In the $1$st hands$-$on financial planning project, you will learn how much assets, liabilities, and net worth you have, what are sources of your income, and how you spend your hard$-$earned income. Finally, you will learn how to make a budget, a future spending plan, for you and your family. The purpose of the project is to help you live within your means and have great control of your financial issues.

This is a two$-$month$-$long project. The project has been broken down into two parts.

The $2$nd part of project $1$ requires:

Physically keep track of your inflows and outflows by using daily spending dairy in appendix C for the month of March of $2024$ and pay attention to topics covered in class not included in your initial budget. Use the information you collect on your monthly income and expenses in October to compare the difference between estimated and realized income$/$expenses in your budget you make at the beginning of October. If necessary, please construct a revised budget from your actual spending patterns and newly learned concepts. This is worth another $20$ points.

Write a two$-$page $($typed$,$ double$-$space$)$ summary about your experience. Your summary should include explanations for significant changes between your initial and revised budget, what were your biggest surprises, what you learned from the project, your opinion on the importance of a detailed budget, and the rationale to your surplus or plan for deficit. This is worth another $30$ points. Your revised budget and summary of the project are due on $04/07/2024,$ No late submission will be accepted

You need to update your $1$st part of project $1$ personal financial statement in part $1$ and write a summary to complete this project.