Memo: Financial Goals and Personal Spending Plan

Note: I don’t need to search an article, I just need to create a spending plan using the excell sheet that the instrcutor attached below and create a one page writing.

 

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Memo: Financial Goals and Personal Spending Plan

Overview: Develop financial goals (use Smart Goals or specify objectives) and a workable monthly spending plan (budget) for the next twelve months (Start Dec 2019). Use the Spending Plan Excel Worksheet
(on Canvas) and update it for your numbers and spending accounts. Then you will write a one page memo discussing the key issues in your plan. Identify your core goals and clear objectives that you expect to reach with this plan. Discuss the important areas of focus that can cause success or failure. Identify what you (and your family) will need to do in order to meet this spending plan.

Outcomes: Student will develop a customized and personal financial plan through analysis, goal setting, and planning.

Tasks:

Develop some personal/family financial goals and objectives (or SMART goals–Specific, Measurable, Achievable, Relevant, Time bound) for the next 12 months.
Use the spreadsheet template to develop a personal/family spending plan.
After developing a workable spending plan that enables you to meet your goals: Write a one page memorandum and discuss the Goals and Outcomes of your spending plan. Discuss why they are important to you.
Identify the Key Factors that can/will have the biggest impact on your plan. For example: identify behaviors and actions that may derail or obstruct your plan to reach your objectives.
Consider how you should prioritize your spending. Identify the specific issues and action steps on which you will need to focus to meet your objectives.
Be sure to use a private Code Key in the spreadsheet spending plan so that you maintain your financial privacy in the course. You must also submit the assignment spending plan in PDF format.

Due Date: Check Course Schedule

Submit both memo and spending plan.

The spending plan should be in PDF format.

The memo should be submitted using MS Word in business memo format

Document formatting: Business memo format (single line space)
One page -Typed (one side), Standard Black Print
12 point Arial font (or other sans serf font.)

Grading and Feedback: Instructor Feedback on this assignment will be available within a week of the due date for the assignment. Extensive feedback is provided as well as scoring on the assignment rubric (below) and it is the expectation that both the rubric scoring and instructor comments are reviewed.

This Memo will be assessed based on the guidelines identified in the following rubric. It would be beneficial for you to self-grade your memo using this rubric before you finalize it and submit the report.

Rubric
Spending Plan Memo Rubric
Spending Plan Memo Rubric
Criteria Ratings Pts

This criterion is linked to a Learning Outcome
Spending plan worksheet

20.0 pts
Worksheet is organized with clear attention to detail. All numbers are reasonable.

16.0 pts
Worksheet is complete with some details provided. Most numbers are reasonable.

12.0 pts
Worksheet is completed with little or no detail. Some numbers are not reasonable.

0.0 pts
Fails to develop significant spending plan worksheet. Several numbers are not reasonable/ logical/accurate.

20.0 pts

 

This criterion is linked to a Learning Outcome
Quality of Information

30.0 pts
Demonstrates a clear understanding of the issue or problem. Correctly uses relevant financial terminology.

24.0 pts
Demonstrates some understanding of the issue or problem. Correctly uses some financial terminology.

18.0 pts
Demonstrates only basic understanding of the issue or problem. Uses minimal financial terminology.

0.0 pts
Fails to demonstrate minimal understanding of the issue or problem. Fails to correctly use appropriate financial terminology.

30.0 pts

 

This criterion is linked to a Learning Outcome
Budget/Spending Plan execution

15.0 pts
Identifies relevant issues, elements, and results. Explains sound reasons and assumptions.

12.0 pts
Identifies some issues, elements and results. Explains some reasons and assumptions.

9.0 pts
Identifies few issues, elements and results. Explains few reasons and assumptions.

0.0 pts
Fails to discuss relevant issues, elements and/or results. Fails to explain important reasons or assumptions.

15.0 pts

 

This criterion is linked to a Learning Outcome
Actions steps

20.0 pts
Provides relevant and practical actions likely to achieve objectives.

16.0 pts
Provides some practical actions to likely achieve objectives.

12.0 pts
Provides few actions likely to achieve objectives.

0.0 pts
Fails to provide actions that are likely to achieve objectives.

20.0 pts

 

This criterion is linked to a Learning Outcome
Mechanics, (format, typos, grammar, spelling)

15.0 pts
No errors!

12.0 pts
Errors exist. Some minor difficulties.

9.0 pts
More than 3 typos, formatting, grammatical and/or spelling errors.

0.0 pts
More than 5 typos, formatting, grammatical and/or spelling errors.

15.0 pts

 

This criterion is linked to a Learning Outcome
General Learning Goal #6
Demonstrate basic skills such as use of common business terminology, information search skills, presentation skills, writing skills and team skills.
threshold: 7.0 pts

9.0 pts
Exceeds Expectations

7.0 pts
Meets Expectations

5.0 pts
Does Not Meet Expectations

0.0 pts
Did Not Attempt

This criterion is linked to a Learning Outcome
General Learning Goal #10
Explain the importance of accounting information and measurement systems in today’s business.
threshold: 7.0 pts

9.0 pts
Exceeds Expectations

7.0 pts
Meets Expectations

5.0 pts
Does Not Meet Expectations

0.0 pts
Did Not Attempt

Total Points: 100.0
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