Barnes_ECO110_Week10Activity

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Strayer University, Washington *

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Economics

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Jan 9, 2024

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1 Week 10 Activity Peter Barnes ECO110 Isaac Boring December 11, 2023

2 Reflect on Your Analysis Data Visualization Based the pie chart, I have allocated a percentage of my income for each category of expenses. This has helped me to understand how much I should be spending on each category and how much I should be saving towards my financial goal. By tracking my expenses regularly, I am able to see where I am overspending and adjust accordingly. Overall, my budget plan has been effective in helping me stay on track towards my financial goal. Financial Analysis of Months 1–3 I adjusted my budget based on the extra income received in Months 2 and 3. In Month 2, I received $100 towards extra income, which I used to increase my spending on the Miscellaneous budget. In Month 3, I received $625 as additional income, which I used to pay for my health care expenses and improve my overall way of life that month. Although it was a short-term indulgence, it was a reward to myself for sticking to my budget plan. As for my progress towards my savings goal of $20,000 for a down payment to buy a house over two years, I kept the same in Months 1, 2, and 3. This is great because it shows my commitment to sticking to my goal of saving $833.33. After analyzing my expenses and savings, I realized that I need to cut back on my miscellaneous spending and short-term pleasure in raising my overall way of life to have more savings for my financial goals. Therefore, in the future, I plan to reduce my spending and allocate more of my extra income to expedite my savings goal ahead of time. Projection Next year's budget could be impacted by various economic trends such as inflation, changes in housing prices, changes in interest rates, or demand for labor (or unemployment). If inflation increases, it could increase the cost of living, affecting variable expenses such as food, car maintenance, gas, and miscellaneous items. Changes in housing prices could affect progress toward the financial goal of saving for a down payment to buy a house. Moreover, changes in interest rates could affect fixed expenses such as car loans and potential mortgage payments. Additionally, an increase in unemployment could decrease income, affecting the ability to save for the down payment. Reflection I am happy to share that completing the assignment has had a significant impact on my life. The provided template allowed me to create a personalized budget plan that aligns with my financial goals. By replacing the sample values with my own, I now have a plan that is tailored to my specific needs. With discipline and commitment, I am confident that I can make significant financial progress within the next two years.

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