# Baruch College Financial Personal Budgeting and Forecasting Worksheet

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eboyrf

Baruch College

## Description

Part 1 Journal

Prior to beginning work on this assignment, read Chapter 4: Financial Forecasting in the textbook, and review the Personal Budget Resource  Download Personal Budget Resource. Watch the Week 1 Journal video.

For this journal, complete two months of the Personal Budget Template  Download Personal Budget Template. Then, evaluate your personal budget information and numbers from your completed Personal Budget Template. You may complete the template using your own personal financial data, which will make the activity more meaningful, or hypothetical numbers. Discuss the most important concepts and facts you learned. For example, were there any surprises in the amount or category of your expenses? Your reflection should be a minimum of 350 words.

Part 2 Assignment

A

Use the EDGAR | Company Filings  (Links to an external site.)or Yahoo! Finance  (Links to an external site.)database to download the last 10-Q from Starbucks into Excel. Use the downloaded data to complete the Income Statement and Balance Sheet on the appropriate tabs in the Financial Forecasting Template. Assume the following:

• Sales will increase for the next quarter by the same percentage increase from the previous quarter to the last reported quarter. For example, if sales increased 8% from the last quarter to the current reported quarter, you will use 8% as the sales increase for your pro formas.

Calculate the expenses to determine what will change and what will remain the same.

Note: Not all costs are associated with the cost of sales. It will be up to you to determine which line items need to be increased and which ones need to be left alone. This will require you to distinguish between fixed and variable costs. For a reminder of the difference between fixed and variable costs, please watch the video Business Costs (Fixed Costs and Variable Costs) Explained (Links to an external site.).

Within each line item expense explain your rationale, as well as provide a brief summary.

B

Then, calculate a quarterly variance analysis using the Variance Analysis tab of the Financial Forecasting Template (the same template you used for Part 1). Complete the following in your variance analysis:

• In the Excel template, insert the line items.
• In Column C, (Q4, 20NN) enter the previous quarter’s numbers as the budget.
• In Column D, (Q1, 20NN) enter the current quarter’s actual numbers.
• In Column E, the spreadsheet will calculate the dollar difference between the budget and actual numbers.
• In Column F, the spreadsheet will calculate the percentage change.
• In Column G, analyze and speculate the rationale for the variances.

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Discussion of the Personal Budget

Name
Affiliation
Course
Lecturer
Due Date

Discussion of the Personal Budget
A budget is a crucial planning tool. Budgets enable the users to make sound financial decisions
and avoid misuse of money especially in ways not accounted for. Budgeting plays a crucial role
in ensuring that money is well utilized and unnecessary spending is cabbed.
Having completed the budgeting process for the entire year, I am quite surprised by the way my
spending is distributed. One of the greatest concerns is the proportion of income that I spend on
entertainment as compared to other divisions and the considerably low amount of savings made
in the year.
Income
I mainly receive three types of income. Income 1 is fixed through the entire year with no changes
remaining at 2750. The second income is relatively fixed; however, I received a rise from 1800
to 2100 in August which remained constant for the rest of the year. Income 3 is generated from
business investments; the business investment is an SME and thereby monthly income greatly
varies. However, the business was recently started and has been on an increasing trajectory from
January to December with minimal shifts. The year-to-date total income sums up to 71,810
Housing costs
Housing expenditure accounts for the largest expense in each year. The expenditure on housing
is quite great summing up to 33,080 for the entire year. Reflecting on the expenditure patterns, I
have realized that there is a trend in insurance and other consumptions such as groceries; their
consumption tends to increase with an increase in income. Utilities such as water, phone,
electricity, and internet greatly vary and their trends are not dependent on the income levels. On

the housing costs, expenditures such as rent, mortgage, and security remain relatively fixed
throughout the entire year.
Loan’s cost
I have for a long time found myself taking different loans, the uptake of loans is heavily
dependent on the investment expenditure. Most of the loans taken are usually credit card loans
and personal loans. The expenditure upon repaying these loans is therefore accounted for. I was
greatly surprised by the yearly expenditure on the loans. I had previously thought that the
number of loans was considerably lower than the yearly amount of 4,490.
Entertainment expenditure
Entertainment expenditure forms a significant share of the total expenditure. I am greatly
surprised by the total amount spent on entertainment. The total amount spared on entertainment
sums up to 10,120 for the entire year which is considerably high.
Personal expenses.
The personal expenses are mostly spent on clothing and medication with dental expenses being
incurred every 3 months. The total monthly expenses on personal expenses in the year were
relatively considerate based on the yearly monthly income. The total personal experiences for the
year are; 8,670.
Savings
Savings is one of the crucial aspects of the business. Based on the income levels, the total yearly
savings of 10,430 remains relatively low as compared to the threshold of 25% of the total
income.

