Description
Directions: You are given $10,000 to invest in the stock market. You are to pick stock of your choice. No more than three different stocks and you must invest the whole $10,000. You will enter your stock name, symbol, the date, the price and the total number of shares purchased. Each week you will check your stock and record the current market value. In the comment section you will note any changes and the possible reasons for the change. You will do this during all units between starting with Unit 2 and ending with Unit 7.
Unformatted Attachment Preview
Daily Spending Log- Unit 1
Directions: Please record every penny you spend each day,
beginning no later than Thursday (the second day of this class)
and ending Monday (the day before the unit ends). Your daily
spending log for week two will begin the following day (Tuesday).
Place the amount you have spent in the categories provided below.
Additional categories can be added in columns J and K. Make sure
you record cash spent and credit card charges. If you have more than
one transaction for the same category, total the amounts spent and
add it to the appropriate cell in this worksheet. The total expenditures
in column M will automatically compute for each day. Explain daily
expenditures in the comments section in column N. If your entire
comment does not appear in column N, double-click on the row
dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week one in row 16.
Identify categories within your daily spending log that could be
reduced to decrease the total amount of your spending.
Please save this spreadsheet each time you add information.
Week 1: Enter the spending log dates below.
11th January 2024
Date
Day of week
10th January 2024
Wednesday
11th January 2024
12th January 2024
13th January 2024
14th January 2024
15th January 2024
Thursday
Friday
Saturday
Sunday
Monday
Summary – Answer the two summary questions below.
1. Provide a brief summary of your expenditures for week one.
My first week’s expense was in line with my average. As shown in the
table above, I spent more money on four bills: auto, food, education,
and other expenses. These four bills are the most important of all the
bills I paid this week. Bills such as entertainment, donations, and
laundry are not particularly important, so I did not spend much money
on these. Pet food and care, as well as utility bills, were required to
be paid on a daily basis. I spent a few days on health and personal
care, so it wasn’t necessary to spend them every day. Although I
2. Identify categories within your daily spending log that could
be reduced to decrease the total amount of your spending.
I believe I could minimize my spending in the categories listed below.
It would help me reduce my total spending. These categories include:
Auto, Recreation Activities (spending once every week on recreation),
and unanticipated expenditure, which includes buying unplanned
items from the streets (Under Others Category).
Auto
$15.00
$0.00
$12.00
$10.00
$15.00
Food
(H) Home
(S) Self
$30.00
$30.00
$25.00
$30.00
$25.00
Health,
Personal
Care
$10.00
$0.00
$10.00
$0.00
$10.00
Education
$15.00
$20.00
$0.00
$0.00
$15.00
Recreation
Leisure
$0.00
$25.00
$30.00
$0.00
$0.00
Donations
$0.00
$0.00
$15.00
$0.00
$0.00
Laundry
$0.00
$0.00
$20.00
$0.00
$0.00
Pet Food
and Care
$5.00
$8.00
$5.00
$5.00
$5.00
Utility
Other
$5.00
$5.00
$4.00
$5.00
$5.00
$15.00
$15.00
$9.00
$10.00
$15.00
Running Total:
Total
Spent
Comments:
$95.00 This was my average spending in a day. I did
not overspend neither underspent
$103.00 The expenditure was a bit higher because I just
some
done Iwith
Thismyself
expense
wasrecreations
the biggestafter
because
was
$130.00 got
free,
made
donations,
and
participated
in
some
This
was
the
lowest
expenditure
of
the
week.
I
$60.00
stayed
indoors
all
day
and
didn’t
have
many
bills
$90.00 Just an average expense when I returned to
$478.00 school and normalism.
Daily Spending Log- Unit 2
Directions: Please record every penny you spend each day,
beginning Tuesday (the last day of Unit 1) and ending Monday (the
day before the unit ends).
Your daily spending log for week three will begin the following day
(Tuesday).
Place the amount you have spent in the categories provided below.
Additional categories can be added in columns J and K. Make sure
you record cash spent and credit card charges. If you have more than
one transaction for the same category, total the amounts spent and
add it to the appropriate cell in this worksheet. The total expenditures
in column M will automatically compute for each day. Explain daily
expenditures in the comments section in column N. If your entire
comment does not appear in column N, double-click on the row
dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week two and
answer each question posted below.
Week 2: Enter the spending log dates below.
