Personal Finance

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cf_week_7_excel_template.xlsx
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Week 7 Assignment

ECO1100: Week 7 Assignment Color Coding
=Edit these cells
Do not edit =These info will populate
Month 1 Budget Month 2 Budget Month 3 Budget Financial Goal Savings Progress
Dollars Percent Dollars Percent Dollars Percent Savings Overall Savings Amount Remaining to Save
Income Income $ - 0 - Income $ - 0 Month 1 0
Expenditures Expenditures Expenditures Month 2 0
Housing Housing Housing Month 3 0
Food Food Food
Utilities Utilities Utilities
Transportation Transportation Transportation $ 325
Taxes Taxes Taxes
Debt Payment or Savings Debt Payment or Savings Debt Payment or Savings
Soc.Security, Personal Ins., 401k Soc.Security, Personal Ins., 401k Soc.Security, Personal Ins., 401k
Health Care Health Care $ 400 Health Care
Entertainment Entertainment Entertainment
Apparel Apparel Apparel
Miscellaneous Miscellaneous Miscellaneous
Personnel care Personnel care Personnel care
Moving Expense
Brian Hagen: User: Think about your housing plan from Assignment 2. You may only have moving expenses in Month 1, but not all months.
Brian Hagen: User: Remember, if you chose to rent your old home that you should be adding the monthly rental income to your income from your new job. 		Moving Expense Moving Expense
Total Total Total
Week 7 Assignment Instructions:
In this assignment, you will make three monthly budgets. Your income increases each month using embedded formulas, as shown in the tables above. Additionally, in months 2 and 3 some cells have been filled in with a formula to represent an unexpected expense in that expenditure category for the month. You will need to reallocate your budget around these expenses.
1. Fill in Month 1 Budget based on your annual budget from Week 5 assignment. Remember, that the Week 5 assignment was looking at your annual budget. So, to get the number for your monthly budget you will need to divide by 12.
2. Notice that your Income for Month 2 and Month 3 have been auto-calculated. Use these Income numbers to plan your budgets in these months. Also, as noted in the instructions, notice that your Health Care costs for Month 2 and your Transportation costs for Month 3 have auto-calculated. Do not change these numbers. You will need to plan around them.
3. For Month 2 and Month 3, fill in the cells for each category for how you are choosing to allocate your income in each of Month 2 and Month 3.
4. Use formulas to calculate the sum for your total in the Dollars columns, as well as fill in the Percent columns for each monthly budget.
5. Now produce a graphic for each of these three budgets to show the spending allocation. You could use a pie chart, bar chart, or other graphic from Excel. You will end up with three graphics, one for each month. Each graphic should show how you have allocated your income among the various categories.
6. Complete the Financial Goals Savings Progress table by entering in the Savings amount from each of your three monthly budgets. Use a formula to calculate how much you have left to save using the dollar amount of your chosen savings goal from the Week 5 assignment.
7. Create a graphic that shows your progress toward your savings goal based on the information you input into the “Financial Goal Savings Progress Table.” Select the type of graphic that you think would best illustrate your progress.
8. Put the graphics in the space below on this spreadsheet.