Planning and Money Management
Objective: Develop a personal budget using the main components of wise money management
Assignment Instructions:
Using the Personal Monthly Budget template found in Microsoft Excel, create a personal record of your money coming in and 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 learn from this exercise.
Part 1: Does your income exceed your expenses?
o If so, how much are you saving each month and is it enough? How do you know it is enough? Base on the spreadsheet with example numbers, my income covers all my expenses and I have money left to save. And it seems I am not going to have enough money on my saving when I retired since I start saving at an older age. (Example sheet provided)
o If not, what are your goals for addressing the deficit (i.e. job change, cut back on expenses, etc)
Part 2: How is your short-term savings-if you had an emergency, would you have enough in savings to handle the situation? No emergency savings
Part 3: Why is a savings account important? How much do you need to have in savings? What are some tips to accumulating savings?
Write a 1-2 page paper that addresses these questions after completing your budget worksheet.
Use the template provided. Follow APA format, including a title page, introduction, conclusion, citations, and two scholarly references
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Attachment:- Personal Monthly Budget Data.rar