16th January 2024
Date
Day of week
Auto
16th January 2024
Tuesday
$8.00
17th January 2024
Wednesday
$10.00
18th January 2024
19th January 2024
20th January 2024
21st January 2024
22nd January 2024
Thursday
Friday
Saturday
Sunday
Monday
$12.00
$0.00
$10.00
$10.00
$15.00
Summary – Answer the three summary questions below.
1. Provide a brief summary of your expenditures for week two.
My second weeks average expenses were little bit lower than in first
weeks expenses. I spent more money on three categories:
transportation, food, and education. These three bills were the most
crucial of all the ones I paid this week. I did not spend much money
this week. Pet food and care, as well as electric costs, were expected
to be paid regularly. I stayed under my budget this week, I cut back on
some things and spend less money.
2. What information from your daily spending log might
encourage you to reconsider various money management
actions?
My spending logs helps me easily track my expense and categorize
their importance. Considering unplanned or impulse purchases that
might compromised my average budgeting as seen on the table this
weeks recreation expense only hit 35$ unlike in week one that I spend
55$. This is the result of implementing strategies to minimize my
expenses and to curb sponteneous spending.
3. How can your daily spending log assist you when planning and
implementing a budget?
It provides a detailed record of my expenditures, enabling me to make
informed decisions about my finances. It assist me on my daily
spending log and identify consistent spending patterns and habits. I
can categorize my expenses into fixed (consistent monthly bills) and
variable (fluctuating) categories. I used the information from my
spending log to create realistic budget categories. Align these
categories with my financial goals and priorities. Break down my
budget into different expense. I Continuously track expenses vs
budget. Regularly update my spending log to see how well I can stick
to my budgeted amounts in each category.
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations Laundry
Leisure
Pet and
Fod Care
Utility
Other
$25.00
$10.00
$15.00
$0.00
$0.00
$0.00
$5.00
$4.00
$10.00
$25.00
$15.00
$10.00
$0.00
$0.00
$0.00
$5.00
$4.00
$8.00
$30.00
$20.00
$15.00
$10.00
$20.00
$10.00
$0.00
$10.00
$0.00
$10.00
$10.00
$0.00
$0.00
$0.00
$5.00
$0.00
$20.00
$15.00
$0.00
$0.00
$0.00
$0.00
$15.00
$0.00
$0.00
$0.00
$0.00
$20.00
$0.00
$0.00
$5.00
$5.00
$5.00
$8.00
$5.00
$5.00
$4.00
$5.00
$5.00
$5.00
$10.00
$0.00
$15.00
$15.00
$15.00
Running Total:
Total Spent Comments:
This is my average and daily expenditure in
two in recreation
$77.00 week
This is my average and daily expenditure in
two my
notaverage
spendingspending
in recreation
$77.00 week
This was
in a day. I did
$82.00 not overspend neither underspent
My second
lowest expenditure
$49.00 This
is my Biggest
expenditure in
in week
week two.
two
since
its
I
donate
and
laundry
day.
$110.00
expenditure
in week twoin
$48.00 This
This is
is my
my lowest
average
and daily expenditure
$75.00 week two
$518.00
Unit 2: Worksheet 2.1 Personal Financial Goals
Setting goals for your financial future is an important step
in the financial planning process. This sheet can be used
to help you plan for your financial success.
This worksheet is divided into three separate areas:
* Short-term goals are goals to be obtained in one year
or less.
* Intermediate goals are goals which are obtainable in
two to five years.
* Long-term goals are goals which is obtainable after five
years.
Steps:
1. Place each goal in the appropriate area and indicate
the priority, expected date of completion, and the
estimate of cost each week. Provide goal comments in
column G.
2. Once completed, make sure you carry over the
monthly costs for your investments to your U2 2.2
Personal Annual Budget worksheet.
