Family Budget Project – Part 2debt solutionsPlease fully read all PowerPoints and materials for this week and watch the video guide before completing this assignment.You will need to select one case study to use for all 3 parts of the Family Budget Project. Please refer to the document labeled Family Budget Project Case Study Scenarios to read the descriptions. There are four available scenarios:· Lucy· Lily, Claudia, Sophie, & Kevin· Leo, Zoey, & Riley· Tony & Elysecontent instructionsFor this assignment, you will focus on the same case study from part one and focus on their family situation. You will be the expert and discuss their current situation and develop an action plan that will help improve the well-being of the family. After reading about your individuals/familys life situations and expenses, you will assess the individuals/familys debt, and complete a Debt Snowball worksheet.objectivesComplete the Debt Snowball Worksheet and upload a full 2-page paper analyzing the financial situation of your case study and your reflection on the debt payment method. 1. Complete the Debt Snowball Worksheet identifying and detailing their current revolving and installment debts (excluding mortgage).§ See the helpful FBP Part 2 Instructional Video Guide for more details.2. After entering your initial snowball amount into the Debt Snowball Worksheet, explain the following in a full 2-page paper:o Describe the debt snowball method.o Summarize the budget changes that you recommended in Part 1.o Considering your previous financial suggestions, determine how much the case study can contribute to their initial snowball amount.o Explain the order that they will eliminate their debt based on the debt snowball method.o Discuss how soon will they pay off each specific amount of debt.o Finally, reflect on your personal thoughts on this method.worksheets· Debt Snowball WorksheetformattingPart 2 of the Family Budget Project should:· Be no less than 2 pages in length· Include the Debt Snowball worksheets· Be typed as a paper (do not fill this document out like the EL worksheets)· Be double-spaced· Have 1 margins on all four sides· Be 12 point Times New Roman fonts only· Have no cover page or report cover of any kind· Have a single-spaced heading in the upper left corner· Worth 20 Points
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