Touchstone, Finance|Quick homework help
Posted: February 12th, 2023
Touchstone 2: Creating a Personal Financial Plan
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.
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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.
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?
C. Requirements
The following requirements must be met for your submission to be graded:
- Abide by the word count limits where applicable. No answer should exceed 150 words.
- Use a readable 11-point font.
- All writing and data entries must be appropriate for an academic context.
- Writing must be original and customized for this assignment.
- Plagiarism of any kind is strictly prohibited.
- Submission must include your name and the date.
- Include all the assignment components in a single file.
- Acceptable file formats include .xls and .xlsx.
SOLUTION
- Make a budget: Start by creating a budget that takes into account all of your expenses, including housing, food, transportation, and other necessary costs. This will help you determine how much money you can set aside each month to reach your savings goal.
- Prioritize expenses: Decide which expenses are essential and which ones can be reduced or eliminated. This will give you a clearer picture of your financial situation and help you determine how much you can save each month.
- Start saving: Open a savings account and set up automatic transfers from your checking account to your savings account each month. This will help ensure that you’re consistently putting money into savings, even if you don’t remember to do so on your own.
- Find affordable housing: Look for housing options that are within your budget. Consider factors like location, size, and amenities to determine what’s most important to you and what you’re willing to compromise on.
- Get creative: Consider alternative housing options, such as room-sharing, sublets, or house-sitting, to help reduce your monthly housing expenses.
- Track your progress: Regularly monitor your savings account to see how much you’ve saved and to make sure you’re on track to reach your financial goal.
By following these steps, you can successfully save for your financial goal while also finding affordable housing that meets your needs. Good luck!
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