IV. A. Budgets & IV. B. Money and Relationships

This assignment requires you to complete the following;

1. Open ” the same “III. & IV. Personal Financial Statements and Budget.xlsm” where you completed your balance sheet and CashFlow for assignment 2, then complete the Budget tab, again making assumptions regarding when you graduate from UIC. The attached tax calculator can help you determine after tax income. Notice there are separate tabs for “Single” or Married, fining Joint”

2. Open IV. A. Saving, Income and Expense Plan (Budgets).doc and answer the questions in the first section, “I. Overall Saving, Income and Expense Plan

Vision, Plans & Strategies”. You do not need to complete the other sections, however, once you graduate, you should compare your spending with your budget to see if you are living within your budget.

3. Open the attachment “IV. B. Money and relationships.doc” and answer all of the questions. You can complete this by Discussing and evaluating how your family viewed finances, and ways they handled their finances and taught you. Also, create an Action Plan (AP): How will you handle finances in your family?

How will you teach your children fiscal responsibility?

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