Reference no: EM13971793
1. Create a simple household budget, including all income and expenses. There are various templates available online to help you do this. Find one that you feel comfortable with and that fits your needs to complete this activity.
2. Were you surprised by anything when you created the budget? Do you think you will use it and follow it?
3. How might a career change (perhaps into the field you researched for the discussion forum) and further education affect your budget?
Personal Savings Strategies
Part I: Identify all the lazy dollars in your financial life. Identify source, amount and what action might be indicated.
Part II. Develop a personal and household savings plan. What savings strategies will you use to improve your financial situation? Explain why you chose each strategy instead of others that you did not choose. How much will you save each month? How much interest will you earn and how much will you have saved in 5 years, 10 years, and 20 years?
Personal Debt Management
Develop a plan for managing your debt. How many sources of debt do you current have, and what are the balances owed on each? What specific behavioral steps do you personally need to take to match your debt aspirations with your debt reality? How will you practically implement these steps?
Tax Brackets and Deductions
Conduct online research for federal income tax brackets for the current year. Which tax bracket do you fit into for your gross household income? How close is your gross household income to the next lowest tax bracket? Create a list of possible deductions for your household. Are you able to reduce your taxable income enough to place you in the next lowest tax bracket? If not, what are some steps you could take to do so (this year or next year)?
Personal Investment Strategies
Develop a personal and household investment plan. What investment strategies will you use to improve your financial situation? Explain why you chose each strategy instead of others that you did not choose. How much will you invest each month? Estimate the return on your investment in 5 years, 10 years, and 20 years?
Your Financial Situation and Plans
Reflect on all that you have learned in this course. Summarize your financial situation and plans. Be sure to include plans for budgeting, saving, debt and credit, taxes and insurance, investing, retirement and estate planning. Additionally, describe your future career goals and what steps you need to take reach those goals, including plans to pursue a degree in higher education.