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.
This work 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.
In part 2, you will answer reflection questions about the decisions you made and the skills you leveraged while building your plan.
For this , 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.
Sample Answer
Sample Answer
Steps involved in creating a financial plan for moving and saving money:
Identify your financial goals. What are you saving for? A down payment on a house? Retirement? A new car? Once you know your goals, you can start to develop a plan to reach them.
Estimate your income and expenses. How much money do you make each month? How much do you spend on housing, transportation, food, and other necessities? Once you have a good understanding of your income and expenses, you can start to create a budget.
Set a savings goal. How much money do you want to save each month? Once you know your savings goal, you can start to make adjustments to your budget to free up more money for savings.
Choose a housing option that fits your budget. If you’re moving, you’ll need to decide where you want to live and how much you can afford to spend on housing. There are a variety of housing options available, so you should be able to find something that fits your budget and your needs.
Align your expenditures to support your goal. Once you have a housing option and a savings goal, you can start to align your other expenditures to support your goal. This may mean cutting back on unnecessary expenses or finding ways to make more money.
Create a step-by-step and organized approach to the assignment. This will help you stay on track and make sure that you’re making progress towards your goals.
Reflect on your progress and make adjustments as needed. As you move through the process, it’s important to reflect on your progress and make adjustments as needed. This will help you ensure that you’re on track to reach your goals.
Here are some additional tips for creating a financial plan for moving and saving money:
Be realistic. When setting your savings goal, be realistic about how much money you can afford to save each month.
Be flexible. Things don’t always go according to plan, so it’s important to be flexible and make adjustments as needed.
Get help if you need it. If you’re struggling to create a financial plan, there are a number of resources available to help you. You can talk to a financial advisor, or you can find helpful information online.
