Personal budget project, Financial Management

15 points)
You need to develop a personal budget. Try to be as realistic as possible. If you are going to school and not working then do some research to find out what salary you will be making when you graduate. If you are working full time you can use your income now or an estimated amount assuming you will be making more money when you graduate.
For Example:
Budget Actual
Gross Monthly Pay

Total est deductions
Net Pay

Rent/Mortgage
Utility – Electric
Utility - Gas
Utility – Water
Cable/Internet
Phone/Cell
.
.
.
Total Expense

Total savings

Take your total savings and multiply by 12 for 12 months. This is your estimated saving (payment) per year. (If you want to do a more elaborate budget you can).

To make this budget useful do this in excel so you can actually use it.
Note: You can do your budget however you want as long as it is clear and understandable to the reader (me) and you.

2. 20 points
Using as many time lines as you need forecast all your projected savings(investments) to get each investments future value. You will have to determine your PV, I/y, N, PMT then calc FV

If you don’t have any idea on the I/y you could use 5 or 6% to be conservative. N depends on your current age and when you think you will retire.

Savings
401k or (403B) whichever you use
IRA’s….
Home Ect…….

3. 15 points
Once you add up all the future values from step 2 above, and do a time line to determine how much you will be able to spend each year assuming you are going to spend all your money. I.e. your future value will be 0. To calculate N, you have to make a lot of assumptions. For example, if you are planning on retiring at age 65 and think (hope) you will life until you are 90 (25 years) your N will be 25.




4. 25 points
Once you are completed with the three sections above write a page or two on what you learned from this project. This is open ended but I expect at a minimum of 1 page as a write up.

• APA formatting required for all outside sources.
Posted Date: 11/29/2014 2:41:36 PM | Location :







Related Discussions:- Personal budget project, Assignment Help, Ask Question on Personal budget project, Get Answer, Expert's Help, Personal budget project Discussions

Write discussion on Personal budget project
Your posts are moderated
Related Questions
Weighted average cost of capital of Firm: Use the following information to answer the questions. Security Beta Expected retur

As of November 1, 1999, the exchange rate in between the Brazilian real and U.S. dollar is R$1.95/$. The agreement forecast for the U.S. and Brazil inflation rates for the next 1-y

While poverty reduction has become the main goal of development efforts, there is an on-going and sometimes heated debate about the elements that would be at the center of any sens

Q. Methods of easing cash shortages? There are several techniques which can potentially offset the effects of cash shortages. In the long-term nevertheless the adequacy of cash

It is the number that tells how many common stocks (or preference stocks) will the bondholder receive at the time of conversion. It is usually constant over

What impact does high inflation have on the value of a business? Besides causing distortion (as it unequally affects all goods and services), inflation enhances the uncertainty

What is the Scope of IFRS 8 IFRS 8 applies to organisations who: Equity or debt instruments are traded in a public market (stock market) Is in the process of obtai

When a manager measures the interest rate exposure, he would be interested in analyzing the exposure to a set of changing interest rate. The process of r

2.5. Västerås Corporation plans to buy a truck for $40,000 and depreciate it fully over 5 years using straight-line method of depreciation. However, it plans to use it for 8 years

Q. Show the Motives of Maintaining Receivables? Motives of Maintaining Receivables :- (i) Sales Growth Motives: - The major objectives of credit sales are to increase the to