CO1: Develop a personal budget.
Assignment Instructions:
Using only the Attached Personal Monthly Budget Excel Template in MS Office Word (and the Budget video) hyperlinked in the resources area, create a monthly personal record of your personal or family income (all money coming in) and expenses (money going out) by completing entries under the Projected column of the spreadsheet. You will NOT be submitting this spreadsheet as this is your personal information. For this Assignment, write a summary of what you learned from this exercise using the following sections.
Be sure to advise that you have completed the Excel Budget and what you learned from the Experience. The Excel budget exercise is a key part of this assignment, and your instructor will be looking for evidence that it has been completed and the spending/savings analyzed in some detail. Then address the following bullet points in your essay:
Does my (our) income exceed your expenses?
If so, how much are you saving each month, and is it enough? How do you know it is enough?
If not, what are your goals for addressing the deficit (i.e., job change, cut back on expenses, etc.)
How is my (our) short-term savings—if I (we) had an emergency, would we have enough in savings to handle the situation?
Why is a savings account important? Research how much you should keep in short-term savings. What are your goals for long-term savings?
What advice do you have for the class regarding how to accumulate savings?
What else did you learn from this budgeting exercise that could help you and/or your family finances going forward?
Write a 2-4 page paper (excluding title & Reference pages) that addresses these questions after completing your budget worksheet. The worksheet is an important element of this Assignment; use it to guide your answers to these four question areas.
Use the attached template. Do not change the formatting, font or font size. Do not add bold or italics. Follow APA format, including the title page, introduction, conclusion, citations, and a minimum of one reference (not Wikipedia or Investopedia). See the attached PPT file for how to do this using APA form and style.
Submit all answers as one file by midnight ET, Day 7 (Sunday). Use the naming convention first initial last name Week 1 Assignment (something like JSmith_Week1 Assignment).
Assignment Attachments & Hyperlinks:
Video Creating a Family Budget with Excel (10:28) Family Budget Planner
What Does an “A” look like for this assignment:
The assignment was turned in on time
The assignment was submitted in the Attached APA 7 Template
Formatting (Font, headings, use of bold) are all left as included in the APA Template
Evidence in the narrative that the Excel Budget was completed
In-depth discussion regarding what was learned regarding expenses, spending, and savings in the narrative
Minimal Grammar, punctuation, spelling, APA, and sentence structure errors; see the rubric section on Grammar and APA (Note: Download and run your work through Grammarly before submitting)
Two or more credible references, properly formatted to APA 7, are listed AND cited with paraphrases or direct quotes in the narrative
A minimum of three pages of narrative (excluding the title and reference pages)
The title page and a reference page are included
References in correct APA formatting
A short sentence at the end of your narrative advising the instructor that you believe that you have completed all requirements for an “A” in the assignment
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