AB104 Worksheet 2.1
Financial Goals Worksheet
Personal
Name:
Date:
Short-Term Goals (1 year or less)
Expected Date of
Completion
Goal
Priority
To avail Emergency fund
1st
6/1/2024
To track Monthly Budget
2nd
1/31/2024
To partake Health and Wellness
3rd
4/15/2024
To have Debt Repayment
4th
6/1/2024
Invest in my Professional Development
5th
8/8/2024
Savings for Specific Purchase
6th
3/1/2024
Intermediate-Term Goals (2 to 5 years)
Expected Date of
Completion
Goal
Priority
Emergency Fund Growth
1st
1/1/2026
Debt Reduction
2nd
2/1/2026
Education Fund
3rd
3/1/2026
Homeownership Fund
4th
1/1/2027
Investment Portfolio
5th
5/1/2026
Travel Fund
6th
8/1/2027
Long-Term Goals (6 + years)
Expected Date of
Completion
Goal
Priority
Retirement Planning
1st
1/1/2030
Homeownership
2nd
1/1/2030
Children’s Education
3rd
1/1/2030
Investment Growth
4th
1/1/2030
Debt Freedom
5th
1/1/2031
Career Advancement
6th
1/1/2032
Family Security
7th
1/1/2033
Charitable Giving
8th
1/1/2035
Estimate of
Cost/Week
Estimate of
Cost/Month
$40.00
$173.20
$518.00
$2,242.94
Estimate of
Cost/Year
Comments
My first priority is emergency fund to cover
$2,080.00 unexpected expenses.
I establish and stick to my monthly budget,
allocating specific amounts to key expensed
$26,936.00 categories.
$25.00
$108.25
I allocate funds for a gym membership or fitness
$1,300.00 classes to improve my overall well-being.
$40.00
$173.20
$2,080.00 within the next six months.
Pay off $2,080 of high-interest credit card debt
$15.00
$64.95
$10.00
$43.30
Estimate of
Cost/Week
Estimate of
Cost/Month
I will be invest in a course or certification that
enhances professional skills and career
$780.00 prospects.
Save $500 for a new laptop within the
$520.00 next three months.
Estimate of
Cost/Year
Comments
$50.00
$216.50
I will Increase my emergency fund to three
$5,200.00 months’ worth of living expenses.
$75.00
$324.75
$7,800.00 outstanding debts over the next three years.
I Aim to pay off an additional $10,000 in various
$50.00
$216.50
$100.00
$433.00
$40.00
$173.20
$30.00
$129.90
Estimate of
Cost/Week
Estimate of
Cost/Month
Saving for my education fund,
$7,800.00 aiming for $7,800 in the next two years.
Save for a down payment on a home, with a
$15,600.00 target of $15,000 within the next three years.
Start contributing to an investment portfolio,
$6,240.00 aiming for a diversified set of investments.
Save atleast $3,000 for a dream vacation
$4,680.00 within the next three years.
Estimate of
Cost/Year
Comments
$100.00
$433.00
I will contribute consistently to retirement my
accounts, with the aim of building a substantial
$31,200.00 retirement fund.
$200.00
$866.00
$62,400.00 factoring in location, size, and affordability.
$250.00
$1,082.50
$300.00
$1,299.00
I will continue saving for children’s education,
with a long-term goal of covering a significant
$78,000.00 portion of their educational expenses.
I will focus on long-term investment growth,
$93,600.00 rebalancing portfolios periodically.
$150.00
$649.50
$54,600.00 including mortgage and other major loans.
$50.00
$216.50
Setting a plan for career progression and skill
$20,800.00 development to increase earning potential.
$100.00
$433.00
$46,800.00 planning for the financial security of loved ones.
I will purchase a home within the next six years,
I will work towards being completely debt-free,
Ensuring adequate life insurance and estate
I will establish a budget for charitable
ontributions or philanthropic endeavors.
$20.00
$86.60
$0.00
$0.00
$11,440.00
$0.00
$0.00
Unit 2: Worksheet 2: Personal Annual Budget
A budget is a forecast of your income and expenses and is very important to
insure a secure financial future.
A budget is a specific plan for spending income which is also called a
spending plan.
Steps:
1. Enter your estimated income for each month in rows 5 through 8.
2. Navigate through the categories and enter any expenses you think you
may have in the upcoming year. Please remember to include the auto or life
insurance premiums.
3. The totals category (row 8, 19, 28, 37, 44, 54, 63, 70, 80, 88, 96, 104)
will indicate how much money you will spend in each category by month.
4. Your total expenses will display in row 106.
5. Your surplus or deficit of money available will be displayed in row 107.
This is computed by deducting your total expenses from your total income.
