Assignment 3: Impact Of Economics On Daily Living ECO1100

What to submit/deliverables: A completed Assignment 3 XLS Template and a completed Assignment 3 Financial Analysis Explanation Word Template.

Criteria for Success: In this assignment, you will:

  • Create three monthly budgets using Excel for a financial analysis.
  • Summarize the change in expenditures between budgets.
  • Show the findings of your personal financial analysis using appropriate graphs/charts in Excel.
  • Explain how the chosen graphs/charts help someone to better understand the presented financial data better than other potential graphs/charts.
  • Discuss the results of financial analysis including overall progress towards saving goals, potential changes in budget that can be made in the future, possible economic/life impacts that may affect their budget in the coming year.
  • Reflect on what your financial analysis might reasonably look like in a year taking into account income growth and inflation of consumer prices.

Scenario: Three months have passed since you created your initial Financial Plan (from Assignment 2). A friend who is studying to become a financial advisor recommends that you check in on your progress towards your saving goal. She volunteers to help you conduct a financial analysis of your personal budget over three months. You meet with your friend each month to go over your analysis. In her studies she is learning that people understand budget concepts better when they are represented as visuals, so she asks you to create some.