FCS 3400
Budget Assignment

Part 2

In this part of the assignment you should reexamine the plan you made and how well it worked for you. 

Step 1. You need to again keep track of all spending for four weeks-one month. Please keep a daily record. However, you will NOT be turning this record in.

Step 2. List your planned income for the month as well as your actual income.

Step 3. List your planned expenses for the month as well as your actual expenses (categories only, not every expense).  Here is an example of an income/budget form showing planned and actual income and spending if you would like to use it.  It is only a guide and you may use it or create your own.

Step 4. Reexamine your financial goals.  Are they still valid after this month?  Will you be able to save the necessary funds to meet them this past month?

Step 5.  Reexamine your tracking method.  Was it useful for you?  Was it convenient?  Will you continue to use it?

Step 6.  Evaluate this budgeting experience. Were you able to meet the goals you set?  Were the amounts you allotted in each category realistic?  Were you able to track your expenses in an orderly and useful manner?  Did the tracking method you selected in part 1 work for you or will you make some changes in it?    Explain what you learned about your budgeting habits from this assignment. If you do not plan to make any changes after doing this assignment, defend that position.  If you would like to include the perspective of other family members that participated in this assignment with you, please do so.

What to turn in:   You should turn in a short paper (typed, double-spaced).   The paper should have the following labeled sections.  The number of points for each section is listed next to the section.

Goals (5)

List your two goals and how much you were able to save this past month to accomplish the goals. 

Plan (15)

Show all income, spending, and saving for the past month.  They should balance!  Show a comparison between your planned and actual income/budget statement.

Tracking method (5)

Evaluate the method you used to track your expenses.   

Analysis (15)

 Analyze and discuss the budgeting process as you experienced it.