Project 1 (Save Your Receipts starting Week 1) – Due Week 5

SAVE YOUR RECEIPTS: Only write down transactions for goods, services, bills, etc.
Do not write down ATM cash withdrawals (that is not an expense). As you spend the cash you withdrew, record each transaction in your worksheet. ( You will NOT be submitting receipts to me, just the numbers on the expense tracking excel sheet.)

Project #1 directly supports Student Learning Outcomes (SLO):
SLO-2: Students will be able to conduct budget analysis and action planning to meet these goals.
To learn more about this process, please select (SLO).

Read the full project INSTRUCTIONS and SAMPLES for all 3 Projects, this semester.

In PROJECT 1 – Tracking Expenses, you will:

• Identify expenses incurred over the course of a 4-week period (first 4 weeks of class)
• If you spend money, save a receipt and write it down (this is cash out-flow)
• If you make money, keep a list (this is cash in-flow)
• Download & complete the Excel File:
  Project1-online-Track-Expenses-ONLY.xlsxDownload Project1-online-Track-Expenses-ONLY.xlsx

Using the Expense Tracking Worksheet (Project 1), write down all expenses you incur during the 4-week period (first 4 weeks of class). At the end of the 4-week period, total your expenses.

SAVE YOUR RECEIPTS: Only write down transactions for goods, services, bills, etc.
Do not write down ATM cash withdrawals (that is not an expense). As you spend the cash you withdrew, record each transaction in your worksheet.

If you have difficulty remembering how much you have spent, use an envelope to keep track of receipts.

If you make a purchase that does not provide a receipt, use a scrap of paper to write it down and put it inside the envelope. Label your expenses.

Here is a SAMPLE of a completed Project #1 – Receipts (Tracking Expenses)
SAMPLE–Project1-RECEIPTS-Finance.pdfDownload SAMPLE–Project1-RECEIPTS-Finance.pdf
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Additional Resources

If you don’t have any expenses to track – yours or anyone else’s expenses, you may find it helpful to use the packet attached here: Budget Simulator Download Budget Simulator. You will do the following to track your expenses:

• Select a career

The career you select will have salary information and expense information on the very next page. Salary information is listed in the order that the career information appears. For example: If you select Human Resource Generalist as your career, on the 2nd page, your salary and expense information is as follows:

Salary $92,720
Spouse Salary $50,372
After Tax Combined Salary $104,733
Combined Student Loan Debt $65,300
Credit Card Debt $16,310
Combined Monthly Paycheck $8,727
Monthly Student Loan Payment $758
Credit Card Min Payment $652

• Then, you will go through the simulation to determine your additional expenses – childcare, transportation, and etc.
• Once, you’ve identified all of your expenses, list those expenses on the worksheet for this assignment: Project1-online-Track-Expenses-ONLY-1.xlsx Download Project1-online-Track-Expenses-ONLY-1.xlsx
• Project 2 – Personal Budget (using Project 1 – all receipts from first 4 weeks)
  Project #2 directly supports Student Learning Outcomes (SLO):
  SLO-2: Students will be able to conduct budget analysis and action planning to meet these goals. To learn more about this process, please select SLO.
  In this assignment, you will:
  Determine how you would like to categorize or group your expenses
  Sort and compile your tracked expenses (from Project 1) into these groups
  Download & complete Excel File: Project2-Budget-ONLYDownload Project2-Budget-ONLY
  Hint:
  “Budget” Column is the amount you want to spend or expect to spend
  “Actual” Column is the amount you actually spent during the month, of tracking your expenses
  Once you have recorded your expenses for a 4-week period (Project 1) and totaled each category, you will develop a Personal Budget (Project 2). The goal is to decide how you want to spend your money and give you an idea of how you spend your money. Use your 4-week expense tracking worksheet to make decisions on where you would like to cut back (ex: eating out, coffee, candy, etc.) and where you would like to spend more (ex: toward goals, deposits to savings, school loans, etc.).
  SAMPLE–Project2-BUDGET-FinanceDownload SAMPLE–Project2-BUDGET-Finance
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  Additional Resources
  If you don’t have any expenses to track – yours or anyone else’s expenses, you may find it helpful to use the packet attached here: Budget Simulator Download Budget Simulator. You will do the following to track your expenses:
  Select a career
  The career you select will have salary information and expense information on the very next page. Salary information is listed in the order that the career information appears. For example: If you select Human Resource Generalist as your career, on the 2nd page, your salary and expense information is as follows:
  Salary $92,720
  Spouse Salary $50,372
  After Tax Combined Salary $104,733
  Combined Student Loan Debt $65,300
  Credit Card Debt $16,310
  Combined Monthly Paycheck $8,727
  Monthly Student Loan Payment $758
  Credit Card Min Payment $652
  Then, you will go through the simulation to determine your additional expenses – childcare, transportation, and etc.
  Once, you’ve identified all of your expenses, list those expenses on the worksheet for this assignment: Project1-online-Track-Expenses-ONLY-1.xlsx Download Project1-online-Track-Expenses-ONLY-1.xlsx
• MAKE SURE PROJECT ONE AND TWO ARE SEPARATE ANSWERS.