Sources from NGPF Case Study Budgeting Based off of the following Case study NGPF Case Study Budgeting Objectives To analyze a case study To respond to specific questions based on information provided To utilize critical thinking and analysis skills To review information about the basics of budgeting, creating savings goals, tracking spending Instructions Read the following case study Answer the questions using your own ideas and analysis Information that has been researched, must be paraphrased and properly sourced using APA formatting Any quoted information requires proper quotation marks Case Study How Do I Budget All of Amits friends know who to go to for assistance when they have questions about money Amit believes that his financial knowledge comes from working a part time job at his parents restaurant for the past few years This job has helped Amit save $6,000 to help toward college expenses Amits friend, Ana, is in her final year of high school and has only saved $56 47 towards college even though she has been working in her sisters clothing store for the past 2 years Ana has asked Amit what she can do to help save more money and manage her spending better Amit told her, budget Amit has asked Ana to explain her goals and describe her current spending habits Ana explains the following College costs a lot more than I thought, and my parents expect me to pay for my living expenses on campus Those are going to be around $3,000 for 1 year I am used to working a part time job and going to school, but I'm not sure I can manage both Budgeting seems like a great idea, but where do I start Question 1 Ana has only saved $100 for college List 4 reasons why she has only managed to save this amount 10 marks 8 marks for reasons and explanations 2 grammar and structure Question 2 Explain 2 goals you think Ana should focus on for creating a budget Explain your reasons behind these goals 10 marks 4 marks for reasons 4 marks for explanations 2 for grammar and structure Question 3 List and explain 3 ways that Ana can better understand her spending patterns (Example Keep her receipts and count them at the end of each day so that she knows how much she spent in 1 day) 8 marks 6 marks for ways and explanations 2 marks for grammar and structure Question 4 Amit helps Ana create a budget plan He wants Ana to have the following information placed in a proper monthly budget This should help her determine where she spent most of her money in the past month Your goal is to help Ana create a Monthly budget in a table 8 marks 1 for each and total cost In the category column, she will list all of her various expenses She will then make a judgment call about whether each expense is a Want or a Need In the Monthly Cost column, she will total up the cost for each of the expenses In the last column, she will calculate how much that item is as a percentage of her total costs Coffee 10 lattes $4 each Movies 3 movies 10 each Food 4 meals with friends $12 each 20 snacks energy drinks $3 each Clothes 3 trips to the mall with friends $30 per trip Car insurance Parents make her pay $70 month toward policy in exchange for driving family car Gas for car 2 fill ups $35 each Cell phone Parents expect her to pay $36 month toward family plan Shoes 1 pair $60 Category Want Need Monthly Cost of Total Costs Example Coffee NEED (but can make at home to save) $40 8 Total Costs Question 5 Wait a second, Amit I think my sister isnt paying me correctly I work 15 hours a week, on average, at $11 hour According to my receipts above, Im spending much less per month than Im making, but, Ive only got $56 saved up from 3 years of working WHY How do I complain to my sister How do I get my money back Amit can see how upset Ana is, but he does not think Anas sister is doing anything wrong Do some quick math to compare how much Ana should be making per month Compare it to how much shes spending to determine why she is upset 12 marks 5 marks for analysis of cost 5 marks for explanation of why she is upset 2 marks for grammar and structure Question 6 Once Ana has calmed down, she says to Amit, This is going to be extremely difficult for me to cut anything I mean, Im working hard, and think I deserve to enjoy the money that I earn To save that $3,000 for college, I basically need to work an extra 25 hours per month Its my senior year of high school I need to focus on my grades and apply to college I am so confused List and explain 3 options would you outline for Ana to help her achieve her goals Be specific with your recommendations, highlighting specific costs or income sources 12 marks 3 marks for options 6 marks for explanations 3 grammar and structure Question 7 30 marks Explain whether or not you currently use a budget to help you with your spending 5 marks for explanation and rationale List the current expenses your have for college in the Need category 6 marks Describe (in your own words) the difference between a Determined fixed and Variable expense Use examples to support your explanations 6 marks for description and examples Explain 5 expenses you have in the WANT category 5 marks Analyze 4 ways that you can decrease your spending on a weekly basis 8 marks for explanations Question 8 10 marks In a paragraph explain 4 expenses that an international student needs to consider before living in Canada Explain why these are the top 4 key elements to consider 8 marks for examplantions and rations 2 marks for grammar and structure

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Sources from NGPF Case Study: Budgeting Based off of the following Case study: NGPF Case Study Budgeting Objectives: To analyze a case study To respond

Sources from NGPF Case Study: Budgeting

Based off of the following Case study: NGPF Case Study Budgeting

Objectives:

To analyze a case study
To respond to specific questions based on information provided
To utilize critical thinking and analysis skills
To review information about the basics of budgeting, creating savings goals, tracking spending

Instructions:

Read the following case study
Answer the questions using your own ideas and analysis
Information that has been researched, must be paraphrased and properly sourced using APA formatting. Any quoted information requires proper quotation marks.

