Posted: February 6th, 2021
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Assignment 2: Developing Your Personal Financial Plan
Skill(s) Being Assessed: Productivity
What to submit/deliverables: Two completed templates: Assignment 2 Financial Plan Explanation Word Template and Assignment 2 Financial Plan Budget Excel Template.
What is the value of doing this assignment? We all have financial goals—buying or renting a home, purchasing a car, paying off a loan, or saving up for a vacation. And it can be challenging to figure out exactly how to save toward these goals, given the numerous expenses of daily living. A financial plan helps you identify how you can reach your short-term and long-term goals, and leverage planning and organization strategies to make meaningful, incremental progress toward realizing these goals. This assignment gives you the opportunity to apply what you’ve learned about personal financial planning, productivity strategies, and the use of Excel to develop a personal financial plan aligned to your financial goals.
Your goal for this assignment is to: Build your productivity skill by creating a plan for reaching a specific financial goal within an identified time frame. You will use productivity strategies to break financial planning into manageable, organized steps, and you will use Excel to develop a realistic plan that is aligned to your financial goal and considers economic drivers, requirements, and resources.
Steps to complete:
STEP 1: Review the following scenario for this assignment. Additionally, review the Assignment 2 Financial Plan Explanation Word Template and Assignment 2 Financial Plan Budget Excel Template.
Context: Imagine that you are in a position where you need to move – this could be because of a change in job or dissatisfaction with your current living arrangement, or something else entirely. Besides needing to find different housing, you also want to begin saving for a specific financial goal.
Scenario: Imagine that you are in a position where you need to move—this could be because of a change in job, dissatisfaction with your current living arrangement, or something else entirely. Besides needing to find different housing, you also want to begin saving for a specific financial goal.
You will use the Assignment 2 Financial Plan Budget Excel Template to create your financial plan and budget table. You will use the Assignment 2 Financial Plan Explanation Word Template to answer the questions related to your financial goals and plan.
STEP 2: Think through the productivity strategies you have learned in your coursework and make a plan for how you will break down creating your financial plan into smaller steps to help you stay organized and be productive.
STEP 3: Identify an annual income as a starting point for your financial plan and insert the value in the budget table at the top of the Excel template as needed. Use an annual income value that you feel comfortable using for this assignment. You may use one of the following:
STEP 4: Identify a financial goal you would like to save towards – this can be a short-term (1-2 years) or long-term (3+ years) goal and determine how quickly you want to save for it (Question 2 in Template).
Select one of the following goals:
STEP 5: For the goal selected, set a timeframe for reaching that goal (1 to 10 years is the recommended range) (Question 3 in Template). Explain why that time frame is realistic to achieve your goal.
STEP 6: Select a new housing option and fill in the cost in the Budget table. Choose one of the following (Question 4 in Template):
STEP 7: Fill in the other dollar expenditures in the budget table of the Assignment 2 Financial Plan Budget Excel Template, according to your preferences. Use the entire $50,000 (or whatever value you used for your annual income).
STEP 8: Use formulas to calculate the sum for your “Total” cell of the “Dollars” column and to fill in the “Percent” column of the budget table.
STEP 9: In the Assignment 2 Financial Plan Explanation Word Template, identify the savings goal and the time frame you determined for reaching your goal. Why is the time frame you identified realistic?
STEP 10: Explain why you chose the housing option you did and how it will help you achieve your selected financial goal.
STEP 11: Explain your choices for non-rent expenditures and how they will help achieve your savings goal within the time frame. In other words, how do your expenditures align with the financial goal you selected?
STEP 12: Reflect on the productivity strategies you used to break down your financial plan into smaller steps to help you stay organized and productive. How closely did you follow the plan you thought through in Step 2 on these instructions? How did a step-by-step and organized approach help you to adjust your financial priorities and financial plan?
STEP 13: After completing all questions in the Assignment 2 Financial Plan Explanation Word Template and the budget table in the Assignment 2 Financial Plan Budget Excel Template, save your responses.
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