Download Personal Financial Management

Personal Financial
Management
By Hourn Phany
Objectives
By the end of the session, the participants are
able to describe:




the definition of PFM
the importance of PFM
the elements of PFM
how to manage personal finance
And most importantly, the participants are able
to formulate their PFM plan and start doing and
reviewing monthly.
The Definition of PFM
The ability to manage personal finance very well
Asset
I
n
v
e
s
t
Cash flow
Debt
Savings
Discipline
Spending
habits
Budget
Liabilities
line
The Importance of PFM
The Elements of PFM
Income Statement
Balance Sheet
Income
Asset
Expense
Liabilities
How To Manage Personal Finance
• Set long-term vision for personal finance (E.g.
become financial freedom in 2020.)
• Set a SMART financial planning (E.g. yearly,
monthly, weekly, daily)
• Set a clear budget plan (E.g. House renting,
food, recreation, savings...)
• Have high self-discipline
• Pay ourselves first
Example of Monthly Budget Plan
Monthly Budget Plan


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

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

House rental: 50 USD
Water: 10 USD
Electricity: 10 USD
Cable TV: 5 USD
Internet: 30 USD
Phone refill: 50 USD
Fuel for Motorbike: 30 USD
Food




Breakfast: 2.5 USD
Lunch: 2.5 USD
Dinner: 2.5 USD
Others: 2.5 USD
 Education
 Self: 50 USD
 Son: 15 USD


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Socialization: 50 USD
Recreation: 50 USD
Saving in FF Bank Account: 100 USD
Tong tin: 180 - 210 USD (saving)
Monthly Income:
Job: 600 USD
Part-time training & coaching: 200 USD
Money lending (interest): 150 USD
Tongtin: 150-180 USD
Financial Projection for 2010
Monthly Income:
Job: 1500 USD
Part-time training & coaching: 500 USD
Money lending (interest): 200 USD
Tontine: 200 USD
Saving
Saving for FF Bank Account: 200 USD
Saving for investment: 9,00 USD
 Saving for Oversea trip: 100 USD
experience financial freedom
Copyrights (c) 2009. Hourn Phany, Phnom Penh, Cambodia