Having no automobile, there was no spending on the automobile for the year. There are also
reduced miscellaneous expenses with only 300 being spent on gifts in the year.

Directions for the workbook: Enter your financial information
in the monthly income and expense (housing costs,
automobile costs, loans, savings, entertainment costs,
personal expeneses, and miscellaneous) cells. Enter amounts
for your projected monthly income and total projected costs
cells. The total cells as well as the Total Projected Income,
Total Projected Expenses, and Difference cells will
automatically calculate for you. After you have entered
financial information for two months, view the YTD Budget
sheet to view a yearly projection of your personal budget.

January
Total Projected Income

Total Projected Expenses
\$5,150.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Projected Monthly Income
2,750.00
1,800.00
600.00

5,150.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

Total Projected Cost
650.00
430.00
200.00
100.00
125.00
150.00
140.00
100.00
150.00
230.00
120.00
2,395.00

Loans
Credit Card
Credit Card
Personal loan
Student loans

\$5,150.00

Total Projected Cost
450.00
0.00
0.00
0.00

Total

450.00

Entertainment Costs

Total Projected Cost

Dinner
Movie Theater
Sporting Events
Rent Movies
CD's
Total

0.00
100.00
230.00
0.00
200.00
0.00
530.00

Miscellaneous
Dog Food
Vet
Total

Total Projected Cost
0.00
0.00
0.00

0.00

Difference
\$0.00

Automobile Costs

Total Projected Cost

Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Savings
Savings account
401K
Investments
Other

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total Projected Cost
500.00
0.00
325.00
0.00

Total

825.00

Personal Expenses
Clothing
Child Care
Prescriptions
Medical
Dental
Other
Total

End of January worksheet

Total Projected Cost
300.00
0.00
0.00
400.00
250.00
0.00
950.00

February
Total Projected Income
\$5,150.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$4,970.00

\$180.00

Projected
Monthly
Income
2,750.00
1,800.00
600.00

5,150.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
175.00
130.00
100.00
180.00
100.00
100.00
150.00
230.00
160.00
2,405.00

Loans
Credit Card
Credit Card
Personal loan
Student loans
Total

Entertainment Costs
Dinner
Movie Theater

Total
Projected
Cost

Automobile Costs
Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Total
Projected
Cost

Savings

530.00 Savings account
401K
Investments
Other
530.00 Total

Total
Projected
Cost
350.00 Clothing
0.00 Child Care

Personal Expenses

Sporting Events
Rent Movies
CD's
Total

Miscellaneous
Dog Food
Vet
Total

210.00
0.00
240.00
0.00
800.00

Prescriptions
Medical
Dental
Other
Total

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

End of February worksheet

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total
Projected
Cost
315.00
0.00
250.00
0.00
565.00

Total
Projected
Cost
300.00
0.00

0.00
270.00
0.00
100.00
670.00

March
Total Projected Income
\$5,800.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$4,820.00

\$980.00

Projected
Monthly
Income
2,750.00
1,800.00
1,250.00

5,800.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
200.00
170.00
200.00
210.00
100.00
100.00
150.00
230.00
150.00
2,590.00

Loans
Credit Card
Credit Card
Personal loan
Student loans
Total

Entertainment Costs
Dinner
Movie Theater
Sporting Events

Total
Projected
Cost

Automobile Costs
Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Total
Projected
Cost
350.00
0.00
0.00
0.00
350.00

Total
Projected
Cost

Savings
Savings account
401K
Investments
Other
Total

Personal Expenses

230.00 Clothing
0.00 Child Care
0.00 Prescriptions

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total
Projected
Cost
520.00
0.00
440.00
0.00
960.00

Total
Projected
Cost
210.00
0.00
0.00

Rent Movies
CD's
Total

Miscellaneous
Dog Food
Vet
Total

0.00
200.00
0.00
430.00

Medical
Dental
Other
Total

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

End of March worksheet

100.00
0.00
180.00
490.00

April
Total Projected Income
\$5,450.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$5,080.00

\$370.00

Projected
Monthly
Income
2,750.00
1,800.00
900.00

5,450.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
220.00
100.00
100.00
150.00
180.00
150.00
150.00
270.00
200.00
2,600.00

Loans
Credit Card
Credit Card
Personal loan
Student loans
Total

Entertainment Costs
Dinner
Movie Theater
Sporting Events

Total
Projected
Cost

Automobile Costs
Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Total
Projected
Cost
300.00
0.00
420.00
0.00
720.00

