Topic One of the best ways to truly prepare oneself financially is to keep track, or prepare a detailed record, of your expenses

Topic

One of the best ways to truly prepare oneself financially is to keep track, or prepare a detailed record, of your expenses

Type of ServiceEssay

Urgency 12 to 15 hours 

Academic LevelUndergraduate/Associate Degree

Citation Style

None (Not Applicable)

No. of Pages/Wordcount4 

page(s)/1100 Words

No. of Sources/References

Any number

English UK/US/AU?

English US

DescriptionOne of the best ways to truly prepare oneself financially is to keep track, or prepare a detailed record, of your expenses. This is an extremely crucial financial principle, whether you are a community college student working part time or full time or receiving financial aid, a state employee, an employee of the private sector, a manager, a professional, an athlete, or even if you are affluent, like Warren Buffet or Bill Gates. Nearly everyone should be able to save at least ten percent (10%) of their income to have as a hedge against a slowing economy and/or for investment purposes. Recent statistics show that two-thirds of all people in the United States, who lose their job, have insufficient savings to even pay for their next month’s rent payment. That is deplorable. Further, statistics show those same people end up cashing out and liquidating nearly all of their retirement accounts (IRAs). This then leaves them exposed to not having enough money to retire, or simply precludes them the opportunity to retire because of a lack of savings. Please get into a habit, starting with your very next pay check, of putting ten percent of it into a separate savings account at your bank. It won’t earn much interest, but at least you’ll have a reserve that you can use in the event of a financial problem, or maybe use it to put down towards the purchase of a home.

You have likely heard the adage or saying that “It takes money to make money”. Now it is time to put this to the test. Please refer to Appendix C of your textbook and copy pages C-2 and C-3 for each month from SEPTEMBER 1, 2018 through NOVEMBER 30, 2018. You may choose to prepare your own spreadsheet using Excel, or any other software listed below. This assignment requires that you account for every single cent that you spend and a brief two (2) to three (3) page summary at its conclusion (see below for details and content). You may create your own spreadsheet using Excel if you like, or feel free to use a financial tracking program like Quicken, QuickBooks, Peachtree, or Microsoft Money. Your Daily Spending Diary must at least include the following categories: Income and Total Spending, auto/transportation/fuel, housing, utilities, food (including eating out), personal care products and services, education, charitable contributions, recreation/alcoholic beverages & drinks/movies/video games/concerts, travel, etc., gifts, and “other” for expenses that don’t readily fit under any particular heading. Students must commence their Daily Spending Diary on September 1, 2018 and keep track of every expense of each day through November 30, 2018. You should ask for and keep every single receipt for every item you purchase, whether it’s gasoline, lunch, postage, clothes, groceries, rent, car repair, bus fare, manicure, haircut, dinner, movies, Starbuck’s, postage, Jamba Juice, etc. There is no item too small for you to keep track of for this project. Please note that if your expenses exceed your income in any month, you must seriously look at your spending behavior and take appropriate action to reduce spending such that you actually have money left over in a savings account at the end of each month. Please make sure to include all of your purchases in the Daily Spending Diary, including those by cash, check, debit card, and credit card. Get into the habit of asking for and saving and filing receipts for all of your purchases to help you keep better track of where your money goes. You must submit your Daily Spending Plan to me though the course Canvas site. Make sure you send it in format that I can read and that all three (3) months show up in your submission. Failure to submit all three (3) months will result in a lower grade. THE DAILY SPENDING PLAN ASSIGNMENT MUST BE RECEIVED IN THE CANVAS COURSE BY MIDNIGHT (PST) ON FRIDAY, DECEMBER 7TH, 2018. LATE SUMBISSIONS WILL NOT BE ACCEPTED AND A ZERO (0) WILL BE ISSUED TO ANY STUDENT WHO FAILS TO COMPLETE AND SUBMIT THE ASSIGNMENT IN A TIMELY MANNER. DO NOT E-MAIL INSTRUCTOR ASKING IF YOUR LATE SUBMISSION WILL BE ACCEPTED FOR ANY AMOUNT OF CREDIT.

The goal of the Daily Spending Plan assignment is to help create awareness that it is truly not that difficult to save money when you put your mind to it. Some of you may need to curb your spending and modify your consumer behavior, but the focus is to live within your means. Once you have some money saved, you can look at investing it in bank CDs, money market accounts, U.S. Treasury Securities, mutual funds, and, possibly, even individual stocks and/or bonds, as well as residential and/or commercial real estate. This is how you can truly begin to generate some wealth for yourself. Please do not use your savings, or income from your job, to purchase a “fancy” car or jewelry, as those rarely ever qualify as a prudent investment.

The Daily Spending Plan Assignment must also contain a brief spending summary. This should be at least two (2) full pages double-spaced, but no more than three (3) pages. This summary must contain personal observational commentary on your spending habits and whether your lifestyle is conducive to achieving personal economic satisfaction. It will also need to include your educational, career, and financial aspirations. In other words, what type of job/career are you striving for and why, as well as what type of financial future do you foresee for yourself? Please also include information about what your degree major is and whether you plan to attend a four-year university, as well as which universities you plan to attend. If you are not currently happy with your spending, or are living beyond your income/means, please elaborate thoroughly on how you plan to implement changes to curb your spending. 

PLEASE DO NOT HESITATE TO LET ME KNOW IF YOU HAVE ANY QUESTIONS REGARDING THIS ASSIGNMENT. KEEP TRACK OF YOUR EXPENSES ON A DAILY BASIS SO THAT YOU DO NOT FALL BEHIND IN YOUR RECORD KEEPING AND THEN FEEL OVERWHELMED LATER WITH THE VOLUME OF ENTRIES NEEDED TO COMPLETE THE ASSIGNMENT. THE THREE (3) MONTHS OF EXPENSE TRACKING COUNTS TOWARD 75 POINTS OF THE 100 POINT TOTAL FOR THE ASSIGNMENT, WHILE THE REMAINING 25 POINTS ARE ALLOCATED TO YOUR SUMMARY

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