this competitive field.

(b) Tracking Costs
Need to get into the process of asking and maintaining receipts for any purchase you make. Label your spending through name in groups to have a straightforward picture of just wherever your cash goes every week. All of us will be shocked to see just how much cash we waste on items like food, computer games, or pubs a couple of bucks at such a period.

(c) Time-Bound Investments
Incorporating the cash in such a time-bound fund will also keep it safe whilst making a good return. Deposit Certificates (CDs) & securities are two perfect choices for having the cash productive throughout a specified period. Select savings also which could not be extracted for some time and pay substantial exit load fees to prevent them from dipping into the "urgent situation" assets that could be managed in many other respects.

*Feel free to comment in case of doubt and please give positive feedback.