WEEK 7 CHFD 360 BUDGET PLANNING.docx

Assignment 3: Budget Planning Case Study Using this Workbook

This Excel workbook has three additional sheets you will work in: Family Details, Budget Sheet, Reflection questions and Research Links. To change sheets, locate these sheet names in the lower left corner and click on the desired sheet name. To enter information, click on the desired cell (box) that you would like to type and then begin typing. You can use the tab key and the arrow keys on your keyboard to easily move between cells.

Directions

Access the Family Details sheet of the workbook and identify a family scenario to work with. Use your own as an example or create one. Be prepared with the family name, jobs, income, etc. Access the Budget Sheet of the workbook and enter the requested financial details. Use the information from your Family Details sheet where requested. Fill in the remaining blanks on the form based on what you think the information would be based on your research. Enter your references on the Research links sheet of the workbook. Access the Reflection Questions sheet of the workbook and answer the questions in the space provided.

Family Details Where does the family live?

Type of home

How many adults are in the family? For each adult, enter the following information

Adult 1 Name Adult 2 Name Adult 1 Role Mother Adult 2 Role

Adult 1 Career Adult 2 Career Adult 1 Age Adult 2 Age

Adult 3 Name Adult 4 Name Adult 3 Role Adult 4 Role

Adult 3 Career Adult 4 Career Adult 3 Age Adult 4 Age

How many childern are in the family? For each child, enter the following information:

Child 1 Name Child 2 Name Child 1 Age Child 2 Age

Child 1 Activities Child 2 Activities Child 3 Name Child 4 Name

Child 3 Age Child 4 Age Child 3 Activities Child 4 Activities

Child 5 Name Child 6 Name Child 5 Age Child 6 Age

Child 5 Activities Child 6 Activities

How many, if any, additional forms of income are there?

Identify the family member and what it's for Additional Income 1 Additional Income 2

Associated Family Member Associated Family Member Additional Income 3 Additional Income 4

Associated Family Member Associated Family Member

Items that require fixed monthly payments List all of the items that have recurring payments

Item 1 Item 6 Item 2 Item 7 Item 3 Item 8 Item 4 Item 9 Item 5 Item 10

How many pets are in the family? For each pet, enter the following information:

Pet 1 Name Pet 2 Name Pet 1 Age Pet 2 Age

Pet 1 Kind/Type Pet 2 Kind/Type

Pet 3 Name Pet 4 Name Pet 3 Age Pet 4 Age

Pet 3 Kind/Type Pet 4 Kind/Type Pet 5 Name Pet 6 Name

Pet 5 Age Pet 6 Age Pet 5 Kind/Type Pet 6 Kind/Type

Family Budget Sheet

Current Assets Current Debt Home value Credit Debt mortgages Other Real Estate auto loans

Total Real Estate Assets $- credit cards other

Automobile Values Total Credit Debt $-

Total Auto Assets $-

Savings Liquid Pension/Retirement

Total Savings $-

Annual Incomes Before Taxes Adult 1 Adult 2 Adult 3 or child support

Total Annual Income Before Taxes $-

Monthly Incomes Before Taxes $- Adult 1 $- Adult 2 $- Adult 3 or child support

Total Monthly Income Before Taxes $-

Monthly Income After Taxes

mortgages auto loans credit cards other

Adult 1 Adult 2 Adult 3 Government assistance

Total Spendable Monthly Income $-

Monthly Expenses Insurances Health/Medical Life Home/Rental Automobile Health insurance deductible Other: Other:

Total Insurances $-

Soft Goods Food Hygiene Clothing Small incidentals Other

Total Soft Goods $-

Home Expenses Mortgage/Rent Up-keep Taxes Electricity Gas Telephone Cell phone

Garbage/Water/Sewer Lawn Care Cleaning Services Fees-home owner dues Cable Internet Other: Other: Total Home Expenses $-

Entertainment Expenses Dining Out Movies/Theater Club memberships Travel Sporting Events Other: Other: Total Entertainment $-

Automobile Expenses Vehicle 1 payment Vehicle 2 payment Vehicle 3 payment Maintenance & Repairs Gasoline Tax/license fees Total Automobile Expenses $-

Miscellaneous Expenses: Credit card & Short term loans Other Education (books and tuition) Veterinarian

Beauty expenses Gifts Contributions Pets Other: Other: Total Miscellaneous $-

Total Anticipated Expenses $-

Flex $- Monthly Savings Contributions Liquid Retirement Other: Other: Other: Total Savings per Month $-

Unallocated Money $-

.

Reflection Questions

Based on what you’ve learned this week, and personal experience if it applies, please answer the following questions: Question 1: What is your strategy for saving? Enter Answer Here

Question 2: If you had to make changes, looking at your budget, where could you make them? Enter Answer Here

Question 3: How would you handle a large, unexpected expense? Enter Answer Here

Question 4: If a friend or family member was struggling financially and not using a budget, based on what you've learned in the course, what techniques and/or strategies would you suggest? Enter Answer Here

References Item Supported Adult #1 Salary (example line)

Reference Med Tech Salary.com

DO NOT USE OR EDIT THIS SHEET Family Roles Family Members Type your Own Type your Own Mother (divorced from Father and remarried) 0 Father 0 Father (divorced from Mother and remarried) 0 Mother (divorced from Father and remarried) 0 Wife's Mother 0 Wife's Father 0 Husband's Mother 0 Husband's Father 0 Husband 0 Wife 0 Partner Son Daughter

Note to Developer, see Instructor Only Section for Workbook password if edits are needed.

