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2 pages/β‰ˆ550 words
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Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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Topic:

Savings Plan Accounting, Finance, SPSS Essay Paper

Essay Instructions:

One of the primary functions of this course is to teach students about saving money for retirement, children’s college, a down-payment for housing, estates, etc. In this assignment, each student will be performing an assignment over three months that will involve budgeting. During the month from September 1 to October 1, each student logs all of their monetary transactions (income and expenses) for the month including every dollar that is earned and spent. The goal is for each student to try and save during the month from October 1 to November 1 and November 1 to December 1 and report the results. This may or may not happen due to emergency spending that is sometimes necessary like auto repair, medical emergencies or even just higher utilities. However, each student may be able to use discretionary spending to their advantage to try and have a monthly savings. Please provide the following as the project:
*Functional Cash Flow Statement – It should be a budget showing a planned Schedule of Cutbacks for the 2nd and 3rd months after compiling your 1st month expenses. This is a projection. It should also show the actual spending each month. Only include the categories you need, but you must differentiate between discretionary and nondiscretionary items. This statement should show cash flows for all three months.
*Short written paper (2-3 pages double spaced, Times New Roman, 12 font, Justified alignment) that explains your budget and how and where you planned to save in regards to discretionary and nondiscretionary expenses. Please describe any categories in your exhibit that may or may not be obvious to the reader as well. If your income or expenses change substantially, feel free to explain that in the paper. Also, provide information on any events or occurrences during the month that either allowed you to meet or not meet your budgeted goal. Lastly, tell me what you learned about trying to meet a budget and save money.

**Notes: I am not trying to invade your privacy on your finances for project 2. Feel free to manipulate numbers however you like to make sure I do not know what your “true” income and expenses are at the moment. Secondly, if you don’t have a job that supplies a salary, use the income that is provided to you by parents or the government or whatever source. I am referring to wherever you obtain money to spend on living expenses such as rent, gasoline, food, etc. Lastly, grading is not based upon who can “save” the most money.

Essay Sample Content Preview:
My Monthly Budget and Saving PlanNameInstitutional AffiliationDate
September Monthly Budget
I began planning my financial plans in the month of September. During this time. My expenses were relatively high and the income was also lower. I had been using the budget previously and I realized that indeed, I needed to make more income so that I would be able to cater for my expenses. My actual income was actually $1050 while I had budgeted for an income of $1200. Most of my income went to my personal expenses and I saved only $50. This is the amount that I had been saving since I did not track my expenses in the previous months. After realizing that I needed to save more, I began working hard to increase the income in subsequent months.
October Monthly Budget
In the month of October I had budgeted for a monthly income of $1800. The funds would be drawn from the student loan that I receive, the bursaries that I am awarded, cash that I receive from my parents and the amount that I receive from the part time job. However, due to some reasons, I did not make as much money as expected from my part time job and the cash that received from the parents was also lowered. I had also made a resolution that I would save all the money that I got from my income after I had subtracted from all my expenses. In the month of October, I had lowered my budget and I budgeted for expenses of $1400 and they were the actual expenses. Therefore, in the month of October, I saved $200. This was a great improvement given that I increased the amount that I always put into my savings plan. I therefore saved $400.
November Monthly Budget
In the month of November, I had targeted an income of $2,000. Unlike the previous month, in the month of November I budgeted to receive a bursary of $500 since I had applied bursaries to the previous sources. I also knew that I had to work extra hard on my part time job to increase the earnings and I budgeted to make an earnings of $700. Due to the commitment, the earnings from the part time job surpassed what I had targeted for and they increased to $900. I also informed the parents that I needed more money since we had increased the number of activities that we were carrying out at school. In addition, in the month of November, we had more school tours and I advised them if they would consider increasing the amount so that it would cater for such expenses. They increased the amount to $600. In addition, I did not receive the bursary that I had budgeted for and I got a bursary of $400. The earnings for the month increased to $2200. I managed to lower my food expenses while the personal expenses were increased in the month of October. I had budgeted to save $300 but I doubled the savings and increased them to $600.
Monthly Budget for the Month of September 2018



INCOME

BUDGET

ACTUAL

Student Loan

$300

$250

Bursary

$200

$150

Cash from parents

$300

$300

Part Time Job

$400

$400

TOTAL INCOME

$1,200

$1,050




EXPENSES



NON-DISCRETIONARY EXPENSES



House Rent

$500

$500

Food Expenses

$100
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