Finance Project

Anonymous
timer Asked: Oct 21st, 2018
account_balance_wallet $9.99

Question Description

(you can just make up things. i'm an 18 year old boy so things that are relevant to that :) )

Sinking Fund Savings

How do you eat an elephant? One bite at a time.

After you have fully funded your emergency fund, you can start saving for other items. You will usually have a few big expenses, like an upcoming vacation, team or club dues, music or athletic equipment, and prom. These things can be budget busters if you do not plan ahead. Using a sinking fund savings approach for large purchases means, when the time comes, you will have cash on hand for large purchases and can avoid going into debt.

View the example form below that can be used to break down those upcoming expenses into bite-sized chunks for your monthly budget.

Sinking Fund Form
A (item)B ($ needed)C (# of months)D ($ amount budgeted)
Homecoming
Club dues
Sports fees
Christmas
Valentine's Day
Spring break
Anniversary
Prom
Other
Instructions
  1. Open Sinking Fund Savings form: .docword documentor .rtf
  2. In column A (item) you list the common, large expenses for which you need to plan. If you have an upcoming expense that is not listed, fill it in as Other.
  3. For the items that apply to you, write how much money you will need for that expense in column B (needed). Then, calculate how many months you have to save for that item, and write that in column C (# of months).
    For example: It is January and you want to have $120 spending money saved for your family vacation in July. Between January and July there are six months so, you have six months to save.
  4. For each item, divide the "needed" amount by the "# of months" in which you have to save. Write that number in column D (budget).
    For example: For your spending money for family vacation, $120 divided by six months is $20 a month. That is how much you need to save each month to have $120 in time for vacation.
  5. Upon completion of your sinking fund form, answer the following questions in two to three sentences each:
    • Describe the advantages of saving for short-, medium-, and long-term goals.
    • What is the purpose of a sinking fund?
    • What might be a consequence of not having a sinking fund for large purchases?
  6. Submit your completed sinking fund form and your responses to the questions above.

In the Budget Builder lesson for this chapter, you will write your sinking fund savings into your budget.

Rubric

Sinking Fund Rubric
ExcellentGoodNeeds ImprovementPoor
Content20–23 points
The work contains allthe required elements:
  • completed sinking fund form
  • two to three sentence responses to three questions
16–19 points
The work contains mostof the required elements:
  • completed sinking fund form
  • two to three sentence responses to three questions
12–15 points
The work contains some of the required elements:
  • completed sinking fund form
  • two to three sentence responses to three questions
0–11 points
The work contains few or none of the required elements:
  • completed sinking fund form
  • two to three sentence responses to three questions
Quality20–23 points
The sinking fund form and short answer responses are completely accurate and on topic. Responses are thoughtfully prepared, provide insight, and completely apply the principles discussed in the lesson.
16–19 points
The sinking fund form and short answer responses are mostly accurate and on topic. Responses are somewhat thoughtfully prepared, provide some insight, and mostly apply the principles discussed in the lesson.
12–15 points
The sinking fund form and short answer responses are somewhat accurate and/or strays from the topic. Responses lack appropriate amount of thought, have limited insight, and somewhat apply the principles discussed in the lesson.
0–11 points
The sinking fund form and short answer responses are inaccurate and/or strays from the topic. Responses lack thought, have limited insight, and inadequately apply the principles discussed in the lesson.
21st century presentation skills4 points
The work is wellorganized, easy to read and comprehend. It has few spelling or grammar errors.
3 points
The work is mostlyorganized, easy to read and comprehend. It has few spelling or grammar errors.
2 points
The work is somewhatorganized, easy to read and comprehend. It has somespelling or grammar errors.
0–1 points
The work lacksorganization, ease of reading and comprehension. It has many spelling or grammar errors.

Tutor Answer

chemtai
School: New York University

please find the attached files. always a pleasure. good bye

Running head: SINKING FUND

1

Sinking Fund
Name
Tutor
Institution
Course
Date

SINKING FUND

2

Question one: Describe the advantages of saving for short-, medium-, and long-term goals.

Short, medium and long terms goals are important for attainment of financial efficiency
when budgetin...

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Review

Anonymous
Top quality work from this guy! I'll be back!

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