Assignment task: Financial Management Project Now it is your turn! You get to create a S.M.A.R.T. financial goal and a traditional or zero-based budget to help you reach it!
Part 1: Prepare
1. Review the following scenario. You were recently promoted to manager where you work. You are now earning $1,600 each month and need to create a budget to meet your financial goal. You've created a list of your monthly fixed, variable, and discretionary expenses. Note: Discretionary expenses are marked with an asterisk. Expenses Gas $40.00 average per month Car payment $250.00 per month Car insurance $100.00 per month Phone bill $60.00 average per month *Dining out Up to $50.00 per month Health insurance $50.00 per month *Clothing Up to $50.00 per month Groceries $30.00 average per month Utilities $45.00 average per month *Streaming service Up to $50.00 per month
2. Consider what financial goal you would like to achieve and how much money you will have after expenses to put toward this goal. Discretionary expenses may be adjusted to help you reach your goal faster.
Part 2: Create 1. Create a S.M.A.R.T. financial goal. a. Your goal should meet the S.M.A.R.T. guidelines. b. Your goal should focus on a specific