PROJECT: Financial Planning for Janella

My Group Members:

You have been hired!

Janella Sims, a 28-year-old professional in your city has hired your group as her fnancial advisors. She recently started a new job and needs a budget to match her annual salary. During the fnal RTSWS session, your group will be presenting your proposed budget and recommendations to Janella on her living and spending choices. The next page shows the information she has provided you. You may use your phones, tablets or laptops to research and decide on the remaining expenses.

TO DO:

 Using Janella’s payslip and notes, determine Janella’s monthly take home pay and add it to her monthly budget on page 40.  Using the expenses listed on Janella’s monthly budget, defne each as fxed, variable

or occasional.

 With any extra time, begin to fll in Janella’s budget with her monthly expenses.

TIPS:

• Be aware of the diference between Janella’s wants and her needs.

• You may not be able to meet all of Janella’s fnancial goals, so pick the ones you think are best and be ready to share why. • Be creative!

• Janella shared with you her most recent payslip (shown on following page)

• She receives an annual salary of £45,000 and she is paid monthly in the amount of £3,750 (45,000 / 12 months per year = £3,750)

Notes from your meeting with Janella:

• She wants to purchase a house or flat in the next three years. She hopes to have a down payment of £25,000 for the purchase • Remaining student loans: £12,000. She currently pays off £250/month • She wants to regularly put aside money for emergencies • She wants to begin contributing to her retirement savings

• She wants to join a tennis club. Her preferred club costs £70/month • She wants to go out for a nice dinner twice a month, about £40/month • She is undecided on what type of flat she wants • She is saving for holiday next summer which will cost £750