Family Budget Project – Part1monthly cash flow planPlease fully read allPowerPointsand materials for this weekand watch the video guidebefore completing this assignment.You will need to selectone case studyto use forall 3 partsof the Family Budget Project.Please refer to the document labeled Family Budget Project Case Study Scenarios to read the descriptions.There are four available scenarios:LucyLily, Claudia, Sophie, & KevinLeo, Zoey, & RileyTony & Elysecontent instructionsFor this assignment, you will focus on one of the case studies and focus on their family situation. You will be the expert and discuss their current situation and develop an action plan that will help improve the well-being of the family.After reading about your individuals/familys life situations and expenses, you need to fill out:A monthly cash flow worksheetoFor the monthly cash flow worksheet, every dollar of their income should be allocated to some category on this sheet. Money left over should be put back into a category even if you have to make up a new category. You are making spending decisions here. Almost every category should have some dollar amount in it. The goal is to not have any leftovers, make every penny useful.A recommended percentages worksheetoFor the recommended percentages worksheet, fill out all of the required information. At the top of this worksheet is a big red box where you will need to enter their total monthly income. From the cash flow sheet, you will enter the amounts the individual/family spends in each category under total monthly expense. The worksheet will automatically calculate the % of take-home pay which is the percentage of take-home pay that category represents; for example, what percentage of your total take-home pay did you spend on Housing. You will than compare these percentages with those on the recommended percentages sheet to determine if you need to make adjustments to their lifestyle. You will need to calculate whether it is over or under (ex/ under by 5%) or in range and enter this information. You also need to write out what they should do to correct each category.objectivesComplete each of the worksheets and attach a full 2-3 page paper analyzing each of the worksheets.1.Provide an overview of the familys financial situation and explain what you learned from each worksheet about their financial management.What purpose do they serve and how did it help you assess the financial situation?2.You will need to identify areas of spending that the family should changeand explain why you selected those categories.3.Compare and contrast their budget for this month and your proposed budgetoptionsfor the next month.4.What adjustments did you have to make?After making the changes, how will this benefit the family?5.What did you learn about budgeting?worksheetsIncome Sources and Monthly Cash FlowRecommended PercentagesformattingPart 1 of the Family Budget Project should:Be no more than 3 pages in lengthInclude both Excel worksheetsBe typed as a paper (do not fill this document out like the EL worksheets)Be double-spacedHave 1 margins on all four sidesBe 12point Times New Roman fonts onlyHave no cover page or report cover of any kindHave a single-spaced heading in the upper left cornerWorth 30 Points
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