Touchstone Sophia 4 Personal Finance

Sheet1

ECON1010 Taking Charge of Your Economic Future Name:
Unit 4 Touchstone Template Date:
MONTH 1 BUDGET MONTH 2 BUDGET MONTH 3 BUDGET SAVINGS PROGRESS
Amount Percent Amount Percent Amount Percent
Income 100% Income $0 100% Income $0 100% Monthly Savings Cumulative Savings $ to Reach Goal
Expenditure Expenditure Expenditure Month 1 $0
Housing Housing Housing Month 2 $0
Food Food Food Month 3 $0
Transportation Transportation Transportation
Education Education Education
Utilities Utilities Utilities
Taxes Taxes Taxes
Health Care Health Care $400 Health Care $400 Note:
Family Care Family Care Family Care To increase the height of a row, hover over the bottom border of that row in the far left margin until your cursor becomes and up-down arrow. Then click and drag the bottom border to the desired row height. If you make an error, you can use the shortcut Ctrl + Z to undo it.
Miscellaneous Miscellaneous Miscellaneous $100
Savings Savings Savings
Total Total Total
PART 1: ANALYZING YOUR PERSONAL FINANCES PART 2: REFLECTION QUESTIONS
SCENARIO: Your monthly budget is going through some changes over the next three months. The good news is that your income has increased because of your strong performance at work. However, health care and miscellaneous costs have also gone up. You will need to reallocate your monthly budget based on these changes. The changes are represented by embedded formulas in the MONTHLY BUDGET tables above, located inside the shaded cells. QUESTION 1: In step 4 and step 6, you created several graphs. Explain the reasons for the graph types that you selected. How will the graphs you created help readers understand the financial data? Your Answer (150 words or less):
STEP 1: Enter the previous values you obtained from the Unit 2 Touchstone into the MONTH 1 BUDGET. Important: Before you do, be sure to divide each dollar amount by 12. Remember, the Unit 2 Touchstone was an annual basis while this Touchstone is a monthly basis. If you no longer have the previous values, create new ones. Remember to start by entering your income and be sure the MONTH 1 BUDGET balances. QUESTION 2: Explain the results of your financial analysis in steps 1-6 in terms of the following: • Overall progress toward your savings goals • Changes you might make to the budget to improve progress in the coming months • Economic or life impacts that may affect your budget in the future Your Answer (150 words or less):
STEP 2: Now create your MONTH 2 BUDGET and your MONTH 3 BUDGET above. Do not change the predetermined costs for Health Care in the second month or Miscellaneous in the third month. Do not modify the income in either month. Remember that your monthly income must equal your monthly expenditures (including savings). Look ahead to step 3 to see how you can use formulas for proper balancing. QUESTION 3: Assume that your income continues to grow, but consumer prices also rise due to inflation. Determine how economic factors like these might affect your financial analysis one year from now: A. What economic trends might you need to account for when making a one-year projection? B. How might you plan for unexpected expenses when making a one-year projection?

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