Description
SCENARIO: Imagine that you are in a position where you need to move – this could be because of a change in job, a need to modify your living arrangements, or something else. In addition to searching for different housing, you want to begin saving for a specific financial goal.You will use the Assignment Template (an Excel file) to create a budget that satisfies the scenario. You’ll also answer reflection questions related to your goals.ASSIGNMENT: This assignment has two parts. In part 1, you will create a financial plan based on the scenario described above. You’ll use your productivity skills to organize your plan, and you’ll use your problem solving skills to determine a reasonable rate of savings to reach your goals. Finally, you’ll apply your technology skills to ensure that your budget is balanced, and expenditures (like housing) don’t exceed your employment income.In part 2, you will answer reflection questions about the decisions you made and the skills you leveraged while building your plan.For this assignment, you will:
Create a budget for a financial plan using Microsoft Excel, ensuring that the information is organized, accurate, and complete.
Identify a personal savings goal and a time frame for reaching it.
Explain how your choice of housing will help you achieve your personal savings goal.
Align your expenditures to support your goal.
Reflect on how creating a step-by-step and organized approach to the assignment helps you adjust the financial priorities in your plan.
Download the Excel template below, which further breaks down the steps involved in this assignment.
Unformatted Attachment Preview
UNIT 2 — TOUCHSTONE 2: Creating a Personal Financial Plan
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SUBMIT TOUCHSTONE
Currently, it takes about 2-4 business days for a Touchstone to be graded.
Touchstones are projects that illustrate your comprehension of the course material, help you refine skills, and demonstrate application of knowledge. You can
work on a Touchstone anytime, but you can’t submit it until you have completed the unit’s Challenges. Once you’ve submitted a Touchstone, it will be graded
and counted toward your final course score.
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.
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. You will use Microsoft Excel to develop a realistic plan aligned to
your financial goal – one that considers economic drivers, requirements, and resources. If you need a refresher on spreadsheets like Excel, review the
tutorials in Unit 1, Challenge 3 of this course (Links are in Section D).
Touchstone 2: Creating a Personal Financial Plan
SCENARIO: Imagine that you are in a position where you need to move – this could be because of a change in job, a need to modify your living
arrangements, or something else. In addition to searching for different housing, you want to begin saving for a specific financial goal.
You will use the Assignment Template (an Excel file) to create a budget that satisfies the scenario. You’ll also answer reflection questions related to your
goals.
ASSIGNMENT: This assignment has two parts. In part 1, you will create a financial plan based on the scenario described above. You’ll use your
productivity skills to organize your plan, and you’ll use your problem solving skills to determine a reasonable rate of savings to reach your goals. Finally,
you’ll apply your technology skills to ensure that your budget is balanced, and expenditures (like housing) don’t exceed your employment income.
In part 2, you will answer reflection questions about the decisions you made and the skills you leveraged while building your plan.
For this assignment, you will:
Create a budget for a financial plan using Microsoft Excel, ensuring that the information is organized, accurate, and complete.
Identify a personal savings goal and a time frame for reaching it.
Explain how your choice of housing will help you achieve your personal savings goal.
Align your expenditures to support your goal.
Reflect on how creating a step-by-step and organized approach to the assignment helps you adjust the financial priorities in your plan.
Download the Excel template below, which further breaks down the steps involved in this assignment. You will return the completed template as your
Touchstone submission.
! Assignment Template
In order to foster learning and growth, all work you submit must be newly written specifically for this course. Any plagiarized or recycled work will
result in a Plagiarism Detected alert. Review Touchstones: Academic Integrity Guidelines for more about plagiarism and the Plagiarism Detected alert.
For guidance on the use of generative AI technology, review Ethical Standards and Appropriate Use of AI.
A. Assignment Guidelines
DIRECTIONS: Refer to the lists below throughout the writing process. Do not submit your Touchstone until it meets these guidelines.
1. Creating a Financial Plan
❒ Have you populated the table cells for income, savings, housing, and other expenditures?
