How can you use accounting to manage your personal finances?

Every business or organization must utilize accounting to record, summarize and report business transactions. While the focus in this course is the use of accounting within a business, the same concepts can be used on a personal level.

How can you use accounting to manage your personal finances?
What are the benefits of keeping track of personal transactions – income and expenses – in an organized manner?
What are some of the possible risks if you don’t keep track of personal transactions?

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