Developing Your Personal Financial Plan

Skill(s) Being Assessed: ProductivityCriteria for Success: In this assignment, you will:Create a budget for a financial plan using Excel to ensure that the financial information is organized, accurate,and complete.Identify a personal savings goal and a time frame for reaching that goal.Explain your choice of housing option in the context of how it will help you achieve your selected financial goal.Align expenditures to reflect your selected financial goal.Reflect on how creating a step-by-step and organized approach to the assignment helped you to adjust yourfinancial priorities and financial plan.What to submit/deliverables: Two completed templates: Assignment 2 Financial Plan Explanation WordTemplate and Assignment 2 Financial Plan Budget Excel Template.What is the value of doing this assignment? We all have financial goals—buying or renting a home, purchasinga car, paying off a loan, or saving up for a vacation. And it can be challenging to figure out exactly how to savetoward these goals, given the numerous expenses of daily living. A financial plan helps you identify how youcan reach your short-term and long-term goals, and leverage planning and organization strategies to makemeaningful, incremental progress toward realizing these goals. This assignment gives you the opportunity toapply what you’ve learned about personal financial planning, productivity strategies, and the use of Excel todevelop a personal financial plan aligned to your financial goals.Your goal for this assignment is to: Build your productivity skill by creating a plan for reaching a specificfinancial goal within an identified time frame. You will use productivity strategies to break financial planning intomanageable, organized steps, and you will use Excel to develop a realistic plan that is aligned to your financialgoal and considers economic drivers, requirements, and resources.Steps to complete: In Week 7, submit your assignment in BlackBoard by following these steps:STEP 1:Review the following scenario for this assignment. Additionally, review the Assignment 2 FinancialPlan Explanation Word Template and Assignment 2 Financial Plan Budget Excel Template.Context: : Imagine that you are in a position where you need to move – this could be because of a change injob or dissatisfaction with your current living arrangement, or something else entirely. Besides needing to finddifferent housing, you also want to begin saving for a specific financial goal.Scenario: Imagine that you are in a position where you need to move—this could be because of a change injob, dissatisfaction with your current living arrangement, or something else entirely. Besides needing to finddifferent housing, you also want to begin saving for a specific financial goal.You will use the Assignment 2 Financial Plan Budget Excel Template to create your financial plan and budgettable. You will use the Assignment 2 Financial Plan Explanation Word Template to answer the questionsrelated to your financial goals and plan.STEP 2: Think through the productivity strategies you have learned in your coursework and make a plan forhow you will break down creating your financial plan into smaller steps to help you stay organized and beproductive.STEP 3: Identify an annual income as a starting point for your financial plan and insert the value in the budgettable at the top of the Excel template as needed. Use an annual income value that you feel comfortable usingfor this assignment. You may use one of the following:The sample annual income of $50,000 provided in the templateYour current annual incomeThe average/median income of a career field that you would like to be working in at some point in the future.Check out O*Net or CareerOneStop for more information on income for career fields you are interested in.STEP 4: Identify a financial goal you would like to save towards – this can be a short-term (1-2 years) or longterm (3+ years) goal and determine how quickly you want to save for it (Question 2 in Template).

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Developing Your Personal Financial Plan

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