Personal Finance

assignment
 Student Assignment:
Personal Finance
Each group can choose which project
they want to take:

1. Personal Monthly Budget and

Expense Tracking

OR

2. Personal Financial Goal Setting

1. Personal Monthly Budget
and Expense Tracking
Objective: To develop and apply practical personal finance skills by creating
a monthly budget and tracking expenses.
Step 1: Budget Creation
1.Select one of your group member/ family member as the subject of this
project
2.Determine their monthly income (e.g., salary, other sources of income).
3.Identify and list all monthly expenses. Categories may include
rent/mortgage, utilities, groceries, transportation, entertainment,
insurance, savings, and debt payments.
4.Allocate specific amounts to each expense category based on realistic
estimates. Ensure that total expenses do not exceed total income.
1. Personal Monthly Budget
and Expense Tracking
Step 2: Expense Tracking
5. Over the course of one month (or a predetermined period), diligently track every expense made by your chosen
individual/family. This includes even small purchases, such as coffee or snacks.
6. Use a dedicated spreadsheet, or budgeting app to record each expense promptly. Include the date, item or
service purchased, and the amount spent.

7. Categorize each expense according to the budget categories established in Step 1.

Step 3: Analysis and Reflection

8. At the end of the tracking period, analyze the data you've collected. Calculate the total income and total
expenses for the month.
9. Create a report or presentation summarizing the following:
- A comparison of actual expenses with the budgeted amounts. Identify any discrepancies.
- Any unexpected or irregular expenses that arose during the month.
- Insights into spending habits and areas where adjustments might be needed.
- Reflect on the challenges and lessons learned during the expense tracking process.
1. Personal Monthly Budget
and Expense Tracking
Step 4: Recommendations and Adjustments
10. Based on your analysis, make recommendations for improving financial management. Discuss strategies for
reducing expenses, increasing savings, or optimizing the budget.
11. Suggest any adjustments to the budget for the following month, taking into account the insights gained from the
tracking process.
Submission Requirements:
12. Prepare a well-structured report and presentation that includes all the information outlined in Steps 8-11.
13. Include charts, graphs, or tables to illustrate key findings and comparisons.
14. Be sure to provide clear explanations and reasoning for your recommendations and adjustments.
Grading Criteria
15. Your project will be evaluated based on the following criteria:
- Accuracy and completeness of the budget creation.
- Thoroughness and accuracy of expense tracking.
- Quality of the analysis and reflection.
- Clarity and feasibility of recommendations and adjustments.
- Overall presentation and organization of the report or presentation.
1. Personal Monthly Budget
and Expense Tracking
Grading Criteria:
15. Your project will be evaluated based on the following criteria:
- Accuracy and completeness of the budget creation.
- Thoroughness and accuracy of expense tracking.
- Quality of the analysis and reflection.
- Clarity and feasibility of recommendations and adjustments.

- Overall presentation and organization of the report or presentation.

Submission Deadline: Friday, 8 December 2023, 11:59 PM

What to submit?
- Report in word or pdf format and your presentation video link.
2. Personal Financial Goal
Setting
Objective: To develop the skills necessary to set and plan for both short-term and long-term
financial goals.
Step 1: Identify the Subject
1. Select one of your group member or family as the subject of your project. This
individual or family will be the focus of your financial goal-setting exercise.