❒ Have you selected a rate of savings that is realistic in terms of achieving your financial goal?
❒ Have you verified that the sum of your expenditures (including savings) equals your employment income?
❒ Have you verified that the percent column for the expenditures totals 100%?
2. Reflection Questions
❒ Have you directly answered each question that was asked?
❒ Have you provided sufficient evidence to support each of your answers?
❒ Have you made clear and logical connections between your conclusions and the data used in the annual budget?
❒ Have you referred to the skills in this course, if required by the prompt?
❒ Have you included sufficient detail in your answers?
B. Rubric
Advanced (100%)
Proficient (85%)
Acceptable (75%)
Needs
Improvement
(50%)
Non-Performance
(0%)
Annual budget includes
income, housing, and a
savings rate. The savings
rate is calculated correctly
based on one of the given
financial goals and the
chosen time frame. Goal has
been described clearly.
Annual budget includes
income, housing, and a
savings rate. The savings
rate is calculated correctly
based on one of the given
financial goals and the
chosen time frame. Goal
could use more description.
Annual budget includes
income, housing, and a
savings rate but the values
do not match what was
given. The savings rate is
calculated correctly based on
the chosen goal and time
frame. Goal was described.
Annual budget includes
information for income and
housing, but the values do
not match what was given.
The savings rate is calculated
incorrectly based on the
given financial goals, but still
usable for the activity.
Annual budget is missing
information for income and
housing, and the savings rate is
calculated incorrectly based on
the given financial goals. Goal
was not described at all.
All expenditure cells are
populated, all formulas were
used correctly, income
equals expenditure totals,
and all the percentages are
populated and accurate.
Most expenditure cells are
populated, formulas were
used correctly, income
equals expenditure totals,
and the percentages are
populated and mostly
accurate.
Most expenditure cells are
populated, some formulas
were used correctly, income
nearly equals expenditure
totals, and the percentages
are populated and mostly
accurate.
Some expenditure cells are
populated, formulas were
used incorrectly, income does
not equal expenditure totals,
and the percentages are
populated but some are
inaccurate.
Not many expenditure cells are
populated, formulas were not
used, income does not equal
expenditure totals, and the
percentages are largely
missing.
Clearly describes why the
selected time frame is
realistic, tightly aligning the
Describe why your
rationale to the original goal
selected time frame to
and the savings rate.
reach the savings goal is
Accurately compares
realistic. (75 words or less) savings to other
expenditures.
Mostly describes why the
selected time frame is
realistic, aligning the
rationale to the original goal
and the savings rate.
Compares savings to other
expenditures.
Mostly describes why the
selected time frame is
realistic, loosely aligning the
rationale to the original goal
and the savings rate.
Somewhat compares savings
to other expenditures.
Inaccurately describes why
the selected time frame is
realistic, loosely aligning the
rationale to the original goal
and the savings rate. Does
not discuss the savings rate
or any other annual
expenditures.
Does not describe why the
selected time frame is realistic
and does not give any rationale
as evidence. Does not discuss
the savings rate or any other
annual expenditures.
Clearly explains the housing
choice, tightly aligning the
rationale to the savings goal,
family goals, and quality of
life. Accurately compares
housing costs to other
expenditures.
Mostly explains the housing
choice, aligning the rationale
to the savings goal, family
goals, and quality of life.
Compares housing costs to
other expenditures.
Mostly explains the housing
choice, loosely aligning the
rationale to the savings goal,
family goals, and quality of
life. Compares housing costs
to other expenditures.
Loosely explains the housing
choice, but does not align the
rationale to the savings goal,
family goals, or quality of life.
Inaccurately compares
housing costs to other
expenditures.
Does not clearly explain the
housing choice and does not
give any rationale as evidence.
References to the savings goal,
family goals, and quality of life
are incoherent. Does not
compare housing costs to other
expenditures.
Clearly describes the
iterative process for
populating the savings rate
and other expenditures
based on embedded,
accurate formulas.
Mostly describes the
iterative process for
populating the savings rate
and other expenditures
based on embedded,
accurate formulas.
