Chapter 3, Problem 3FPC

Summary Introduction

Case summary:

C family has been running trade deficit for several months. So, they decided to talk about this problem with their two children after the dinner. During work, JC talked to his friend who explained him how he was able to save money even while in the college. He regularly monitored his savings and was able to save by saving here and there. Today, he works for a big company. He lives with his family of two children and a wife. Their spending plan allows them to spend for all of their needs and also help in saving money for their future requirement. JC asked KL how you never run into financial stress. In discussion KL told to JC to take some action to change your financial position and he also talked about how much one can spend here and there that don’t even required. That night C family met to discuss about their budget.

Character in this case: JC, KC and KL.

Adequate information:
Total spending is $3,010.
Total monthly amount available is $2,800.
Deficit is $210

To determine:

Additional actions for the C family and other money management advice.