6. Once you have completed your budget for the year, go to worksheet “U2
2.3 Questions” and answer the questions.
Jan
INCOME
Wages
Interest/dividends
Miscellaneous
Income totals
$2,500.00
$150.00
$120.00
$2,770.00
EXPENSES
Home
Mortgage/rent
Utilities
Home telephone
Cellular telephone
Home repairs
Home improvement
Home security
Garden supplies
Home totals
$10.00
$15.00
$30.00
$12.00
$20.00
$15.00
$5.00
$107.00
Daily living
Groceries
Child care
Dry cleaning
Dining out
Housecleaning service
Dog walker
Daily living totals
Transportation
$400.00
$0.00
$40.00
$35.00
$20.00
$10.00
$505.00
Gas/fuel
Insurance
Repairs
Car wash/detailing services
Parking
Public transportation
Transportation totals
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
Entertainment
Cable TV
Video/DVD rentals
Movies/plays
Concerts/clubs
Entertainment totals
$10.00
$0.00
$5.00
$10.00
$25.00
Health
Health club dues
Insurance
Prescriptions
Over-the-counter drugs
Co-payments/out-of-pocket
Veterinarians/pet medicines
Life insurance
Health totals
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
Vacations
Plane fare
Accommodations
Food
Souvenirs
Pet boarding
Rental car
Vacations totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Recreation
Gym fees
Sports equipment
Team dues
Toys/child gear
Recreation totals
$20.00
$10.00
$0.00
$0.00
$30.00
Dues/subscriptions
Magazines
Newspapers
Internet connection
Public radio
Public television
Religious organizations
Charity
Dues/subscription totals
Personal
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
Clothing
Gifts
Salon/barber
Books
Music (CDs, etc.)
Personal totals
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
Financial obligations
Long-term savings
Retirement (401k, Roth IRA)
Credit card payments
Income tax (additional)
Other obligations
Financial obligation totals
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
Misc. payments
Other
Other
Other
Other
Other
Misc. payments totals
Total expenses
Cash short/extra
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$1,979.00
$791.00
Feb
March
April
May
June
July
Aug
$2,500.00
$200.00
$120.00
$2,820.00
$2,500.00
$200.00
$120.00
$2,820.00
$2,500.00
$200.00
$120.00
$2,820.00
$2,500.00
$200.00
$120.00
$2,820.00
$2,500.00
$200.00
$120.00
$2,820.00
$2,500.00
$200.00
$120.00
$2,820.00
$2,500.00
$200.00
$120.00
$2,820.00
$750.00
$10.00
$15.00
$30.00
$20.00
$20.00
$15.00
$10.00
$870.00
$750.00
$10.00
$15.00
$30.00
$12.00
$20.00
$15.00
$15.00
$867.00
$750.00
$15.00
$15.00
$30.00
$30.00
$20.00
$15.00
$5.00
$880.00
$750.00
$10.00
$15.00
$30.00
$12.00
$20.00
$15.00
$5.00
$857.00
$750.00
$12.00
$15.00
$30.00
$12.00
$25.00
$15.00
$5.00
$864.00
$750.00
$10.00
$15.00
$30.00
$12.00
$20.00
$15.00
$15.00
$867.00
$750.00
$13.00
$15.00
$30.00
$12.00
$20.00
$15.00
$15.00
$870.00
$425.00
$0.00
$40.00
$35.00
$20.00
$10.00
$530.00
$413.00
$0.00
$45.00
$35.00
$20.00
$10.00
$523.00
$390.00
$0.00
$40.00
$35.00
$20.00
$10.00
$495.00
$395.00
$0.00
$40.00
$35.00
$0.00
$10.00
$480.00
$357.00
$0.00
$40.00
$40.00
$20.00
$10.00
$467.00
$350.00
$0.00
$45.00
$35.00
$0.00
$10.00
$440.00
$375.00
$0.00
$40.00
$35.00
$0.00
$10.00
$460.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$10.00
$0.00
$5.00
$0.00
$15.00
$10.00
$0.00
$5.00
$15.00
$30.00
$10.00
$0.00
$5.00
$0.00
$15.00
$10.00
$0.00
$5.00
$15.00
$30.00
$10.00
$0.00
$5.00
$0.00
$15.00
$10.00
$0.00
$5.00
$15.00
$30.00
$10.00
$0.00
$5.00
$0.00
$15.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$2,757.00
$63.00
$2,762.00
$58.00
$2,732.00
$88.00
$2,709.00
$111.00
$2,688.00
$132.00
$2,679.00
$141.00
$2,687.00
$133.00
Sept
$2,500.00
$150.00
$120.00
$2,770.00
Oct
Nov
$2,500.00 $2,500.00
$250.00
$150.00
$120.00
$120.00
$2,870.00 $2,770.00
