Family Budget Project – Part 1monthly cash flow planPlease fully read all PowerPoints and materials for this week and watch the video guide before completing this assignment.You will need to select one case study to use for all 3 parts of the Family Budget Project. Please refer to the document labeled “Family Budget Project – Case Study Scenarios” to read the descriptions. There are four available scenarios:• Lucy• Lily, Claudia, Sophie, & Kevin• Leo, Zoey, & Riley• Tony & Elysecontent instructionsFor this assignment, you will focus on one of the case studies and focus on their family situation. You will be the expert and discuss their current situation and develop an action plan that will help improve the well-being of the family. After reading about your individual’s/family’s life situations and expenses, you need to fill out: • A monthly cash flow worksheeto For the monthly cash flow worksheet, every dollar of their income should be allocated to some category on this sheet. Money “left over” should be put back into a category even if you have to make up a new category. You are making spending decisions here. Almost every category should have some dollar amount in it. The goal is to not have any “leftovers,” make every penny useful.• A recommended percentages worksheeto For the recommended percentages worksheet, fill out all of the required information. At the top of this worksheet is a big red box where you will need to enter their total monthly income. From the cash flow sheet, you will enter the amounts the individual/family spends in each category under “total monthly expense.” The worksheet will automatically calculate the “% of take-home pay” which is the percentage of take-home pay that category represents; for example, what percentage of your total take-home pay did you spend on “Housing.” You will than compare these percentages with those on the “recommended percentages” sheet to determine if you need to make adjustments to their lifestyle. You will need to calculate whether it is over or under (ex/ under by 5%) or in range and enter this information. You also need to write out what they should do to correct each category. objectivesComplete each of the worksheets and attach a full 2-3 page paper analyzing each of the worksheets. 1. Provide an overview of the family’s financial situation and explain what you learned from each worksheet about their financial management. What purpose do they serve and how did it help you assess the financial situation?2. You will need to identify areas of spending that the family should change and explain why you selected those categories.3. Compare and contrast their budget for this month and your proposed budget options for the next month.4. What adjustments did you have to make? After making the changes, how will this benefit the family?5. What did you learn about budgeting? worksheets• Income Sources and Monthly Cash Flow• Recommended PercentagesformattingPart 1 of the Family Budget Project should:• Be no more than 3 pages in length• Include both Excel worksheets• Be typed as a paper (do not fill this document out like the EL worksheets)• Be double-spaced• Have 1” margins on all four sides• Be 12 point Times New Roman fonts only• Have no cover page or report cover of any kind• Have a single-spaced heading in the upper left corner• Worth 30 Points
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