Pro Forma Post-Graduation Budget and Evaluation

Pro Forma Post-Graduation Budget and Evaluation

Living within my means implies servicing my daily expenses using my salaries (Mahapatra & Mishra, 2019). Presently, I have not yet invested in assets such as stocks which yield return. Therefore my primary source of income is my job. Nonetheless, I anticipate investing in enhancing earnings. Secondly, this analysis indicates that I am financially dependent on my family since I do not rely on the family members in obtaining needs. I primarily rely on the job that pays me the monthly revenue.

Unfortunately, I have not been saving for the emergency fund, which is crucial in servicing the miscellaneous expenses not accounted for in our computations. Notably, establishing an emergency fund facilitates cost savings because I would no longer have short term debt in servicing such expenses. I am currently saving $5,000, which is insufficient to fulfill my long-term financial goal of owning my house. Moreover, when I compute the future value of $5,000, which I save every month, it is insufficient to sustain me when not at work.

I do not have enough to begin offering financial assistance to other individuals. The student loan and car loan comprise a substantial part of my expenditure, yet they cannot be eliminated. At the same time, I consume a considerable amount through the type of house I rent, the food I consume, and utility bills. I intend to restructure my monthly and yearly consumption so it could facilitate the attainment of long-term goals, including retirement

References

Mahapatra, M. S., & Mishra, R. K. (2019). Role of self-control and money attitude in personal financial planning. The Indian Economic Journal, 67(3-4), 362-366.

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Create a pro forma postgraduation budget in Excel. Evaluate your budget and submit one Excel file that includes both the budget and the evaluation. Estimate the income that you will earn from your job after graduation. Include 5-10 expenses you will incur (e.g., rent, student loan payments, cell phone, car payment, insurance, food, utilities).

Pro Forma Post-Graduation Budget and Evaluation

In the evaluation (250-500 words), answer the following questions in complete sentences:
Am I living within my means? Does my income cover my expenses? Do I have enough income to pay my bills?
Am I financially independent from my family?
Do I have an emergency fund?
Am I saving enough for retirement in my budgets/planning?
Do I have enough to start giving financially to others?
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
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