Budgets and Accountability

The Expectations Conversation

I’m sure that you have a picture in your mind of what an ideal relationship with a Professor would look like. If I have any hope of meeting that picture, I have to know what it is. So, with that in mind, as we continue to work together I’d like to suggest that we start with an honest conversation about expectations.

Your Expectations of Me

What do you have the right to expect of me?

• I’m taking notes on your first response…

• I’m taking notes on your second response…

• I’m taking notes on your third response…

My Expectations of Me

• My added response to your first response (if any)

• My added response to your second response (if any)

• My added response to your third response (if any)

Any Unworkable Expectations?

Let’s Clarify and Discuss Any Unworkable Expectations of ME

• Discussion about the first specific unworkable expectation (if any)

• Discussion about the second specific unworkable expectation (if any)

• Discussion about the third specific unworkable expectation (if any)

Your Expectations of You

Now, what do I have the right to expect of you?

• Your First Expectation of You…

• Your Second Expectation of You…

• Your Third Expectation of You…

My Expectations of You

• My First Expectation of You…

• My Second Expectation of You…

• My Third Expectation of You…

Let’s Clarify and Discuss Any Unworkable Expectations of YOU

• Discussion about any specific unworkable expectation

• Discussion about any other specific unworkable expectation

• Discussion about any other specific unworkable expectation

Any Unresolved or Unmet Expectations so Far?

Unmet Expectations

• Any of Your Unmet Expecations of ME…

Okay, now let’s get to work on Budgets and Accountability

Part One: Build a Basic Budget

This week it’s all about the Budgets. Below is one of my favorite sources of financial information. Where do you go for good information about Personal Finance?

Whether you’re an accounting major or an education major, you need to learn about Budgets. So, do a little research, create your simple budget, and tell me all about what you learned in this assignment. That’s your assignment in a nutshell.

How to make a budget in 5 steps by NerdWallet

1. Figure out your after-tax income. If you get a regular paycheck, the amount you receive is probably it, but if you have automatic deductions for a 401(k), savings, and health and life insurance, add those back in to give yourself a true picture of your savings and expenditures. If you have other types of income perhaps you make money from side gigs subtract anything that reduces it, such as taxes and business expenses.

2. Choose a budgeting plan. Any budget must cover all of your needs, some of your wants and this is key savings for emergencies and the future. Budgeting plan examples include the envelope system and the zero-based budget.

3. Track your progress. Record your spending or use online budgeting and savings tools.

4. Automate your savings. Automate as much as possible so the money you’ve allocated for a specific purpose gets there with minimal effort on your part. An accountability partner or online support group can help, so that you’re held accountable for choices that blow the budget.

5. Revisit your budget as needed. Your income, expenses and priorities will change over time. Adjust your budget accordingly, but always have one.

It might help to take a few minutes and build a basic budget. You could use whatever tool you like. You might want to create a monthly budget or a Zero-Based budget.

Part Two Meet Your BayRock Planning Portal

By now, you should have completed the following steps:

• Congrats, You’re Enrolled in Money Study Group!

• Now, Register for your Online Planning Portal at BayRock

• Download the Mobile App (optional)

Week 2 Capstone

Get Started with Your Plan by Completing 6 Data Cards

1. Family Profile

2. Income (remember to do a little research to come up with a good estimate of your FUTURE income, assuming you’re out of college and working in your chosen vocation.

3. Savings

4. Net Worth

5. Expenses – Detailed Worksheet (remember to consider all of the expenses that will be a part of your “Budget” after you graduate and are living on your own.

6. Goals – For the Capstone, you will list all of the goals you want to achieve in the next 25 years, but don’t worry about getting them all listed for this assignment. Just list the goals you know you want to include right now.

Moving forward, we’ll talk about the Capstone Assignment in our Weekly Zoom Meetings every Tuesday at 10 am.

Part Three: Review Your Detailed Expenses (in your planning portal)

Do your best, but don’t spend too much time making your budget perfect — you’ll spend more time working on your income and expenses later. For now, just jump into your financial planning portal and update your income and the detailed expenses as seen in this week’s video tutorial for this assignment.

When I grade this assignment, I’ll be especially interested in seeing your “Income and Expenses” so make sure to grab a screenshot of this section of your plan.

Want Full Credit?

• You will get full credit for this assignment only IF you provide screenshots from your planning portal.

• Remember to create your budget categories based on you paying all your own expenses (even if in reality your parents are paying all of your current expenses).

• As you build your financial plan this semester, you will be doing a little research to come up with real life expectations regarding the following financial planning issues. Feel free to comment on any of these items as you complete this week’s assignment:

  • How much will you earn after you graduate (assuming you get your dream job)

  • How much will you spend to purchase your first home

  • How much will you spend in all categories of your budget

  • How much will you save in an Emergency Fund

  • How much will you save for Retirement

Submit Only One Document — PDF Only (NO Word Docs)

• Include a Screenshot of your Quiz: 7 Baby Steps

• Include a Screenshot of this week’s class collaboration component: Share a comment in Money Study Group, on Facebook, or in one of this week’s YouTube videos. What will you use to track your spending this semester and why did you choose this tool?