GEN173 Financial Plan Assessment
- Subject Code :
GEN173
Spending Plan
Students must complete the spending plan template and write a reflection (500 words).
This assessment aims for students to develop strategies to manage their finances effectively. Thus allowing students to control their finances and ensuring that issues around money do not get in the way of their study and career goals – a budgeting planning workshop will be run during the tutorials to help students prepare for this assessment.
Spending plan template
Using the template as a starting point, students should develop a monthly spending plan by working out their financial commitments and including detailed income and expenses. Students need to justify how the spending plan is accurate, manageable, and financially sound.
After completing the template, students should write a reflection (500 words) covering:
- the value of a spending plan as a tool for managing money effectively;
- justify how the spending plan is accurate, manageable, and financially sound;
- explain how the spending plan will help: prepare for financial eventualities impacting study; save money; or help achieve a specific financial goal.
- personal financial strategy(s) to address any financial challenges identified due to this task; and
- demonstrate an ability to sustain financially during university study.
Students can refer to the CSU Financial Advice Services for the reflection component, where they will find information, advice, materials, and workshops relating to financial planning and support.
The items in the spending plan can change depending on your circumstances. These items are just a guide and should be used only as a starting point for developing your personalized spending plan.
Note: If you are not comfortable sharing this information, don’t worry; you can write the spending plan based on a hypothetical student.
|
Expenses (Monthly) |
Amounts |
Income (Monthy) |
|
Savings (Monthly) |
|
Food · Take away · Groceries |
$ $ |
Work |
$
|
$
|
|
Rent or Mortgage |
$ |
Centrelink |
$ |
|
|
Study · Books · HECS · Printing |
$ $ |
Allowances |
$
|
|
|
Car · Rego · Insurance · Petrol · Maintenance |
$ $ $ $ |
Other |
$
|
|
|
Other transport · Uber · Public · Transport |
$ $ $ |
|
|
|
|
Health · Gym · Health · Insurance · Medication |
$ $ $ $ |
|
|
|
|
Leisure · Memberships (e.g. Netflix) · Going out |
$
$ |
|
|
|
|
Clothes |
$ |
|
|
|
|
Utility bills · Mobile phone · Internet · Gas · Electricity · Water |
$ $ $ $ $ |
|
|
|
|
Other |
$ |
|
|
|
|
Total expenses |
$ |
Total income |
$ |
|
|
Total (income minus expenses) $ |
||||
After completing the template, students should write a reflection (500 words) covering:
Note: If any of these discussion points make you uncomfortable to share, shift to a more descriptive language rather than a reflective one.
- the value of a spending plan as a tool for managing money effectively;
- justify how the spending plan is accurate, manageable, and financially sound; or explain, in general, why spending plans should be accurate, manageable and sound;
- explain how the spending plan will help: prepare for financial eventualities impacting on study; save money; or help achieve a specific financial goal.
- personal financial strategy(s) to address any financial challenges identified as a result of doing this task; and
- demonstrate an ability to sustain financially during university study.