Mostly describes the process
for populating the savings
rate and other expenditures.
Leaves out some important
technical details.
Loosely describes the
process for populating the
savings rate and other
expenditures. Leaves out
many important technical
details.
Describes an invalid process for
populating the savings rate and
other expenditures. Provides
no technical details.
Provides vivid examples of
how the finished budget
aligns to the original
productivity plan and gives
strong reasons for taking an
iterative approach.
References to course
content are thorough and on
point.
Provides vivid examples of
how the finished budget
aligns to the original
productivity plan and gives
acceptable reasons for
taking an iterative approach.
References to course
content are acceptable.
Provides acceptable
examples of how the finished
budget aligns to the original
productivity plan but gives
weak reasons for taking an
iterative approach.
References to course content
need improvement.
Provides acceptable
examples of how the finished
budget aligns to the original
productivity plan but gives
weak reasons for taking an
iterative approach.
References to course content
are incoherent.
Provides weak examples of
how the finished budget aligns
to the original productivity plan.
Gives no supporting evidence
for the chosen approach.
References to course content
are missing.
Setting Up the Budget
(P1S2-P1S5) (10 points)
Enter values in the annual
budget for income,
housing, and required
savings rate based on the
chosen savings goal.
Expenditures and
Formulas (P1S6, P1S7)
(10 points)
Enter all expenditures in
the annual budget, use
formulas to balance
expenditures with income,
and use formulas to
compute the percentages.
Selecting a Savings
Rate (P2Q1) (10 points)
Choosing a Housing
Option (P2Q2) (5
points)
Explain your housing
choice in terms of the
savings goal, your family
situation, desired quality
of life, and trade-offs. (75
words or less)
Detailing Expenditures
(P2Q3) (5 points)
Communicate your
process for populating the
annual budget with
expenditures, and relate
the steps you took to
reach your selected
savings goal. (75 words or
less)
Applying Productivity
Strategies (P2Q4) (10
points)
Compare your finished
budget to your original
productivity plan, give
reasons for taking a stepby-step approach, and
relate strategies used
back to the course
content. (150 words or
less)
C. Requirements
The following requirements must be met for your submission to be graded:
Abide by the word count limits where applicable. No answer should exceed 150 words.
Use a readable 11-point font.
All writing and data entries must be appropriate for an academic context.
Writing must be original and customized for this assignment.
Plagiarism of any kind is strictly prohibited.
Submission must include your name and the date.
Include all the assignment components in a single file.
Acceptable file formats include .xls and .xlsx.
D. Additional Resources
The following resources will be helpful to you as you work on this assignment:
Spreadsheet Basics
Computing with Spreadsheets
Data Visualization
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ECON1010 Taking Charge of Your Economic Future
Unit 2 Touchstone Template
Income
Expenditure
ANNUAL BUDGET
Amount
$50,000
Housing
Food
Transportation
Education
Utilities
Taxes
Health Care
Family Care
Miscellaneous
Savings
Total
Name:
Date:
Note:
To increase the height of a row, hover over the b
the far left margin until your cursor becomes and
and drag the bottom border to the desired row h
you can use the shortcut Ctrl + Z to undo it.
Percent
100%
Savings Goal:
PART 1: CREATING A PERSONAL FINANCIAL PLAN
SCENARIO: Imagine that you are in a position where you need to move—this could be because of a change in job, a need to m
arrangements, or something else. In addition to searching for different housing, you want to begin saving for a specific financ
STEP 1: Think about the productivity strategies you’ve learned in this course. Make a mental plan for how you will break dow
into smaller steps. Think about ways you can stay organized and be productive. With your ideas in mind, move on to step 2.
STEP 2: Choose an annual income as a starting point for your financial plan and insert the value in the ANNUAL BUDGET abov
• Use the provided annual income of $50,000.
• Use your current annual income.
• Use the average (or median) income of a career that you’re interested in. Consider doing a quick online search.