Dec
Year
$2,500.00
$300.00
$120.00
$2,920.00
$30,000.00
$2,400.00
$1,440.00
$33,840.00
$750.00
$10.00
$15.00
$30.00
$12.00
$20.00
$15.00
$5.00
$857.00
$750.00
$15.00
$15.00
$30.00
$12.00
$20.00
$15.00
$10.00
$867.00
$750.00
$10.00
$15.00
$30.00
$12.00
$20.00
$15.00
$5.00
$857.00
$750.00
$10.00
$15.00
$30.00
$50.00
$35.00
$15.00
$10.00
$915.00
$8,250.00
$135.00
$180.00
$360.00
$208.00
$260.00
$180.00
$105.00
$9,678.00
$320.00
$0.00
$40.00
$35.00
$0.00
$10.00
$405.00
$300.00
$0.00
$40.00
$20.00
$20.00
$10.00
$390.00
$325.00
$0.00
$40.00
$35.00
$20.00
$10.00
$430.00
$528.00
$0.00
$50.00
$60.00
$20.00
$10.00
$668.00
$4,578.00
$0.00
$500.00
$435.00
$160.00
$120.00
$5,793.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$50.00
$20.00
$20.00
$10.00
$5.00
$0.00
$105.00
$600.00
$240.00
$240.00
$120.00
$60.00
$0.00
$1,260.00
$10.00
$0.00
$5.00
$15.00
$30.00
$10.00
$0.00
$5.00
$0.00
$15.00
$10.00
$0.00
$5.00
$15.00
$30.00
$10.00
$0.00
$5.00
$15.00
$30.00
$120.00
$0.00
$60.00
$100.00
$280.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$25.00
$20.00
$10.00
$15.00
$20.00
$30.00
$10.00
$130.00
$300.00
$240.00
$120.00
$180.00
$240.00
$360.00
$120.00
$1,560.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$500.00
$250.00
$150.00
$50.00
$50.00
$350.00
$1,350.00
$500.00
$250.00
$150.00
$50.00
$50.00
$350.00
$1,350.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$20.00
$10.00
$0.00
$0.00
$30.00
$240.00
$120.00
$0.00
$0.00
$360.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$2.00
$20.00
$0.00
$0.00
$5.00
$10.00
$37.00
$0.00
$24.00
$240.00
$0.00
$0.00
$60.00
$120.00
$444.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$50.00
$0.00
$20.00
$5.00
$5.00
$80.00
$100.00
$0.00
$20.00
$5.00
$5.00
$130.00
$650.00
$0.00
$240.00
$60.00
$60.00
$1,010.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$400.00
$200.00
$100.00
$150.00
$75.00
$925.00
$4,800.00
$2,400.00
$1,200.00
$1,800.00
$900.00
$11,100.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$25.00
$10.00
$0.00
$0.00
$0.00
$35.00
$300.00
$120.00
$0.00
$0.00
$0.00
$420.00
$2,614.00 $2,659.00
$256.00
$111.00
$4,355.00
-$1,435.00
$33,255.00
$585.00
$2,634.00
$136.00
Unit 2: Worksheet 3: Questions
Sometimes unexpected events happen in our lives, and our
cash flow is affected. Do you have a plan in place? Answer
the following questions.
1. What would you do if you suddely lost your job and had
no income?
Although losing my work unexpectedly might be difficult and
stressful, it’s crucial to be proactive in managing my finances
and adjusting to the new situation. I will consider taking the
following actionable steps if I unexpectedly lose my job;
1. Assess my finances
2. File for Unemployment Benefits
3. Review Employee Benefits
4. How
Create
a Bare-Bones
2.
long
would youBudget
be able to survive finacially?
I can survive for a year or two but I will be making a thorough
budget, evaluating my financial situation, and making plans
appropriately are crucial. In the event that my income is
unpredictable, I will make mitigation for financial impact by
acting quickly to cut spending, look into other sources of income,
and apply for aid (such as unemployment benefits).
3. Discuss the importance of having a financial plan.
To achieve their financial objectives, manage life’s risks, and
create a secure financial future, people and families must have a
financial plan. The following are some main justifications for why
financial planning is crucial:
1. Goal setting and clarity – You can identify and order your
financial objectives with the use of a financial plan. A welldefined strategy offers guidance and direction while saving for a
home, financing schooling, or making retirement plans.
