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Touchstones are projects that illustrate your comprehension of the course material, help you refine skills, and demonstrate application of knowledge. You can work on a Touchstone anytime, but you can’t submit it until you have completed the unit’s Challenges. Once you’ve submitted a Touchstone, it will be graded and counted toward your final course score.
One way to check your progress towards your financial goals is to conduct a personal financial analysis. This will help you see how well you have stayed on track with your finances over time. Using technology can help you stay organized and help you visualize financial data, uncover trends, and effectively communicate your findings.
Your goal for this Touchstone is to build your confidence with technology. Using Microsoft Excel, you will organize three monthly budgets, visualize the data using graphs, and discuss the results. You’ll begin with the budget you created in Excel in the Unit 2 Touchstone. There are many types of technologies available for personal or professional use that can analyze and display personal financial data. Your experience with Excel spreadsheets in this course is a skill you can apply to other technology tools in your life and career. If you need a refresher on spreadsheets, review the tutorials in Unit 1, Challenge 3 of this course (Links are in Section D).
Touchstone 4: Analyzing Your Personal Finances
SCENARIO: Three months have passed since you created your first financial plan (i.e., the Unit 2 Touchstone). In that time, your budget has gone through some changes. The good news is that your income has increased because of your strong performance at work. However, health care and miscellaneous costs have gone up along with your earnings. You will need to reallocate your monthly budget based on these changes to see how you’re progressing toward your original savings goal.
While you appreciate numbers and figures, you also know that a strong financial analysis needs visual information. As part of your progress check, you’ve committed to creating a set of graphs that you can share with your financial advisor.
ASSIGNMENT: This assignment has two parts. In part 1, you will analyze personal finance data based on the scenario described above. You’ll use your problem solving and agility skills to balance three monthly budgets, and you’ll use your technology skill to graph the spending allocations in each of them. Finally, you’ll sharpen all three skills as you calculate and graph the progress you’re making toward your original savings goal.
In part 2, you will answer reflection questions about the decisions you made, identify how to create more savings opportunities, and make predictions about life and economic impacts that could affect the future of your plan.
For this assignment, you will:
Create three monthly budgets and perform a personal financial analysis using Microsoft Excel.
Summarize changes in expenditures between budgets.
Show the results of the analysis using appropriate graphs in Excel.
Explain how the graph types you have selected will help your financial advisor understand the data.
Discuss the results of the financial analysis including savings achievements, future budget modifications, and life impacts that could derail the budget in the coming year.
Reflect on what the analysis might reasonably look like in one year, accounting for economic factors such as inflation and the consumer price index.
Download the Excel template below, which further breaks down the steps involved in this assignment. You will return the completed template as your Touchstone submission.
DIRECTIONS: Refer to the lists below throughout the assignment. Do not submit your Touchstone until it meets these guidelines.
2. Reflection Questions
? Have you directly answered each question that was asked?? Have you provided sufficient evidence to support each of your answers?? Have you made clear and logical connections between your conclusions and the data used in the financial analysis?? Have you leveraged content from the course tutorials about economic factors?? Have you included sufficient detail in your answers?
B. Rubric
Advanced (100%)Proficient (85%)Acceptable (75%)Needs Improvement (50%)Non-Performance (0%)
Building Monthly Budgets (P1S1-P1S3) (20 points)
Create balanced budgets for Month 1, Month 2, and Month 3 using Excel’s formula feature and supplied data.All formulas are correct, income equals total expenditures, percentages are complete, and supplied data has been integrated. All values are realistic, and all units are displayed.Most formulas are correct, income equals total expenditures, percentages are mostly complete, and supplied data has been integrated. Most values are realistic, and all units are displayed.Some formulas are correct, income equals total expenditures, percentages are nearly complete, and supplied data has been integrated. Over half of the values are realistic, but not all units are displayed.Formulas were not used, income equals total expenditures, percentages are incomplete, and supplied data is missing. Only some values are realistic, but all units are displayed.Formulas were not used, income does not equal total expenditures, percentages are left blank, and supplied data is missing. Few values are realistic, and units are not displayed.
Creating Visuals (P1S4, P1S6) (20 points)
Graph expenditures for Month 1, Month 2, and Month 3, and graph the rate of savings over these three months.