Total
Projected
Cost

Savings
Savings account
401K
Investments
Other
Total

Personal Expenses

200.00 Clothing
0.00 Child Care
160.00 Prescriptions

Rent Movies
CD's
Total

0.00 Medical
100.00 Dental
Other
460.00 Total

Miscellaneous
Dog Food
Vet
Total

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

End of April worksheet

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total
Projected
Cost
200.00
0.00
400.00
0.00
600.00

Total
Projected
Cost
230.00
0.00
0.00

240.00
230.00
700.00

May
Total Projected Income
\$5,660.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$5,040.00

\$620.00

Projected
Monthly
Income
2,750.00
1,800.00
1,110.00

5,660.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
210.00
130.00
180.00
200.00
100.00
210.00
150.00
150.00
200.00
2,610.00

Loans
Credit Card
Credit Card
Personal loan
Student loans
Total

Entertainment Costs
Dinner
Movie Theater
Sporting Events

Total
Projected
Cost

Automobile Costs
Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Total
Projected
Cost
410.00
0.00
0.00
0.00
410.00

Total
Projected
Cost

Savings
Savings account
401K
Investments
Other
Total

Personal Expenses

0.00 Clothing
160.00 Child Care
300.00 Prescriptions

Rent Movies
CD's
Total

Miscellaneous
Dog Food
Vet
Total

0.00
200.00
0.00
660.00

Medical
Dental
Other
Total

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

End of May worksheet

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total
Projected
Cost
300.00
0.00
450.00
0.00
750.00

Total
Projected
Cost
210.00
0.00
0.00

400.00
0.00
0.00
610.00

June
Total Projected Income
\$6,150.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$4,840.00

\$1,310.00

Projected
Monthly
Income
2,750.00
1,800.00
1,600.00

6,150.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
200.00
100.00
100.00
140.00
200.00
140.00
150.00
310.00
240.00
2,660.00

Loans
Credit Card
Credit Card
Personal loan
Student loans
Total

Entertainment Costs
Dinner
Movie Theater

Total
Projected
Cost

Automobile Costs
Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Total
Projected
Cost
380.00
0.00
0.00
0.00
380.00

Total
Projected
Cost

Savings
Savings account
401K
Investments
Other
Total

Personal Expenses

300.00 Clothing
210.00 Child Care

Sporting Events
Rent Movies
CD's
Total

Miscellaneous
Dog Food
Vet
Total

0.00
0.00
400.00
0.00
910.00

Prescriptions
Medical
Dental
Other
Total

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

End of June worksheet

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total
Projected
Cost
650.00
0.00
0.00
0.00
650.00

Total
Projected
Cost
0.00
0.00

0.00
240.00
0.00
0.00
240.00

July
Total Projected Income
\$6,000.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$5,100.00

\$900.00

Projected
Monthly
Income
2,750.00
1,800.00
1,450.00

6,000.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
230.00
150.00
180.00
210.00
100.00
200.00
150.00
350.00
160.00
2,810.00

Loans
Credit Card
Credit Card
Personal loan
Student loans
Total

Entertainment Costs
Dinner
Movie Theater

Total
Projected
Cost

Automobile Costs
Auto 1
Auto 2
Taxi
Gas
Insurance
Maintenance
Car Wash
Other
Other
Total

Total
Projected
Cost
410.00
0.00
0.00
0.00
410.00

Total
Projected
Cost

Savings
Savings account
401K
Investments
Other
Total

Personal Expenses

0.00 Clothing
0.00 Child Care

Sporting Events
Rent Movies
CD's
Total

Miscellaneous
Dog Food
Vet
Total

400.00
80.00
250.00
0.00
730.00

Prescriptions
Medical
Dental
Other
Total

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

End of July worksheet

Total
Projected
Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total
Projected
Cost
450.00
0.00
0.00
0.00
450.00

Total
Projected
Cost
150.00
0.00

0.00
300.00
250.00
0.00
700.00

August
Total Projected Income
\$6,700.00

Monthly Income
Income 1
Income 2
Income 3
Income 4
Income 5
Income 6
Total

Total
Projected
Expenses

Difference

\$6,050.00

\$650.00

Projected
Monthly
Income
2,750.00
2,100.00
1,850.00

6,700.00

Housing Costs
Mortgage
Rent
Electric
Gas
Water
Internet
Cable
Phone
Security
Insurance
Groceries
Total

650.00
430.00
150.00
180.00
100.00
200.00
110.00
180.00
150.00...

### Review

Anonymous
Just what I was looking for! Super helpful.

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