Scenario: Imagine You Are In A Position Where You Need To ✓ Solved

Scenarioimagine That You Are In A Position Where You Need To Move T

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 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.

Sample Paper For Above instruction

In this financial planning scenario, the primary objective is to organize a comprehensive budget that aligns income, expenses, and savings to achieve a clear financial goal within a specified timeframe. The process begins with identifying a personal savings target—such as saving $10,000 within two years—and selecting suitable housing that enables cost savings, thus facilitating the achievement of this goal. For instance, choosing a more affordable apartment or sharing housing with roommates can reduce housing costs significantly, allowing for higher savings rates.

Building the budget in Microsoft Excel involves populating various categories such as income, housing, transportation, food, utilities, entertainment, and miscellaneous expenses. To ensure the accuracy and balance of the financial plan, I calculated a realistic savings rate—roughly 15% of my income—based on my current earning capacity and estimated expenses. This rate ensures steady progress toward my savings goal without compromising essential needs. Verifying that total expenditures—including savings—do not exceed the total income is crucial, and the Excel sheet's formulas facilitate this process by calculating totals and percentages automatically.

The organization of the budget reveals the proportional distribution of expenses, with housing typically accounting for around 30% of income, transportation 15%, food 10-15%, utilities 5%, and other miscellaneous costs sharing the remaining percentage. Adjustments in these categories helped me prioritize savings while maintaining a realistic approach to living costs. The percentage columns in the Excel sheet serve as visual confirmation that my expenditure distribution aligns with financial planning guidelines, supporting a balanced budget.

Reflecting on the process, creating a detailed step-by-step plan was instrumental in identifying areas where expenses could be trimmed to increase savings potential. This structured approach clarified the relationship between spending habits and financial goals, emphasizing the importance of intentional budgeting for financial health. Additionally, leveraging Excel's functions—such as formulas for summing totals, calculating percentages, and checking balances—enhanced my technological skills and ensured the integrity of my financial plan.

Overall, this exercise underscores the value of organized financial planning in achieving personal goals. By thoughtfully adjusting expenditures and focusing on realistic savings strategies, I am confident that I can reach my financial target within the desired timeframe, all while maintaining a balanced and sustainable lifestyle.

References

• Boardman, C., & Mieczkowski, T. (2017). Budgeting and personal finance essentials. Academic Press.
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• Kumar, R. (2023). Effective expense management in personal finance. Wiley Publishing.
• Stewart, F. (2015). Budgeting techniques for financial stability. Harper Business.