All graphs are representative of the data tables and the axes are correctly labeled. The most effective graph type was chosen in all instances and cumulative savings shows an upward trend.Three to four graphs are representative of the data tables and the axes are correctly labeled. The most effective graph type was chosen in three to four instances and cumulative savings shows an upward trend.Two to three graphs are representative of the data tables and the axes are correctly labeled. The most effective graph type was chosen in two to three instances and cumulative savings shows an upward trend.One to two graphs are representative of the data tables, but the axes are not labeled. The most effective graph type was chosen in one to two instances and cumulative savings shows an upward trend.The graphs are not representative of the data tables and the axes are not labeled. The most effective graph type was chosen in only one instance and cumulative savings is trending incorrectly.
Measuring Savings Progress (P1Q3, P1Q4) (15 points)
Populate the Savings Progress table with savings per month, cumulative savings, and monthly shortages.
All the values for monthly savings match their respective data tables and monthly shortages are fully consistent with the original savings goal. Embedded formulas are present and accurate.All the values for monthly savings match their respective data tables and monthly shortages are mostly consistent with the original savings goal. Embedded formulas are present and mostly accurate.Two to three of the values for monthly savings match their respective data tables and monthly shortages are mostly consistent with the original savings goal. Embedded formulas are present and somewhat accurate.One to two of the values for monthly savings match their respective data tables but monthly shortages are not consistent with the original savings goal. Embedded formulas are present but inaccurate.Zero to one of the values for monthly savings matches its respective data table but monthly shortages are not consistent with the original savings goal. Embedded formulas are not present.
Choosing Graph Types (P2Q1) (15 points)
Give reasons for the graph types you selected for displaying expenditures and the savings rate. (150 words or less)
Rationale for choosing each graph type is thorough, evidence-based, and tightly connected to the tutorial content from the course.Rationale for choosing each graph type is mostly coherent, somewhat evidence-based, and largely connected to the tutorial content from the course.Rationale for choosing each graph type is somewhat coherent and evidence-based, but only loosely connected to the tutorial content from the course.Rationale for choosing each graph type is somewhat coherent and evidence-based, but no connections have been made to the tutorial content from the course.Rationale for choosing each graph type is incoherent, evidence is nonexistent, and no connections have been made to the tutorial content from the course.
Analyzing Results (P2Q2) 15 points)
Explain the results of your financial analysis in terms of progress, improvements, and anticipated derailments. (150 words or less)
Description of savings progress is exceptional, improvement plans are logical and attainable, and derailments are closely tied to real-world economic factors.Description of savings progress is well-written, improvement plans are logical and attainable, and derailments are largely tied to real-world economic factors. Description of savings progress is acceptably written, improvement plans are logical and mostly attainable, and derailments are only loosely tied to real-world economic factors. Description of savings progress is acceptably written, improvement plans are logical but not attainable, and derailments are only loosely tied to real-world economic factors.Description of savings progress is poorly written, improvement plans are illogical, and derailments are not tied to real-world economic factors.
Anticipating Economic Projections (P2Q3) (15 points)
Looking ahead one year, describe how economic factors might impact the financial analysis and how you might plan for them. (150 words or less)
The economic factors chosen are based on reality and tightly connected to the tutorial content from the course. The one-year plan is described clearly, is attainable, and is entirely logical based on the economic factors described.The economic factors chosen are based on reality and largely connected to the tutorial content from the course. The one-year plan is described clearly, is attainable, and is mostly logical based on the economic factors described.The economic factors chosen are mostly based on reality and sufficiently connected to the tutorial content from the course. The one-year plan is described sufficiently, is attainable, and is mostly logical based on the economic factors described.The economic factors chosen are loosely based on reality and somewhat connected to the tutorial content from the course. The one-year plan is described sufficiently but is not attainable or logical, based on the economic factors described.The economic factors chosen are not based on reality and are not connected to the tutorial content from the course. The one-year plan is described poorly, is not attainable, and is illogical based on the economic factors described.
ECON1010 Taking Charge of Your Economic Future
Unit 4 Touchstone Template
MONTH 1 BUDGET
Amount
Income
Expenditure
Housing
Food
Transportation
Education
Utilities
Taxes
Health Care
Family Care
Miscellaneous
Savings
Total
Percent
100%
Name:
Date:
Income
Expenditure
MONTH 2 BUDGET
Amount
$0
Housing
Food
Transportation
Education
Utilities
Taxes
Health Care
Family Care
Miscellaneous
Savings
Total
$400
PART 1: ANALYZING YOUR PERSONAL FINANCES
SCENARIO: Your monthly budget is going through some changes over the next three months. The good news is that your inco
has increased because of your strong performance at work. However, health care and miscellaneous costs have also gone up
will need to reallocate your monthly budget based on these changes. The changes are represented by embedded formulas in
MONTHLY BUDGET tables above, located inside the shaded cells.
