SCENARIO: Imagine that you are in a position where you need to move – this could be because of a change in job, a need to modify your living arrangements, or something else. In addition to searching for different housing, you want to begin saving for a specific financial goal.
You will use the Assignment Template (an Excel file) to create a budget that satisfies the scenario. You’ll also answer reflection questions related to your goals.
ASSIGNMENT: This assignment has two parts. In part 1, you will create a financial plan based on the scenario described above. You’ll use your productivity skills to organize your plan, and you’ll use your problem solving skills to determine a reasonable rate of savings to reach your goals. Finally, you’ll apply your technology skills to ensure that your budget is balanced, and expenditures (like housing) don’t exceed your employment income.
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In part 2, you will answer reflection questions about the decisions you made and the skills you leveraged while building your plan.
For this assignment, you will:
- Create a budget for a financial plan using Microsoft Excel, ensuring that the information is organized, accurate, and complete.
- Identify a personal savings goal and a time frame for reaching it.
- Explain how your choice of housing will help you achieve your personal savings goal.
- Align your expenditures to support your goal.
- Reflect on how creating a step-by-step and organized approach to the assignment helps you adjust the financial priorities in your plan.
A. Assignment Guidelines
DIRECTIONS: Refer to the lists below throughout the writing process. Do not submit your Touchstone until it meets these guidelines.
1. Creating a Financial Plan
❒ Have you populated the table cells for income, savings, housing, and other expenditures?❒ Have you selected a rate of savings that is realistic in terms of achieving your financial goal?❒ Have you verified that the sum of your expenditures (including savings) equals your employment income?❒ Have you verified that the percent column for the expenditures totals 100%?
2. Reflection Questions
❒ Have you directly answered each question that was asked?❒ Have you provided sufficient evidence to support each of your answers?❒ Have you made clear and logical connections between your conclusions and the data used in the annual budget?❒ Have you referred to the skills in this course, if required by the prompt? ❒ Have you included sufficient detail in your answers?