4. What could be the long-term effects from this situation?
A person’s life might be significantly and profoundly impacted by
losing their employment in a number of ways. Losing a job can
have the following long-term effects:
1. Financial Strain – Financial distress is one of the immediate
and long-term effects of losing a job. The inability to pay
everyday bills, pay off debt, and maintain the same standard of
living might result from losing a steady source of income.
Daily Spending Log- Unit 3
Directions: Please record every penny you spend each day, beginning Tuesday (the last
day of Unit 2) and ending Monday (the day before the unit ends).
At the end of this unit ,your daily spending log will provide a summary of three weeks of
total expenditures.
Place the amount you have spent in the categories provided below. Additional categories
can be added in columns J and K. Make sure you record cash spent and credit card
charges. If you have more than one transaction for the same category, total the amounts
spent and add it to the appropriate cell in this worksheet. The total expenditures in column
M will automatically compute each day. Explain daily expenditures in the comments
section in column N. If your entire comment does not appear in column N, double-click on
the row dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week three and answer each question
posted below.
Please save this spreadsheet each time you add information. When you are ready to
submit, save your workbook by clicking the Office button at the top of your spreadsheet
then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx
(Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx)
Week 3: Enter the spending log dates below.
(Enter date started here)
Date
Summary – Answer the three summary questions below.
1. Provide a brief summary of your expenditures for week three.
2. Are there any banking fees that you encounter each month? What actions might
be taken to reduce or eliminate these cash outflows?
3. What other areas of your daily spending might be reduced or revised?
Day of week
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Monday
Auto
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations Laundry
Leisure
Add
Category
Add
Other
Category
Total Spent Comments:
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Running total:
$0.00
Unit 3: Worksheet 1: Balance Sheet
The personal balance sheet is a summary of your assets (what you own), your liabilities (what you
owe), and your net worth (assets minus liabilities).
Steps:
1. List the value of your assets according to the categories in column B of the worksheet.
2. List the value of your liabilities according to the categories in column E of the worksheet.
3. The net worth is calculated and displayed in cell E34.
*Net worth = total assets (B37) minus total liabilities (E32)
*Total assets = total liabilities (E32) + net worth (E34)
Balance Sheet
Liquid Assets
Cash on hand
Checking accounts
Savings account
Money market accounts
Certificate of deposit
Short term investments
Total Liquid Assets
Real Property
Primary Residence
Second Home
Other
Total Real Property
Investments
Stocks
Bonds
Mutual Funds
Retirement Fund, IRA
Other
Total investment Assets
Personal Property
Auto
Auto
Recreation Vehicles
Household furnishings
Jewelry and artwork
Other
Other
Total Personal Property
Total Assets
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Current Liabilities
Utlities
Rent
Insurance premiums
Taxes
Medical/dental bills
Repair bills
Bank Credit Card bills
Store Credit Card bills
Travel/entertainment bills
Gas credit cards
Bank line of credit
Other liabilities
Other liabilities
Total Current Liabilities
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Long-term Liabilities
Mortgage
Second Mortgage
Investment mortgage
Auto Loans
Home improvement loan
Single-payment loans
Student loans
Other long term loans
Other long term loans
Total Long- term Liabilities
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Total Liabilities
$0.00
$0.00
$0.00
Net Worth
$0.00
$0.00
Total Liablities & Net Worth
$0.00
Unit 3: Worksheet 2: Personal Income
and Expense Statement
A Personal Income and Expense Statement is a cash basis statement that
shows the actual cash receipts and actual expenditures for a certain period
of time. This statement includes all income and expenses for the month.
Total income minus total expenses will provide you with your cash surplus
or cash deficit. If your total income is greater than your total expenses, you
will have a cash surplus. If your total income is less than your total
expenses, you will have a cash deficit.
Steps:
1. List all of your income.
2. List all of your expenses according to each category.
3. The cash surplus or cash deficit is automatically calculated in cell D59.
Cash surplus/deficit formula: total Income (D20) minus total expenses
(D57).
