Week 5 Assignment Word Template
While writing responses to the prompts below, you may need to refer back to the budget you created in the Week 5 Assignment Excel Template. Make sure you have completed your budget before completing this portion of the assignment.
1. Identify the savings goal and the time frame you determined for reaching your goal. Why is the time frame you identified realistic? How did you arrive at this?
Think about how long you expect it to sell or rent your current home, the price of purchasing or renting in your New City, et cetera. Use research from the course reading or outside sources to support your time frame.
[Write your response to question 1 here.]
2. Explain why you chose the housing option you did and how it will help you achieve your selected financial goal.
a. What considerations, if any, did you give to the following when selecting your housing option?
i. Time frame for savings goal.
ii. Familial situation.
iii. Quality of life.
iv. Trade-off decisions.
v. Other considerations.
[Write your response to question 2 here.]
3. Explain your choices for non-rent expenditures and how they will help achieve your savings goal within the time frame.
a. How did you make the choices you did regarding non-housing expenditures?
b. How do your expenditures align with the financial goal you selected?
[Write your response to question 3 here.]
4. Reflect on the productivity strategies you used to break down your financial plan into smaller steps to help you stay organized and productive.
a. How closely did you follow the plan you thought through earlier in the assignment instructions?
b. How did a step-by-step and organized approach help you to adjust your financial priorities and financial plan?
c. How did the approach you use draw upon productivity strategies that you had previously learned?
[Write your response to question 4 here.]
5. Reflect on what your financial analysis might reasonably look like in a year, taking into account income growth and inflation of consumer prices.
a. What assumptions can you make about your income from your new position in a year’s time?
i. What other sources of income might you have?
b. How is inflation likely to impact your non-housing expenditures?
c. How will your financial plan look depending on the situation with your new housing and your previous home?
d. What other economic concepts will you take into account? How might they impact your financial analysis a year from now?