3126 II" e [E' For this assignment, you will: 0 Create a budget for a financial plan using Microsoft Excel, ensuring that the information is organized, accurate, and complete. 0 Identify a personal savings goal and a time frame for reaching it. 0 Explain how your choice of housing will help you achieve your personal savings goal. 0 Align your expenditures to support your goal. 0 Reflect on how creating a stepby step and organized approach to the assignment helps you adjust the financial priorities in your plan. Download the Excel template below, which further breaks down the steps involved in this assignment. You will return the completed template as your Touchstone submission. @ Assignment Template A. Assignment Guidelines DIRECTIONS: Refer to the lists below throughout the writing process. Do not submit your Touchstone until it meets these guidelines. H app.sophia.org 3:26 Detailing Clearly describes the Mostly des Expenditures (P2Q3) iterative process for iterative pi Communicate your populating the savings populating rate and other rate and o process for populating the annual budget with expenditures based on expenditur embedded expenditures, and embedded, accurate relate the steps you formulas. formulas. took to reach your selected savings goal. (75 words or less) Applying Productivity Provides vivid Provides v Strategies (P2Q4) examples of how the examples Compare your finished finished budget aligns finished bu budget to your original to the original to the orig productivity plan and productivit productivity plan, give reasons for taking a gives strong reasons gives acce for taking an iterative reasons fo step-by-step approach, approach. References iterative ap and relate strategies Reference used back to the to course content are course content. (150 thorough and on point. content ar words or less) C. Requirements The following requirements must be met for your submission to be graded: . Abide by the word count limits where applicable. No answer should exceed 150 words. . Use a readable 11-point font. . All writing and data entries must be appropriate for an academic context. . Writing must be original and customized for this assignment. . Plagiarism of any kind is strictly prohibited. . Submission must include your name and the app.sophia.org3:27 productivity plan, give productivity plan and productive reasons for taking a gives strong reasons gives acce step-by-step approach, for taking an iterative reasons fo and relate strategies approach. References iterative at to course content are Reference used back to the course content. (150 thorough and on point. content ar words or less) C. Requirements The following requirements must be met for your submission to be graded: . Abide by the word count limits where applicable. No answer should exceed 150 words. . Use a readable 11-point font. . All writing and data entries must be appropriate for an academic context. . Writing must be original and customized for this assignment. . Plagiarism of any kind is strictly prohibited. . Submission must include your name and the date. . Include all the assignment components in a single file. . Acceptable file formats include .xIs and .xIsx. AA app.sophia.org C3126 II" '5? [E' Touchstone: Creating a Personal Financial Plan SCENARIO: Imagine that you are In a position where you need to move this could be because ofa change injob, a need to modify your living arrangements, or something else. In addition to searching for different housing, you want to begin saving for a specific financial goal. You will use the Assignment Temp/ate (an Excel file) to create a budget that satisfies the scenario. You'll also answer reflection questions related to your goals. ASSIGNMENT: This assignment has two parts. In part 1, you will create a financial plan based on the scenario described above. You'll use your productivity skills to organize your plan, and you'll use your problem solving skills to determine a reasonable rate of savings to reach your goals. Finally, you'll apply your technology skills to ensure that your budget is balanced, and expenditures (like housing) don't exceed your employment income. In part 2, you will answer reflection questions about the decisions you made and the skills 8 app.sophia.org .III '2? C} B.Rubc Setting Up the Budget (P1S2-P1S5) Enter values in the annual budget for income, housing, and required savings rate based on the chosen savings goal. Expenditures and Formulas (P156, P157) Enter all expenditures in the annual budget, use formulas to balance expenditures with income, and use formulas to compute the percentages. Selecting a Savings Rate (P2Q1) Describe why your selected time frame to reach the savings goal is realistic. (75 words or less) Choosing a Housing Option (P202) Explain your housing choice in terms of the savings goal, your family situation, desired quality of life, and tradeoffs. (75 words or less) .Advanced \"00%) Annual budget includes income, housing, and a savings rate. The savings rate is calculated correctly based on one of the given financial goals and the chosen time frame. Goal has been described clearly. All expenditure cells are populated, all formulas were used correctly, income equals expenditure totals, and all the percentages are populated and accurate. Clearly describes why the selected time frame is realistic, tightly aligning the rationale to the original goal and the savings rate. Accurately compares savings to other expenditures. Clearly explains the housing choice, tightly aligning the rationale to the savings goal, family goals, and quality of life. Accurately compares housing costs to other expenditures. Proci (85%) Annual but income, hc savings ra' savings ra' calculated based on 1 given finar and the ch frame. Goa more desc Most expe are popule were used income eq expenditur the percer populated accurate. Mostly des the selecte is realistic, rationale t1 goal and ti rate. Comr to other e) Mostly exp housing cl aligning th the saving goals, and life. Comp; costs to ot expenditur H app.sophia.org 3:26 A. Assignment Guidelines DIRECTIONS: Refer to the lists below throughout the writing process. Do not submit your Touchstone until it meets these guidelines. 1. Creating a Financial Plan Have you populated the table cells for income, savings, housing, and other expenditures? Have you selected a rate of savings that is realistic in terms of achieving your financial goal? Have you verified that the sum of your expenditures (including savings) equals your employment income? Have you verified that the percent column for the expenditures totals 100%? 2. Reflection Questions Have you directly answered each question that was asked? Have you provided sufficient evidence to support each of your answers? Have you made clear and logical connections between your conclusions and the data used in the annual budget? Have you referred to the skills in this course, if required by the prompt? Have you included sufficient detail in your answers? app.sophia.org