STEP 1: Enter the previous values you obtained from the Unit 2 Touchstone into the MONTH 1 BUDGET. Important: Before yo
be sure to divide each dollar amount by 12. Remember, the Unit 2 Touchstone was an annual basis while this Touchstone is
monthly basis. If you no longer have the previous values, create new ones. Remember to start by entering your income and b
the MONTH 1 BUDGET balances.
STEP 2: Now create your MONTH 2 BUDGET and your MONTH 3 BUDGET above. Do not change the predetermined costs for H
Care in the second month or Miscellaneous in the third month. Do not modify the income in either month. Remember that yo
monthly income must equal your monthly expenditures (including savings). Look ahead to step 3 to see how you can use form
for proper balancing.
STEP 3: Your MONTH 2 BUDGET and your MONTH 3 BUDGET may or may not be balanced. To check, do the following:
• Enter a formula to calculate your total expenditures. Adjust your expenditures until the total equals your monthly income.
• Next, enter formulas in the percent column to calculate each expenditure as a percentage of the total expenditure.
STEP 4: Using the tools in Excel, make a graph for each of the three budgets to show your spending allocation. You may use a
chart, column chart, bar chart, or some other graph type. Review the tutorial in Unit 1 called Data Visualization if you need a
refresher on graphing. If your embedded graphs block your view, move them off the work area, either downward or to the rig
STEP 5: Fill in the table for SAVINGS PROGRESS located at the top right of this spreadsheet:
• Enter your monthly savings from steps 1-4. The cumulative savings column will calculate automatically.
• Recall your total savings goal from the Unit 2 Touchstone. In the last column, record how much more money you need to s
order to reach your goal.
• If you can’t recall your savings goal, create a new one so you’re able to complete the table.
STEP 6: Using the tools in Excel, make a graph that shows your incremental progress toward your savings goal based on the d
the SAVINGS PROGRESS table:
• Select a graph type that best illustrates your progress. Move the graph off the work area if it obstructs your view.
• Finally, using steps 1-6 as a reference, complete the REFLECTION QUESTIONS on the right side of this spreadsheet.
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DGET
Percent
100%
od news is that your income
costs have also gone up. You
y embedded formulas in the
Income
Expenditure
MONTH 3 BUDGET
Amount
$0
Housing
Food
Transportation
Education
Utilities
Taxes
Health Care
Family Care
Miscellaneous
Savings
Total
SAVING
Percent
100%
Month 1
Month 2
Month 3
$400
$100
Note:
To increase the height of a row, hove
the far left margin until your cursor be
and drag the bottom border to the de
you can use the shortcut Ctrl + Z to un
PART 2: REFLECTION QUESTIONS
QUESTION 1: In step 4 and step 6, you created several
graphs. Explain the reasons for the graph types that you
selected. How will the graphs you created help readers
understand the financial data?
ET. Important: Before you do,
while this Touchstone is a
ering your income and be sure
QUESTION 2: Explain the results of your financial analysis in
steps 1-6 in terms of the following:
• Overall progress toward your savings goals
• Changes you might make to the budget to improve
progress in the coming months
• Economic or life impacts that may affect your budget in the
future
redetermined costs for Health
onth. Remember that your
ee how you can use formulas
QUESTION 3: Assume that your income continues to grow,
but consumer prices also rise due to inflation. Determine
how economic factors like these might affect your financial
analysis one year from now:
A. What economic trends might you need to account for
when making a one-year projection?
B. How might you plan for unexpected expenses when
making a one-year projection?
do the following:
s your monthly income.
otal expenditure.
location. You may use a pie
ualization if you need a
r downward or to the right.
ally.
re money you need to save in
ings goal based on the data in
ucts your view.
is spreadsheet.
SAVINGS PROGRESS
Monthly Savings
Cumulative Savings
$0
$0
$0
$ to Reach Goal
To increase the height of a row, hover over the bottom border of that row in
the far left margin until your cursor becomes and up-down arrow. Then click
and drag the bottom border to the desired row height. If you make an error,
you can use the shortcut Ctrl + Z to undo it.
ART 2: REFLECTION QUESTIONS
Your Answer (150 words or less):
Your Answer (150 words or less):
Your Answer (150 words or less):
A.
B.