Name
For the period of
Income
Wages and Salaries
Self-employment Income
Bonuses and Commissions
Investment Income
Pensions and Annuities
Other Income
TOTAL INCOME
Expenses
Housing
Utilities
Name of Earner:
Name of Earner:
Name of Earner:
Food
Transportation
Medical
Clothing
Insurance
Taxes
Credit Cards
Major purchases
Personal Care
Entertainment
Other Items
Interest received
Dividend received
Rents received
Sale of Securities
Other
Other
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Rent/Mortgage payment
$0.00
Repairs, maintnenace,
improvements
$0.00
Gas
Electric
Water
$0.00
$0.00
$0.00
Phone
Cable
Other
Groceries
Dining Out
Auto Loan Payments
Licenses plates, fees
Gas, oil, tires, repairs
Health major medical,
insurance
Doctor
Dentist
Medicines
Clothes shoes, accessories
Homeowner’s
Life Insurance
Auto Insurance
Income and Social Security
Property (if not included in
mortgage)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Loan payments
$0.00
Loan payments
Repairs & maintnenance
cosmetics, hair care etc.
$0.00
$0.00
$0.00
Other
Vacations
other
student loan payments
Gifts
Charitable contributions
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
TOTAL EXPENSES
$0.00
Cash Surplus (or Deficit)
$0.00
Unit 4: Worksheet 1: Mortgage Refinance Analysis
This worksheet will assist you in making the decision to re-finance your current
mortgage or not. It will look at the savings you may receive if you refinance you
existing mortgage.
Steps:
1. Enter your current monthly payment.
2. To find out what the new payment amount will be go to
http://www.bankrate.com. Click on “mortgage rates” and enter your state and your
city. Enter amount to be refinanced and the length of loan. This will give you
different banks in the area with their rates and the payment amount. Enter the
payment amount on line 2.
3. Pre-tax savings on monthly payment will be automatically calculated (H12 H13).
4. Calculate the taxes on your monthly savings. Even though you may be saving
money with the refinance, it will result in more taxable income. Determine your
income tax bracket in cell H16. If you do not know your income tax bracket go to:
https://www.efile.com/tax-service/tax-calculator/tax-brackets/ : Enter the year and
your filing status. Then locate your gross income amount and your income tax
bracket.
5. The monthly savings after tax will be automatically calculated in cell H17.
6. Enter the costs to refinance your mortgage. Check your mortgage papers or
lender’s policy to find the prepayment penalty.
7. The months to breakeven are automatically calculated in cell H22. This is
calculated by taking the total refinancing costs (H21) and dividing it by your
monthly savings after tax (H17).
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Item/Description
Amount
1. Current monthly payment
$0.00
2. New monthly payment
3. Monthly savings, pretax (Item 1 – Item
2)
4. Income Tax Bracket (Enter as
decimal)
Tax on monthly savings (Item 3 x Item
4)
$0.00
5. Monthly savings, after-tax (Item 3 – Item 4)
$0.00
$0.00
0%
$0.00
6. Costs to refinance:
a. Prepayment penalty
$0.00
b. Total closing costs (after tax)
$0.00
c. Total refinancing costs (Item 6a + 6b)
7. Months to breakeven (Item 6c/Item
5)
$0.00
#DIV/0!
Unit 4: Worksheet 2: Home Affordability
Analysis
Directions: There are nine items to fill in on this sheet.
Item 1 (Include all income)
Item 3 (An average lender’s affordability ratio has been
provided. This can range from 28 to 33 percent depending on
lender.)
Item 5 (Do some research on houses in your area to determine
the combined monthly tax and insurance payment.)
Item 7 (research for current interest rates)
Item 8 (determine the number of years for loan. This is usually
15 or 30).
Item 9 (Find this value by using Item 7 and Item 8 and Table of
Monthly Mortgage Payments (below).)
Item 11 (How much do you have available for a downpayment?)
Name:
Item
1
2
3
4
5
6
7
8
9
10
11
12
Date:
Description
Amount of annual income
Monthly income (Item 1 divided by 12)
Average lender’s affordabilitiy ratio
Maximum monthly mortgage payment (PITI)
Estimated monthly property tax and homeowner’s
insurance payment
Maximum monthly loan payment (Item 4-Item 5)
Approximate average interest rate on loan
Planned loan maturity (years)
Mortgage payment per $1000
Maximum loan based on monthly income
$10,000 x (Item 6 divided by Item 9)
Funds available for making a down payment
(Note: Closing costs are separate from down payment
and should be considered when purchasing a home)
Maximum purch
