Week 1 Personal Finance Plan Worksheet

This was hard for us because we had to subtract monthly expenses from the total income, we had to be able to cut back on utilities, food, gas, clothes, etc.… , had to summarize if there would be enough money left over to cover other living expenses.

* Create a budget- creating a budget will help you not spend more money than you have. Creating a budget will also help you stay out of debt.

Step four in management planning is the selecting of goals believed to be most appropriate and feasible by the managers. Step five implements the goals and plans into action by managers. Goal achievement is likely to be linked to the organization’s reward system to encourage employees to achieve the goals and implement plans properly (Thomas S. Bateman, Scott A. Snell, 2009). Step six is essential in making sure goals and plans are met. If the goals and plans are not monitored and controlled managers would not know if they were ever met successfully.

2. Your answers to the following questions must show a knowledge of the text and reflect your thoughts about the issues involved. Each question should take at least a paragraph to answer.

According to Figure 1-1 of Personal Finance, the five steps in the personal financial planning process are:

Using the information from your textbook and classroom discussion, prepare a minimum of 200-word response to the following questions:

1. Currently the organization expects that their forecast for labor requirements is essentially constant from the previous year. Based on this assumption complete the five stages of the planning process:

Financial Class: On June 05 you attended a financial class to help you plan accordingly your

Annually it would be about $480. I plan on putting $25 towards an emergency fun every month in case something happens that would be $300 a year creating an OK emergency fund. College saving I plan on putting $20 towards monthly because I know i will be in college for a few years to achieve my job. Groceries i put down $30 a month because I dont eat much due to the fact that I'm sick and also vegetarian. A lot of foods dont appeal to me so i wont be spending big money on steaks and other meats which I know from my families spending can be pretty expensive depending where you live and sales. Plus with roommates The groceries cost can be cut down by all pitching in for

5.) How will you adjust for your inability to address your current financial obligations. Will you spend less and reduce your standard of living?

Answer the following multiple-choice questions by highlighting your answer. Make only one choice that best answers the question.

A financial plan is the structure through which you can establish and integrate all goals and needs. (class notes) This is the best way to achieve financial objectives through personal financial planning and this will help define financial goals and develop appropriate strategies to reach them.

Obviously being the fact that I’m working I would help my mom with rents and since we live in the same house I would help her buy food and laundry. For rent I would give my mother $100 to help her out. Now I’m left with $244.00 laundry is usually $30 so I’m left with $214.00. My mom tends to buy food at wholesale stores like B.J’s and ends up spending $150 but the food tends to last us for the whole month. In order to make it fair we would split the costs down the middle in half. I would pay $75 for food. Leaving me with $139.00. However since I would want to plan ahead I would place an extra $10 away each month to make it possible for me to have money saved for a rainy day. Leaving me with $129.00 for the rest of the month in order to go out when I have the time. The money left over will allow for me to buy lunch from outside or to hang out with my

Personal Budget Exercise – Excel Creating a spreadsheet track personal business expenses is an excellent use of Microsoft Excel. For this exercise, you will create a spreadsheet to enter a personal budget and track actual expenses for the year. You may choose to use real data or create a fictitious budget using a monthly income amount of $2,500. Here are suggested budget categories if you are not using a real budget. At a minimum, you must have 9 budget categories: Housing (mortgage or rent) Utilities Car payment Insurance Student Loans Food Misc. Entertainment Gas Savings

Although a budget is one part of this process, we must learn to save money first. Specifically, in this book it says to set aside one-tenth of what we earn and save it (ch.5). Setting aside one-tenth of what we earn allows us to make more suitable decisions on what we do with the other nine-tenths to live our daily lives. After a certain point, the one-tenth that we save every time we earn grows more and more to be able to buy the things we want or even really need.