PERSONAL FINANCE PLAN STEP 1-4

Personal Financial Plan Step One – Identify Short Term and Long Term Goals
Using the Financial Goals template, you will identify short-term (1-3 months), intermediate (4 -12 months), and long-term goals (longer than one (1) year), evaluate your wants vs. needs.
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Personal Financial Plan Step Two – Prepare Personal Financial Statement
Using the Personal Financial Statement Template, you will begin the preparation of your personal financial statement, noting all assets, liabilities, and net worth.
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Personal Financial Plan Step Three – Personal Monthly Budget
To maintain good financial health, we must always assess our monthly spending to ensure we are not engaging in foolish spending habits. It is also very important to track and assess our actual spending against our budgeted amounts. This can have both positive and negative implications towards financial goals. Based on the goals identified in Step one (1) and the personal financial statement evaluation, you will prepare a monthly budget using the Personal Monthly Budget template. The budget should include saving for an emergency fund, investments, and ranking those debts to pay off, such as personal loans, credit cards, car loans, and student loans. Prepare this monthly budget for the length of the course (and beyond if you so choose) so that you can answer the following questions as a reflection in Step nine (9):
Did you notice any “eye opening” trends in your spending? What were they?
Were you consistently under or over your budgeted amount?
Based on the expenses where you spent more than what was budgeted, what can you do to keep your spending under budget?
Based on the expenses you spent less than what was budgeted, what can you do with the extra income you saved each month?
Overall, how do you see the budgeting tracking exercise in this Project beneficial to your personal finances and your future goals?

Personal Financial Plan Step Four – Evaluate Credit Status
Evaluate and document your credit status and what credit history you may need to purchase a home or a car. Include your current credit score. Based on credit score rankings, indicate whether your credit is satisfactory or whether improvements need to be made. If any improvements are to be made, indicate what those possible ones are. You will write a summary of your findings and it should be at least 1-2 paragraphs double-spaced 12-point font.

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