Personal Finance Report: Managing Finances for Brad and Angelina

This project report presents a personal finance analysis for Brad and Angelina, focusing on managing their income and expenses. The report begins with an introduction and includes a Gantt chart to schedule activities related to their finances. It determines their costs, highlighting monthly and annual expenses versus income, revealing areas where they can control spending. The analysis identifies the need for expense management to improve savings and future financial stability, despite their current net worth. The report suggests obstacles and provides recommendations, such as reducing unnecessary expenses like poker and luxury spending, and encourages careful credit card use. It concludes by emphasizing the importance of personal financial planning for individuals to understand and improve their financial situations. The report references several financial and management accounting sources to support its findings.

Running Head: Personal finance management
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Project Report: Personal finance management

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Contents
Introduction.......................................................................................................................3
Gantt chart........................................................................................................................3
Determination of cost.......................................................................................................4
What is needed..................................................................................................................4
Obstacles...........................................................................................................................5
Conclusion........................................................................................................................5
References.........................................................................................................................6

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Introduction:
Interview has been taken of Brad and Angelina to manage their fund and plan a
finance report of them. So that it become easy for them to identify the expenses and income.
And they can also identify that where they could control over their expenses.
Gantt chart:
Gantt chart is a study which is used by the company or an individual to schedule the
activities. In this study, Gantt chart has been prepared according to the revenue, income and
expenses of the couple to identify that how much revenue and income are earned by the
couple and how much money has been spent by the couple (Ansofff, 2007). The Gantt chart
of their financial planning is as follows:

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(Warren, Reeve & Duchac, 2011)
The above gantt chart of the Brad and angelina depict that the income of them is quite
lesser than the total expenses of them.
Determination of cost:
Through preparing the report of expenses and the income and the budgeting report of
Brad and Angelina, it has been analyzed that the monthly expenses of them are $ 11,668.33
and the annual cost of them are $ 58,010. At the same time, the monthly income of them is $
13,750. This depict that the total monthly and annual expenses of the company are $ 16502
whereas the monthly income of them is $ 13,750. This depict that the income of them is quite
lesser than the total expenses of them (Kaplan and Atkinson, 2015).
What is needed?
Through this analysis, it has been found that both the both of them are required to
make a control over their expenses so that the revenue of them could be exceed from their

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expenses which would help them to save some amount for the future and the for the next
baby (Ward, 2012). Still, it has been found that the net worth of them are quite high due to
various fixed and current assets hold by them and various assets got by the from their parents
and guardians.
Obstacles:
Through the analysis, it has been found that both of them are needed to manage the
expenses and extra cost. Through the calculation of total expenses of them, it could be said
that if Brad and Angelina reduce the level of some expenses than they could manage the
savings such as Brad must stop playing poker (Davies and Crawford, 2011). The luxurious
life and meal out expenses could also be reduced by them. Further, the credit card must be
used by them with a control. Further, both of them could discuss to save some money from
reducing their daily expenses such as grooming or personal allowances. Hence, they both can
manage the funds in such a manner that not only their revenue could meet their expenses but
the savings could also be done by them (Weygandt, Kimmel, Kieso, 2009).
Conclusion:
Thus through this report, it has been found that it is required for every individual to
maintain the personal financial plan so that they could recognize their revenue and expenses
and make a better plan accordingly.

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References:
Ansoff, H. (2007). Strategic management. Springer.
Davies, T. and Crawford, I. (2011). Business accounting and finance. Pearson.
Kaplan, R.S. and Atkinson, A.A., (2015). Advanced management accounting. PHI Learning.
Ward, K. (2012). Strategic management accounting. Routledge.
Warren C., Reeve J. & Duchac J. (2011). Financial and Managerail Accounting. Cengage
Learning.
Weygandt J., Kimmel P., Kieso D. (2009). Managerial Accounting:Tools for business
decision making. John Wiley & sons.