Assignment 1 – Family Budget & Goals (Value – 15% of your final mark)
Part 1 – Develop your Financial Goals (see Exhibit 1-6 /page 12)
a) Identify the decision makers in your family and discuss what your goals are for the short and
long term – you should have at least four goals, which have to include at least one with a
long term saving goal, i.e. retirement or child education savings plan.
(Hint: one could be to complete your diploma!)
b) Each goal should be specific and have a time frame (SMART).
Note: If there is a cost to achieving the goal that should be indicated as well.
You may need to do some research to find out how much certain goals will cost.
Example: Travel with my family to Africa in May 20XX for an estimated cost of $20,000.
Part 2 – Determine your Current Financial Situation
a) Prepare a current balance sheet (see Exhibit 2-3) and
b) Prepare a monthly cash flow statement for January (see Exhibit 2-4) to document your
current financial position.
c) Prepare a new monthly Budget (see Exhibit 2-5) for February adding in any new amounts for
emergency funding & your financial goals (as per above)
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