INTRODUCTION Chapter 5, “Financial Plans: Budgets,” introduces the topic and dem

INTRODUCTION
Chapter 5, “Financial Plans: Budgets,” introduces the topic and demonstrates how organized financial data can be used to create a plan, to monitor progress, and to adjust goals. READING ASSIGNMENT
Read Chapter 5 of the Personal Finance textbook by Rachel Siegel and Carol Yacht.
Written Assignment
Prepare an essay in approximately 500-650 words that answers all three elements below. Cite references to material that you use in preparing the essay.
a. What financial tools described in this chapter can help you make better financial decisions?
b. What are the components of a comprehensive budget and what is the purpose of each component?
c. How are specialized budgets prepared? What is the relationship of specialized budgets to the comprehensive budget?