In this assignment, you will be creating a personal budget and analyzing expenses as needs and wants. You’ll be using the 50/30/20 strategy to show the proportion between needs, wants and savings. Watch this video for help with completing the assignment.
Click here to download your assignment. This document has the questions and places for you to provide your answers and calculations.
You will need to show your equations for each calculation.
Make sure you submit your work in a modified MS Word document. Handwritten work will not be accepted.
Component
Points
Step 1
A Annual Salary: Complete/Non-Complete (2 pts)
B Gross Monthly Salary: Accurate calculation of A/12 (2 pts)
C Net Take-Home: Realistic amount should be less than B by between 10% and 30% (2 pts)
/6 pts.
Step 2
Realistic monthly expenses are provided for the given categories. (1 pt for each category)
Grading note: What may be a realistic for someone could be different for someone else.
/10 pts.
Step 3
Expenses are appropriately identified as needs and wants. In some cases, totals for a category are divided between wants and needs. (1 pt for each category row)
Grading note: What may be a want for someone could be a need for someone else.
/15 pts.
Step 4
Individual categories for needs, wants, and savings are accurately calculated.
1 Needs (4 pts)
2 Wants (4 pts)
3 Savings (4 pts)
/12 pts.
Step 5
Percentages are accurately calculated for wants, needs, and savings based on the total monthly salary.
1 Needs (4 pts)
2 Wants (4 pts)
3 Savings (4 pts)
/12 pts.
Step 6
Reflection compares own budget to 50/30/20 and thoughtfully considers what might need to be changed in own budget
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