Additional Incomes Type of Home Type your own Type your Own Alimony Apartment Child Support Condo Social Security Mobile Home Stocks/Bonds Travel Travel Real Estate/Rentals Homeless/Shelter 2nd Job

Assignment 3: Budget Planning Case Study Using this Workbook

This Excel workbook has three additional sheets you will work in: Family Details, Budget Sheet, Reflection questions and Research Links. To change sheets, locate these sheet names in the lower left corner and click on the desired sheet name. To enter information, click on the desired cell (box) that you would like to type and then begin typing. You can use the tab key and the arrow keys on your keyboard to easily move between cells.

Directions

Access the Family Details sheet of the workbook and identify a family scenario to work with. Use your own as an example or create one. Be prepared with the family name, jobs, income, etc. Access the Budget Sheet of the workbook and enter the requested financial details. Use the information from your Family Details sheet where requested. Fill in the remaining blanks on the form based on what you think the information would be based on your research. Enter your references on the Research links sheet of the workbook. Access the Reflection Questions sheet of the workbook and answer the questions in the space provided.

Family Details Where does the family live?

Type of home

How many adults are in the family? For each adult, enter the following information

Adult 1 Name Adult 2 Name Adult 1 Role Mother Adult 2 Role

Adult 1 Career Adult 2 Career Adult 1 Age Adult 2 Age

Adult 3 Name Adult 4 Name Adult 3 Role Adult 4 Role

Adult 3 Career Adult 4 Career Adult 3 Age Adult 4 Age

How many childern are in the family? For each child, enter the following information:

Child 1 Name Child 2 Name Child 1 Age Child 2 Age

Child 1 Activities Child 2 Activities Child 3 Name Child 4 Name

Child 3 Age Child 4 Age Child 3 Activities Child 4 Activities

Child 5 Name Child 6 Name Child 5 Age Child 6 Age

Child 5 Activities Child 6 Activities

How many, if any, additional forms of income are there?

Identify the family member and what it's for Additional Income 1 Additional Income 2

Associated Family Member Associated Family Member Additional Income 3 Additional Income 4

Associated Family Member Associated Family Member

Items that require fixed monthly payments List all of the items that have recurring payments

Item 1 Item 6 Item 2 Item 7 Item 3 Item 8 Item 4 Item 9 Item 5 Item 10

How many pets are in the family? For each pet, enter the following information:

Pet 1 Name Pet 2 Name Pet 1 Age Pet 2 Age

Pet 1 Kind/Type Pet 2 Kind/Type

Pet 3 Name Pet 4 Name Pet 3 Age Pet 4 Age

Pet 3 Kind/Type Pet 4 Kind/Type Pet 5 Name Pet 6 Name

Pet 5 Age Pet 6 Age Pet 5 Kind/Type Pet 6 Kind/Type

Family Budget Sheet

Current Assets Current Debt Home value Credit Debt mortgages Other Real Estate auto loans

Total Real Estate Assets $- credit cards other

Automobile Values Total Credit Debt $-

Total Auto Assets $-

Savings Liquid Pension/Retirement

Total Savings $-

Annual Incomes Before Taxes Adult 1 Adult 2 Adult 3 or child support

Total Annual Income Before Taxes $-

Monthly Incomes Before Taxes $- Adult 1 $- Adult 2 $- Adult 3 or child support

Total Monthly Income Before Taxes $-

Monthly Income After Taxes

mortgages auto loans credit cards other

Adult 1 Adult 2 Adult 3 Government assistance

Total Spendable Monthly Income $-

Monthly Expenses Insurances Health/Medical Life Home/Rental Automobile Health insurance deductible Other: Other:

Total Insurances $-

Soft Goods Food Hygiene Clothing Small incidentals Other

Total Soft Goods $-

Home Expenses Mortgage/Rent Up-keep Taxes Electricity Gas Telephone Cell phone

Garbage/Water/Sewer Lawn Care Cleaning Services Fees-home owner dues Cable Internet Other: Other: Total Home Expenses $-

Entertainment Expenses Dining Out Movies/Theater Club memberships Travel Sporting Events Other: Other: Total Entertainment $-

Automobile Expenses Vehicle 1 payment Vehicle 2 payment Vehicle 3 payment Maintenance & Repairs Gasoline Tax/license fees Total Automobile Expenses $-

Miscellaneous Expenses: Credit card & Short term loans Other Education (books and tuition) Veterinarian

Beauty expenses Gifts Contributions Pets Other: Other: Total Miscellaneous $-

Total Anticipated Expenses $-

Flex $- Monthly Savings Contributions Liquid Retirement Other: Other: Other: Total Savings per Month $-

Unallocated Money $-

.

Reflection Questions

Based on what you’ve learned this week, and personal experience if it applies, please answer the following questions: Question 1: What is your strategy for saving? Enter Answer Here

Question 2: If you had to make changes, looking at your budget, where could you make them? Enter Answer Here

Question 3: How would you handle a large, unexpected expense? Enter Answer Here

Question 4: If a friend or family member was struggling financially and not using a budget, based on what you've learned in the course, what techniques and/or strategies would you suggest? Enter Answer Here

References Item Supported Adult #1 Salary (example line)

Reference Med Tech Salary.com

DO NOT USE OR EDIT THIS SHEET Family Roles Family Members Type your Own Type your Own Mother (divorced from Father and remarried) 0 Father 0 Father (divorced from Mother and remarried) 0 Mother (divorced from Father and remarried) 0 Wife's Mother 0 Wife's Father 0 Husband's Mother 0 Husband's Father 0 Husband 0 Wife 0 Partner Son Daughter

Note to Developer, see Instructor Only Section for Workbook password if edits are needed.

Additional Incomes Type of Home Type your own Type your Own Alimony Apartment Child Support Condo Social Security Mobile Home Stocks/Bonds Travel Travel Real Estate/Rentals Homeless/Shelter 2nd Job