PersonalPlan-Instructions-Fall

PersonalPlan-Instructions-Fall - each category[in other...

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ASSIGNMENT: PERSONAL PLAN / Fall 2011 To tie together the material in this class, for 6% of your grade I require you to do the following exercise over the course of the semester: a) For a full month, keep detailed track of all your expenses using the notebook that came with your textbook or some other notebook. At the end of the month, summarize the expenses into major categories. b) Create your personal financial statements: an income statement for the month of September, and a balance sheet as of September 30. c) Set up a personal budget for the next 12 months. d) Formulate a personal financial goal or plan. Be as specific as you can. You choose the time horizon and scope. e) No later than Wednesday, November 17 : write up a short report on what you have done. The report should include: 1) A statement that you tracked your expenses during the month of September as requested; 2) A listing of the top 3 expense categories, with the % of monthly expenses for
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Unformatted text preview: each category; [in other words, I do not need dollar amounts!] 3) A statement that you have created your financial statements. Tell me: total expenses as a % of total income, and liabilities as a % of assets. Does your balance sheet show positive or negative net worth? 4) A statement that you have set up a budget for the next 12 months. 5) Tell me what your goal or plan is, and how you plan to achieve it. Please send me your report as a Word document attached to an email. A template for the report has been posted with these instructions. NOTE: the sample worksheets I have provided for monthly budgets and financial statements should be helpful to you. The “monthly budget” can be used to create the income statement for June, as well as your monthly budget for the next 12 months; it should give you some ideas of possible categories for classifying your expenses. The “financial statement” is an example of a balance sheet. Sven Thommesen...
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