Based on your completion of Activity #1 and your study of Chapter 5 – The Budget Process – Develop a comprehensive budget to price your short, medium and long term goals.
Page 1 will be the short-term goals costs and prospective source and amount of income; Page 2 will be the medium-term goals costs and prospective source and amount of income; and Page 3 will be the long-term goals’ costs, the prospective source of income and amount of income. You may need to re-visit Chapter 5 to refresh your thinking about comprehensive budgeting. Reflection upon the Figure 5.2.1: The Budget Process.
1. Your defined your goals, categorize them and placed a suggested cost next to each goal (if you didn’t d this during the activity 1, you will need to do this for activity 2).
2. You were able to form expectations based on your brainstorm and categorization and timing of your goals.
3. Now, you must create a budget (Cooks, 2021 , p. 5.2.1).
4. We will need to continue to develop your 10 Year Financial Plan in a manner that factors in timely reviews and monitoring. Will this be quarterly? Annually?
5. As time evolves, you may encounter a need to modify your goals and the associated costs. This is perfectly fine to do. Adjustments are OK.
Please used the attached templates (whichever one is easiest for you to use) to create your budget.
You will need to function in excel. The links above are to templates that you may modify to look like pages 5.3.3, 5.3.4, 5.3.7, 5.4.2, OR 5.4.3. Please list all of you goals that you identified for Activity #1 and list the costs that are associated with the goals.
Here are a couple of You Tube videos on Financial Planning and Budgeting to help ease your thinking about developing a budget. Don’t forget to factor in your taxes for short, medium and long term goals and plans.
Your Budgets are due for upload, Thursday April 4, 2024, NLT 11:59PM. Please provide an introduction or abstract to introduce your budgets. Provide appropriate in-text citations and References from Chapter 5.
Please respond to at least 2 and up to 4 of your peers using the information from Chapters 5 (Budgets) and 6 (Taxes). Please provide appropriate APA compliant in-text citations and References to support your peer responses.
References
Cooks, E. (2021) The Budget Process. Financial Planning and Investments, Libretexts, pp 5.1.1 – 5.6.3
Based on your completion of Activity #1 and your study of Chapter 5 – The Budget
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