ECO 110 Taking Charge of Your Economic Future Assignment

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Reference no: EM132728729

ECO 110 Taking Charge of Your Economic Future Assignment - Strayer University, USA

STEP 1: Read the following scenario and review the Assignment XLS Template.

Scenario: Three months have passed since you created your initial Financial Plan (from Assignment 2). A friend who is studying to become a financial advisor recommends that you check in on your progress towards your saving goal. She volunteers to help you conduct a financial analysis of your personal budget over three months. You meet with your friend each month to go over your analysis. In her studies she is learning that people understand budget concepts better when they are represented as visuals, so she asks you to create some.

In this assignment, you will make three monthly budgets. Your income increases each month, as shown in the tables in the assignment 3 XLS Template. Additionally, in months 2 and 3, some cells have been filled in with a formula to represent an unexpected expense in that expenditure category for the month. You will need to reallocate your budget around this.

1: In the Word template, explain the reason why you chose the graphs/charts you did. How do the graphs/charts you created help someone understand the financial data?

STEP 2: Also in the Word template, discuss the results of your financial analysis including overall progress towards saving goals, potential changes in your budget that can be made in the future, and possible economic or life impacts that may affect your budget in the coming year.

STEP 3: Finally, in the Word template reflect on what your financial analysis might reasonably look like in a year taking into account income growth and inflation of consumer prices.

Assignment - Financial Analysis Explanation

While writing responses to the prompts below, you may need to refer back to the budgets and graphs you created in the Assignment 3 Financial Analysis Graphs Excel Template. Make sure you have completed your budget before completing this portion of the assignment.

Questions -

1. Explain why you chose these particular graphs or charts. How do the graphs or charts you created help someone understand the financial data?

2. Discuss the results of your financial analysis, including overall progress toward savings goals, potential changes in your budget that can be made in the future, and possible economic or life impacts that may affect your budget in the coming year.

3. Reflect on what your financial analysis might reasonably look like in a year, taking into account income growth and inflation of consumer prices.

a. What economic trends might you want try to account for when making your projection?

b. How could you try to plan for unexpected expenses when making your projection?

Note - Need 600 words + references.

Attachment:- Taking Charge of Your Economic Future Assignment Files.rar

Reference no: EM132728729

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