Step 2: Setting Financial Goals

2. Have your chosen individual/family identify and set three financial goals: one short-term
(within the next 6-12 months), one intermediate-term (2-5 years), and one long-term (10
years or more). The goals should be specific, measurable, achievable, relevant, and time-
bound (SMART).
3. Each goal should relate to different aspects of personal finance, such as savings, debt
reduction, investments, or major expenses (e.g., buying a house, funding education).
SMART guidelines
1. Specific: This means that the goal should be clear and well-defined. It should answer the questions of "What?"
and "Why?" For instance, instead of a vague goal like "save money," a specific goal could be "save $5,000 for a
down payment on a house by the end of the year." Specific goals help individuals understand exactly what they
are working toward.
2. Measurable: A goal should include criteria that allow you to track your progress and determine when you have
successfully achieved it. Measurable goals answer the question of "How?" In the example above, "saving
$5,000" is a measurable component because you can easily track how much you've saved over time.
3. Achievable: Your goals should be realistic and attainable. They should stretch your abilities and skills but still
remain possible to achieve. In the example, if your current income and expenses make it impossible to save
$5,000 in a year, the goal may not be achievable. It's important to set goals that challenge you but are within
reach.
4. Relevant: Goals should be relevant to your overall objectives and aspirations. They should align with your
values and long-term plans. In personal finance, this means that your financial goals should contribute to your
financial well-being and help you achieve what's most important to you. Make sure your goals make sense in the
context of your life.
5. Time-Bound: This element adds a timeline to your goal. It answers the question of "When?" Setting a specific
timeframe creates a sense of urgency and accountability. In the example, "by the end of the year" sets a clear
deadline for achieving the goal. Without a timeframe, goals can become vague and easily postponed.
2. Personal Financial Goal
Setting
Step 3: Goal Planning
4. For each of the three goals, create a detailed plan that includes the following:
- The total amount needed to achieve the goal.
- A breakdown of how this amount will be achieved (e.g., regular contributions, investments).
- A timeline for reaching the goal.
- Strategies for monitoring progress and making adjustments if necessary.

Step 4: Reflection and Analysis

5. Write a reflective essay or prepare a presentation discussing the following:
- The significance of each goal and how it aligns with the individual/family's financial aspirations.
- The challenges and potential obstacles they may encounter in pursuing these goals.
- The financial strategies and tools (e.g., savings accounts, investment vehicles) that will be used to achieve the
goals.
- How the goals may need to be adjusted over time based on changing circumstances.
2. Personal Financial Goal
Setting
Step 5: Presentation
6. Present your financial goal-setting exercise to the class, highlighting
the key aspects of the goals, the plans, and the reflections.

Submission Requirements:
7. Submit a well-structured report or presentation that includes all the
information outlined in Steps 4-6.
8. If you create a report, it should be organized and clearly written, with
headings for each goal and subheadings for the components of the goal
plans.
9. If you choose to present your exercise orally, prepare visual aids (e.g.,
slides) to support your presentation.
2. Personal Financial Goal
Setting
Grading Criteria:
10. Your project will be evaluated based on the following criteria:
- Clarity and specificity of financial goals.
- Quality and feasibility of goal plans.
- Depth and thoughtfulness of reflections and analysis.
- Quality of the presentation, if applicable.

Submission Deadline: Friday, 8 December 2023, 11:59 PM

What to submit?
- Report in word or pdf format and your presentation video link.
 PAPER FORMAT
1. Page Length: The paper should be a maximum of 4 pages in length, excluding the title page and
references.
2. Font: Use a legible font such as Times New Roman or Arial.
3. Font Size: Use a 12-point font size for the entire paper.
4. Margins: Set standard 1-inch (2.54 cm) margins on all sides of the paper.
5. Line Spacing: Use SINGLE-SPACING (1.0)
6. Alignment: Align the text to the left; justify text.
7. Title Page: Place the title of the paper at the center of the first page, Include your member name,
student ID, course title, course code, and the date of submission below the title.
8. Headings: Use clear and consistent headings for each section of the paper (e.g., "Setting
Financial Goals," "Goal Planning," "Reflection and Analysis," "Conclusion"), Use bold or italics to
distinguish headings from the body text.
9. Paragraphs: Indent the first line of each paragraph by 0.5 inches (1.27 cm).
10. References
- include references, format them according to APA
- Include a separate "References" section at the end of the paper.
11. File Format: Submit the paper in .docx or .pdf
Good luck!