Homework
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 homework, write a summary of what you learn from this exercise.
1) Does your income exceed your expenses?
a. If so, how much are you saving each month and is it enough? How do you know it is enough?
b. If not, what are your goals for addressing the deficit (i.e. job change, cut back on expenses, etc)
2) How is your short-term savings-if you had an emergency, would you have enough in savings to handle the situation?
3) Why is a savings account important? How much do you need to have in savings? What are some tips to accumulating savings?
4) What else did you learn from this budgeting exercise that could help you and/or your family finances going forward?
Write a 1 to 2 pages paper that addresses these questions after completing your budget worksheet.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.