STEP 3: Choose a financial goal you would like to save for. It can be a short-term goal (1 to 2 years) or a long-term goal (more
value in step 4. Select from the following:
• Create an emergency fund of $1,000.
• Save for a vacation that will cost $2,000.
• Save to buy a $15,000 vehicle.
• Save for a down payment of $40,000 to buy a house.
• Save $50,000 for education for you, a spouse, or a child.
STEP 4: Now set a realistic time frame (in years) for reaching the goal in step 3. The recommended range is one to 10 years. T
of savings:
• To understand your savings rate ($ per year), divide your financial goal by the number of years you plan to save for it.
• Enter the result in the Savings cell of the ANNUAL BUDGET.
• Briefly describe your overall savings goal and the time to achieve it next to the ANNUAL BUDGET in the space provided.
STEP 5: Choose a housing cost (rent or mortgage) and enter the amount in the Housing cell of the ANNUAL BUDGET. Select fr
• Pay an annual mortgage of $15,000 per year.
• Rent an apartment for $12,000 per year.
• Rent a room only for $9,000 per year.
• Use your current annual rent or mortgage.
STEP 6: Fill in the other expenditure amounts in the ANNUAL BUDGET according to your preferences. Do some online researc
exercise, be sure to use all the income that you designated ($50,000 or otherwise). Look ahead to step 7 to see how you can
balance your budget as you work.
STEP 7: Your ANNUAL BUDGET may or may not be balanced. To check, do the following:
• Enter a formula to calculate your total expenditures. Adjust your expenditures until the total equals your annual income.
• Next, enter formulas in the percent column to calculate each expenditure as a percentage of the total expenditure.
• Finally, using your ANNUAL BUDGET as a reference, complete the REFLECTION QUESTIONS on the right side of this spreads
Sophia Learning, LLC. Copyright © 2021. All rights reserved.
of a row, hover over the bottom border of that row in
l your cursor becomes and up-down arrow. Then click
order to the desired row height. If you make an error,
ut Ctrl + Z to undo it.
PLAN
a change in job, a need to modify your living
saving for a specific financial goal.
PART 2: REFLEC
QUESTION 1. In step 4, you selected a time frame to achieve your
savings goal. How can you tell that the time frame you chose is
realistic? Explain.
or how you will break down creating your financial plan
mind, move on to step 2.
QUESTION 2. In step 5, you selected a housing option. Explain the
reasons for your housing choice in terms of the following:
• The time frame needed to achieve your savings goal
• Your family’s anticipated living arrangements
• Your desired quality of life
• Any trade-off decisions
• Other
the ANNUAL BUDGET above. Select from the following:
QUESTION 3. In step 6, you entered more annual expenditures into
the budget.
A. What process did you use to make those choices?
B. How do your expenditures align with the financial goal you
selected?
k online search.
) or a long-term goal (more than 2 years). You’ll use this
QUESTION 4. In step 1, you thought about productivity strategies
that you might use to break your annual budget into smaller steps
for staying organized and productive.
A. How closely did you follow the plan that you thought about?
B. How does a step-by-step and organized approach help you
adjust priorities in a financial plan?
C. How did creating the annual budget draw from productivity
strategies that you learned in this course?
range is one to 10 years. This will yield a required rate
ou plan to save for it.
T in the space provided.
ANNUAL BUDGET. Select from the following:
es. Do some online research, if necessary. For this
step 7 to see how you can use formulas to help you
uals your annual income.
e total expenditure.
he right side of this spreadsheet.
PART 2: REFLECTION QUESTIONS
ed a time frame to achieve your Your Answer (75 words or less):
t the time frame you chose is
ed a housing option. Explain the
terms of the following:
eve your savings goal
arrangements
Your Answer (75 words or less):
ed more annual expenditures into Your Answer (75 words or less):
ake those choices?
n with the financial goal you
A.
B.
ht about productivity strategies
annual budget into smaller steps
ive.
Your Answer (150 words or less):
plan that you thought about?
rganized approach help you
?
udget draw from productivity
course?
B.
A.
C.
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