Case Study: How Do I Budget?

All of Amits friends know who to go to for assistance when they have questions about money. Amit believes that his financial knowledge comes from working a part-time job at his parents restaurant for the past few years. This job has helped Amit save $6,000 to help toward college expenses. Amits friend, Ana, is in her final year of high school and has only saved $56.47 towards college even though she has been working in her sisters clothing store for the past 2 years. Ana has asked Amit what she can do to help save more money and manage her spending better. Amit told her, budget!

Amit has asked Ana to explain her goals and describe her current spending habits. Ana explains the following:

College costs a lot more than I thought, and my parents expect me to pay for my living expenses on campus. Those are going to be around $3,000 for 1 year! I am used to working a part-time job and going to school, but I'm not sure I can manage both. Budgeting seems like a great idea, but where do I start?

Question #1

Ana has only saved $100 for college. List 4 reasons why she has only managed to save this amount.

10 marks

/8 marks for reasons and explanations

/2 grammar and structure

Question #2

Explain 2 goals you think Ana should focus on for creating a budget. Explain your reasons behind these goals.

10 marks

/4 marks for reasons

/4 marks for explanations

/2 for grammar and structure

Question #3

List and explain 3 ways that Ana can better understand her spending patterns. (Example: Keep her receipts and count them at the end of each day so that she knows how much she spent in 1 day).

8 marks

/6 marks for ways and explanations

/2 marks for grammar and structure

Question #4

Amit helps Ana create a budget plan. He wants Ana to have the following information placed in a proper monthly budget. This should help her determine where she spent most of her money in the past month. Your goal is to help Ana create a Monthly budget in a table.

/8 marks 1 for each and total cost

In the category column, she will list all of her various expenses.
She will then make a judgment call about whether each expense is a Want or a Need.
In the Monthly Cost column, she will total up the cost for each of the expenses.
In the last column, she will calculate how much that item is as a percentage of her total costs.

Coffee: 10 lattes @ $4 each
Movies: 3 movies @ 10 each
Food: 4 meals with friends @ $12 each; 20 snacks/energy drinks @$3 each
Clothes: 3 trips to the mall with friends @ $30 per trip
Car insurance: Parents make her pay $70/month toward policy in exchange for driving family car
Gas for car: 2 fill-ups @ $35 each
Cell phone: Parents expect her to pay $36/month toward family plan
Shoes: 1 pair @ $60

Category	Want/Need	Monthly Cost	% of Total Costs
Example: Coffee	NEED (but can make at home to save)	$40	8%







Total Costs

Question #5

Wait a second, Amit! I think my sister isnt paying me correctly! I work 15 hours a week, on average, at $11/hour. According to my receipts above, Im spending much less per month than Im making, but, Ive only got $56 saved up from 3 years of working. WHY? How do I complain to my sister? How do I get my money back?

Amit can see how upset Ana is, but he does not think Anas sister is doing anything wrong.

Do some quick math to compare how much Ana should be making per month
Compare it to how much shes spending to determine why she is upset.

/12 marks

/5 marks for analysis of cost

/5 marks for explanation of why she is upset

/2 marks for grammar and structure

Question #6

Once Ana has calmed down, she says to Amit,

This is going to be extremely difficult for me to cut anything. I mean, Im working hard, and think I deserve to enjoy the money that I earn. To save that $3,000 for college, I basically need to work an extra 25 hours per month. Its my senior year of high school! I need to focus on my grades and apply to college. I am so confused!

List and explain 3 options would you outline for Ana to help her achieve her goals? Be specific with your recommendations, highlighting specific costs or income sources.

12 marks

/3 marks for options

/6 marks for explanations

/3 grammar and structure

Question #7

/30 marks

Explain whether or not you currently use a budget to help you with your spending
1. 5 marks for explanation and rationale
List the current expenses your have for college in the Need category
1. 6 marks
Describe (in your own words) the difference between a Determined fixed and Variable expense. Use examples to support your explanations
1. 6 marks for description and examples
Explain 5 expenses you have in the WANT category
1. 5 marks
Analyze 4 ways that you can decrease your spending on a weekly basis
1. 8 marks for explanations

Question 8:

/10 marks

In a paragraph explain 4 expenses that an international student needs to consider before living in Canada. Explain why these are the top 4 key elements to consider.

/8 marks for examplantions and rations

/2 marks for grammar and structure