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Personal Budget Project: Consolidate Work and Create "What If" Scenarios

Learn How to Consolidate Work into a Single File

Personal budget project: Consolidate your work from the past three weeks into a single file and add two "what if" scenarios. This project submission is worth marks - you will not be provided with comments for improvement. A "what if" scenario analyses situations which might arise to cause deviations to your future Balance Sheet. Support each "what if" analysis with written assumptions and detailed computations. What might happen differently from what you've already projected? The first "what if" scenario is a better than expected scenario - what would it take for this scenario to come true? The second "what if" is a worse than expected scenario - what would it take for this scenario to come true? Create a new budget and future projected balance sheet based on each "what if" scenario. This project is worth 100 marks. 24 marks each from the material you prepared in Weeks 1, 2, 3 and 28 marks from this week. ALL parts of the Personal Budget Project must be submitted as a single file. To make marking easy, please use Tabs with the following names in your spreadsheet. On any tab, you may copy in images from budget software and text from Word. Goal BalSheet-Current BalSheet-Future ActualCashFlows 1-MonthBudget 12-MonthBudget WhatIf#1 WhatIf#2 Short form rubric is: Writing Mechanics: 4, 3, 2, 1 or 0 Overall Presentation: 4, 3, 2, 1 or 0 Two Scenarios Included: 4, 3, 2, 1 or 0 Assumptions Clear: 4, 3, 2, 1 or 0 Goal Supported by Assumptions: 4, 3, 2, 1 or 0 Overall Quantitative Reasoning: 4, 3, 2, 1 or 0 Consistency of All Parts: 4, 3, 2, 1 or 0 Choose ONE financial goal for yourself extending beyond the end of the semester. 1.Write a S.M.A.R.T. Goal: Briefly describe it in 50 words or less using a S.M.A.R.T. format. Popular times for goal setting include: at graduation, after you've been working one year, when you reach a certain age, etc. The choice is yours. Depending upon the source, S.M.A.R.T. refers to: S: Specific M: Measurable A: Attainable / Achievable R: Realistic / Relevant T: Timely / Time-Bound / Time-Based / Time-Oriented. Use whatever source you find to learn about S.M.A.R.T. goals. An SFU source is: Links to an external site. 2. Value Your Assets and Liabilities to Create a Balance Sheet: A personal balance sheet is a summary of your assets (what you own), your liabilities (what you owe), and your net worth. Net worth is calculated as assets minus liabilities. Create your personal balance sheet in any format you like using any software. It is yours to keep, so make it how you like it. As you consider what you own, one valuation method is to determine how much you'd sell the item for on craigslist. As you consider what you owe, include total amounts of items such as loans. Previously, you wrote at least one goal. Consider how achieving this goal will be reflected on your future balance sheet. Forecast this future balance sheet by preparing a second Balance Sheet that incorporates the goal you wrote previously. If it is impossible to link the two, choose a different goal and incorporate. 3. Detail Your Cash Flow to Create a Cash Flow Statement and Budget: Your layout is your choice and please customize as needed for your financial situation. Be sure to include: actual cash flow for the period you've been tracking, a one-month forecast, and a one-year forecast. Detail all of your assumptions as you create these forecasted budgets. Detailed rubric below, short form is: Writing Mechanics: 4, 3, 2, 1 or 0 Actual Cash Flow Included Since Started Tracking: 4, 3, 2, 1 or 0 (This could be one, two, or up to three weeks depending upon when you started) Cash Flows Forecasted for One Month: 4, 3, 2, 1 or 0 Cash Flow Forecasted for One Year: 4, 3, 2, 1 or 0 Overall Presentation and Consistency: 4, 3, 2, 1 or 0 Overall Quantitative Reasoning: 4, 3, 2, 1 or 0

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