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Personal Finance Plan

Paper instructions:
The purpose of this assignment is to provide you the opportunity to apply sound financial principles and practices to the management of your current and future personal finances.

Part 1: Six Topics of Financial Planning

There are six major components of a financial plan. These include:

Financial (Cash Flow) Management
Tax Planning
Insurance Planning (Risk Management)
Investing/Asset Planning
Retirement Planning
Estate Planning
For Part 1 of this assignment, you will complete the following pieces of your own personal financial plan.

Financial (Cash Flow) Management

You will need your original cash flow estimate that you created in Topic 1 and your "Daily Spending Log," in which you worked on tracking your expenses for one month. Create a spreadsheet that lists the various expense categories in one column, the dollar amounts of your original estimates of your monthly expenses in the next, and then shows your actual expenses that you tracked in your spending log in the next column. Note: Your actual expenses in many categories will likely be quite different from your original estimates. There is no need to have spent what you predicted. In fact, much awareness can come from the areas in which your estimates where different from your actual spending.
Next, add a "Spending Plan for Next Month" column. Based on the differences in your spending estimate and the actual amounts from tracking spending, determine what dollar amounts you would now set for each category. If you find that you need to add new categories now that you have tracked your own actual spending, please feel free to add those.

Full Answer Section

I have adjusted my spending plan for next month to reflect my actual expenses. I have also added a new category for "Other" expenses, which includes things like gifts and travel.
My goal is to reduce my spending in the "Other" category next month. I can do this by being more mindful of my spending and by budgeting for specific items in advance.

Analysis

This spreadsheet has helped me to identify areas where I can reduce my spending. For example, I am spending more money on food and entertainment than I originally estimated. I can reduce my spending in these categories by cooking more meals at home and by being more selective about my entertainment choices.

I have also created a spending plan for next month that reflects my actual expenses. This will help me to stay on track with my financial goals.

Conclusion

Cash flow management is an important part of personal financial planning. By tracking your spending and creating a budget, you can identify areas where you can reduce your spending and reach your financial goals.

Sample Answer

Cash Flow Management Spreadsheet

Expense Category	Original Estimate	Actual Expenses	Spending Plan for Next Month
Housing	$1,200	$1,300	$1,250
Utilities	$200	$250	$225
Food	$500	$600	$550
Transportation	$200	$150	$175
Clothing	$100	$50	$75
Entertainment	$100	$150	$125
Personal care	$50	$75	$60
Other	$100	$125	$110
Total	$2,550	$2,700	$2,575

Notes:

My actual expenses were $150 higher than my original estimates. This is likely due to underestimating my spending on food and entertainment.