Personal Financial Planning - Case Study Example

She uses that amount to fund her monthly budget which according to appendix 1, indicates a deficit figure of $ 348. That is, the amount of Susan’s salary is insufficient to meet all her monthly expenses. The following recommendations have been made to help Susan increase her income. First she should start a cup cake business. Second, she should seek for a job at a restaurant on a night shift. Third, she could tutor elementary school pupils. Fourth, she should seek for a part time job in an adult day care facility.

Last, she should work as a cashier at a local fashion store. On the other hand, the following recommendations have been made on areas of expenditure reduction: medical insurance, utilities, Child day care, credit cards, gas, and food. The adoption of the recommendations has proven to increase Susan’s income (appendix 2). Susan is capable of meeting all her monthly expenses. In addition, the analysis shows that she will have a budget surplus of $ 7,087. Therefore, Susan should consider the recommendations in order to improve her credit rating and financial situation.

Susan, born in on April 7th, 1976, is aged thirty five years. She is a single parent with two children. Her first born child is Tina, born on August the twenty seven in the year two thousand and eight. Her second born child is Jeffrey, born on April the fourteenth the year two thousand and thirteen. As mentioned before, Susan is a single mother who was deserted by her husband. She encountered the misfortune after she was expectant of giving birth to Jeffrey. Since the painful misfortune occurred, she has never seen or heard from the father of her two children.

This means that all the support of her two children are from other sources excluding her husband. Susan stays close to her parents residence. Her parents strive to help occasionally though they are not well off either. She had earlier thought of moving in with her parents, but the idea could not