Financial goals

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:

  1. Develop some personal/family financial goals and objectives (or SMART goals–Specific, Measurable, Achievable, Relevant, Time bound) for the next 12 months.
  2. Use the spreadsheet template to develop a personal/family spending plan.
  3. After developing a workablespending 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.
  4. 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.
  5. 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.
  6. 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 OutcomeSpending 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 OutcomeQuality 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 OutcomeBudget/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 OutcomeActions 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 OutcomeMechanics, (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 OutcomeGeneral 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 OutcomeGeneral 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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