• what recommendations would you have for a family to effectively manage their resources now and for planning for the future?
• What are some current societal circumstances (i.e., economy, child care costs, etc.) that make it challenging for families to effectively manage their resources and plan for their future financial stability and success?
• Every individual and family experiences gains, losses, and various life transitions that impact their resource management. What are some examples of these changes that you believe your case family may experience in the future? What would you recommend they do to help prepare for those potential changes?
• Overall, what have you learned and what are your final thoughts after completing this semester-long budget study?

My case family

Adult Family Members: Mr. Zimmerman and Ms. Smith Ages: Mr. Zimmerman, 38, divorced from first wife, the mother of his son; Ms. Smith, 33, divorced from first husband, the father of her two daughters. Employment and Relevant Information: Mr. Zimmerman has worked for a local car dealership as a certified mechanic for 10 years. He works Tuesday through Friday, 7:30am to 5pm, and every Saturday morning from 7am to noon. On the weekends he isn't working, he travels to visit his son. He pays $400 in child support each month. He enjoys spending time with coworkers, bowling, attending auto races, and riding his mountain bike in competitions. Ms. Smith works 4 hours per day, Monday through Friday, as a receptionist. She has custodial rights for her daughters. She enjoys scrapbooking, cooking, and watching movies. Her ex- husband pays $250 total per month in child support, and his employment benefits provide full health and dental insurance for their daughters. Other Family Members and Relevant Information: Level One. Ms. Smith's two daughters live with them. The oldest is in third grade, and the youngest is in first grade. Mr. Zimmerman's son is 12 years old and lives with his mother 500 miles away. Level Two. Mr. Zimmerman's ex-wife and son live 500 miles away. He travels to see his son twice a month and brings him to stay over the summer school break. Mr. Zimmerman's parents live in another state. Level Three. Ms. Smith has two sisters living within 2 miles. Ms. Smith's ex-husband is very dependable with child support payments but does not have contact with his daughters. Family Assets: Mr. Zimmerman has a 10-year old pickup that is debt free. He also has $750 in liquid savings. He withdrew all of his retirement savings to pay for the divorce. Ms. Smith has a 5-year-old van with a loan balance of $6,000 at 5% interest. Family Debts: The family lives in an apartment with a monthly rent equal to one-third of the average family monthly income of Utah. Use local economic data to determine that amount. Mr. Zimmerman can match his employer's 3% addition to his retirement pension and plans to do that from now on, but he can stop at any time. Ms. Smith has a student loan balance of $5,000, with monthly payments of $300. She has no retirement savings or health, dental, or life insurance. The vehicles must be maintained, insured, and licensed. They would like to have renters' insurance but haven't filed the paperwork yet.

Answer rating: 100% (QA)

Managing resources effectively as a family and planning for the future requires careful consideration and strategic decisionmaking Here are some recom... View the full answer