Budgeting

For this assignment, create a budget for your current lifestyle or a future “first job.” After reviewing all the required readings and videos in this module, prepare a 1-page paper that presents a budget plan for your current lifestyle or for what you envision for a future job. This job can be real or a dream job. Approach this paper using the outline below. Your name: Step 1. Title this section: Why I need a budget. Then, based on the first video, Why You Need a Budget, explain how a budget will help you better manage your money. Step 2. Title this section: My current situation. Using the information from the second video, Budgeting Step 1: Know Your Current Situation, explain where you are in terms of income and expenses. In other words, how much money is coming in, and how much is going out? (This can be based on your current lifestyle or a future job.) A good resource for salary information for various professions is the Bureau of Labor Statistics. Step 3. Title this section: Where my money should be going. Use the information in the third video, Budgeting Step 2: Know Where Your Money Should Go, to explain where your money needs to be. Step 4. Title this section: My plan. Take what you’ve learned from the videos so far and create a plan. The Budgeting Step 3: Create a Plan video and the Budget Recon reading may come in handy for this step. Step 5. Title this section: When things change. Describe what adjustments you might have to make to your plan. Use the information from the Budgeting Step 4: Make Adjustments video for reference. Step 6. Title this section: Staying on track. Putting everything together, describe how you will stay on track. Assignment Expectations Paper length: minimum 1 page, typed and double-spaced, using 12-point Times New Roman font. The following items will be assessed in particular: Your ability to describe the basic concepts of each area. Whether you addressed each element of the assignment. Upload your paper to the Case 1 Dropbox when it’s completed.