Harvard Case - Personal Budgeting Overview: One Last Pedicure
"Personal Budgeting Overview: One Last Pedicure" Harvard business case study is written by Gregory B Fairchild, Tierney Fairchild, Christina Black, Elisabeth Ivaniw Jones. It deals with the challenges in the field of Finance. The case study is 12 page(s) long and it was first published on : Jul 23, 2019
At Fern Fort University, we recommend that Sarah develop a comprehensive personal financial strategy that prioritizes her short-term and long-term financial goals. This strategy should include a detailed budget, a plan for debt management, and a roadmap for investment, considering her current financial situation and future aspirations.
2. Background
This case study focuses on Sarah, a young professional facing a common dilemma: balancing her desire for immediate gratification (like a pedicure) with her long-term financial goals, including saving for a down payment on a house and retirement. Sarah's current financial situation is characterized by a limited income, student loan debt, and a lack of a defined financial plan.
The main protagonist is Sarah, who is navigating the challenges of personal finance as a young professional. Her desire for immediate gratification clashes with her long-term financial goals, highlighting the importance of financial planning and decision-making.
3. Analysis of the Case Study
This case study can be analyzed through the lens of personal finance, focusing on the following key aspects:
- Income and Expenses: Sarah's income is limited, and her expenses are high, particularly due to her student loan debt. This highlights the importance of cash flow management and budgeting.
- Financial Goals: Sarah has clear financial goals, including saving for a down payment and retirement. This underscores the need for a long-term financial strategy that aligns with her aspirations.
- Decision-Making: Sarah faces a dilemma between immediate gratification and long-term financial goals. This emphasizes the importance of financial literacy and risk assessment when making financial decisions.
4. Recommendations
To address Sarah's situation, we recommend the following:
1. Develop a Detailed Budget:
- Track all income and expenses: Sarah should meticulously track her income and expenses to understand her current financial situation. This can be done using budgeting apps, spreadsheets, or traditional methods.
- Categorize expenses: Sarah should categorize her expenses into fixed (e.g., rent, student loan payments) and variable (e.g., groceries, entertainment) to identify areas for potential savings.
- Prioritize needs over wants: Sarah should prioritize essential expenses over discretionary spending, focusing on meeting her basic needs first.
2. Create a Debt Management Plan:
- Prioritize high-interest debt: Sarah should focus on paying down debt with the highest interest rates first, such as credit card debt.
- Explore debt consolidation options: Sarah could consider consolidating her student loans or other high-interest debts to potentially lower her interest rates and simplify her payments.
- Negotiate payment terms: Sarah could negotiate with her lenders to potentially lower her monthly payments or extend the repayment period.
3. Develop an Investment Strategy:
- Start early and invest regularly: Sarah should start investing early to take advantage of compound interest. Even small, regular contributions can accumulate significant wealth over time.
- Diversify investments: Sarah should diversify her investments across different asset classes, such as stocks, bonds, and real estate, to mitigate risk.
- Consider a Roth IRA: Sarah should consider contributing to a Roth IRA, which allows for tax-free withdrawals in retirement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations focus on building a solid financial foundation for Sarah, aligning with her long-term goals of homeownership and retirement security.
- External customers and internal clients: The recommendations prioritize Sarah's financial well-being and empower her to make informed financial decisions.
- Competitors: The recommendations are not directly influenced by competitors as this is a personal finance case study.
- Attractiveness ' quantitative measures if applicable: While specific quantitative measures like NPV or ROI are not applicable in this case, the recommendations aim to improve Sarah's financial health and maximize her long-term financial returns.
- Assumptions: The recommendations assume that Sarah is committed to achieving her financial goals and is willing to make necessary lifestyle adjustments.
6. Conclusion
By implementing these recommendations, Sarah can gain control of her finances, achieve her financial goals, and enjoy a more secure financial future. This case study highlights the importance of financial planning and discipline in achieving long-term financial success.
7. Discussion
Other alternatives not selected include:
- Continuing to prioritize immediate gratification: This would likely lead to continued financial instability and hinder Sarah's progress towards her long-term goals.
- Seeking professional financial advice: While this can be a valuable option, it may not be feasible for Sarah given her current financial situation.
Key assumptions of the recommendations include:
- Sarah's commitment to following the recommended plan.
- The availability of financial resources and tools to support her efforts.
- The stability of the financial markets and the economy.
8. Next Steps
Sarah should take the following steps to implement the recommendations:
- Develop a detailed budget within the next week.
- Create a debt management plan within the next month.
- Start investing regularly within the next quarter.
- Re-evaluate her financial plan every six months to ensure it aligns with her evolving needs and goals.
By taking these steps, Sarah can confidently navigate her financial journey and achieve her long-term goals.
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Case Description
A daughter teaches her mother how to handle her finances by creating a budget.
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