Self-Analysis Paper

INTRODUCTION

The first Winter Olympics of this kind will take place in Milano Cortina in 2026. A sizable number of individuals from all around the world will attend this thrilling event. This includes fans who will fly to Australia to see the games and cheer for their nation’s side. In order to create a personal budget based on one’s income and other resources available, it is crucial to comprehend the financial requirements of a journey to a foreign nation where the event will be taking place.

This essay explores the financial needs of a supporter of the Australian Olympic team who wishes to go from Australia to the 2026 Winter Olympics in Milano Cortina. In order to assist in creating a customized budget, it will give a method for problem-solving and mathematical modeling. In order to ensure that they can afford to go, it will then go over the budget’s advantages and disadvantages and offer suggestions for how to improve it.

CONSIDERATIONS

The observations and presumptions that will be utilized to create the supporter’s personal budget are covered in this section.

2.1 Observations

In order to create the supporter’s personal budget, a lot of observations were made, the supporter, who is unmarried, without children, at least 18 years old, and residing at their parents’ house, have part-time work and is eligible for a government youth stipend. As a result, they will only have a small amount of extra cash to use for the trip. Second, the fan will travel to Milano or one of the other Olympic Committee-designated venues to watch four separate Winter Olympic events. They will therefore be responsible for paying for both the admission fee to the Olympic competitions as well as their travel and lodging expenses.

2.2 Assumptions

Several presumptions were made in order to create the supporter’s personal budget. First off, it was expected that each of the four events would have an equal cost for the supporter’s travel and lodging. It was also expected that all four Olympic events would have the same entrance fee. Last but not least, it was expected that the supporter would have enough money in their budget to pay for any other expenses related to the trip, such as meals and entertainment.

DEVELOPING THE BUDGET

A crucial component of financial planning is creating a budget. It entails making plans to spend and save money, setting objectives, and keeping track of costs. Everyone in the household should participate in the budgeting process because it will have an impact on everyone. All sources of income, including wages, investments, and government subsidies, should be taken into account while making a budget. It’s crucial to keep track of every expense, including rent, utilities, travel, meals, and entertainment. A budget that enables the family to spend its money in the most effective manner may be made once all sources of income and outgoing costs have been taken into consideration.

Goals should be set while making a budget, and they should be realistic. The goals you set for yourself should be clear and measurable, such as meeting the demand of each expense. Also, it’s crucial to keep track of expenditures and confirm that funds are going toward household priorities. This can entail creating a budget for food and entertainment and keeping tabs on your expenditure in those categories.

Once the budget has been established, it’s crucial to follow it. This entails making sacrifices and exercising financial restraint. It also entails making financial preparations and advance plans for unforeseen costs. Finally, it’s critical to frequently examine the budget and make any necessary adjustments.

The objective of this project is to create a customized budget for a person going to the 2026 Winter Olympics in Milano Cortina. It is assumed that the person receives a government youth allowance and works part-time. This section will give a general summary of the budget, including fixed and discretionary costs, that the person should take into account while making travel arrangements for their journey to the Olympic games.

The first step in creating a budget is to include any fixed expenses that the person will have. These costs should be accounted for in the budget as they cannot be avoided. Transportation fees (such as a flight or transportation to and from the airport), lodging, meals, and entertainment are a few examples of fixed expenses. The cost of the event tickets is one of the most significant fixed expenses for an Olympic trip. Prior to leaving for the games, the person should make plans to buy tickets for all the events they wish to attend.

The person should take into account discretionary costs that can be incurred in addition to fixed costs before leaving on the trip. Although not required, some costs might be useful to guarantee a successful trip. Souvenirs, excursions, and other leisure pursuits are a few examples of discretionary costs.

The supporter’s income should be taken into account when creating a budget for these costs. It is presumed that the supporter is eligible for a government youth stipend and has a part-time job. While preparing a budget for the trip, this allocation should be taken into account. Budgeting for the vacation also needs to take into account any additional money you may have.

BUDGET SUMMARY

The cost of a person’s trip to the 2026 Winter Olympics in Milano Cortina is summarized in the table below. Both fixed and discretionary expenses are included in the budget.

Discretionary Expenses and Fixed expenses total $2,650.

EVALUATING THE BUDGET

Overview

A budget’s objective, the number of funds allotted, and how the funds are allocated are a few of the important variables to take into account while reviewing a budget. Funds should be distributed in a way that is compatible with the aim of the budget, which should be clearly stated in the budget’s purpose (Ching., 2019, p. 63). Furthermore, crucial is the budget’s viability and its viability as a reasonable estimate. Examining the budget’s potential for achieving its objectives and its effectiveness in being put to use is also crucial.

It’s crucial to consider the budget’s allocations and expenditure patterns throughout time in order to examine a budget more completely. By doing so, it will be possible to evaluate how well and effectively the budget is being used. The budget’s capacity to fulfill its stated objectives should also be evaluated (Ching., 2019, p. 70). The budget’s compatibility with the broader mission, values and strategic goals must also be taken into account. The cost of going to the 2026 Winter Olympics in Milano Cortina has been calculated, and it’s expected to go around $7,500. Every fixed and arbitrary expense related to the trip is taken into account in this budget.

Strengths and limitations

The budget is an essential part of any person since it establishes the extent of the operations and activities that will be carried out (Ching., 2019, p. 72). The budget must be evaluated to make sure it is organized, reasonable, and practical. In order to assess whether the budget is appropriate for the individual’s needs, this review should take into account the budget’s advantages and disadvantages.

While assessing the budget’s efficacy, its strengths must be taken into account. They include the budget’s ability to achieve the goals and its cost-effectiveness as well as flexibility. A well-structured budget will enable an individual to maximize their earnings while minimizing their spending by controlling costs and allocating resources effectively (Ching., 2019, p. 75). A budget should also be adaptable in order to take into account changes in the individual’s goals or environment. This makes it possible for the budget to be current and relevant, guaranteeing that it can fulfill the needs of the individual. Finally, a budget should be able to give each activity a clear path to follow in order to achieve goals quickly and effectively.

The full budget created for traveling to the 2026 Winter Olympics in Milano Cortina accounts for all fixed and optional costs related to the trip. The income of the supporter is also taken into account in the budget, which is crucial in establishing whether or not the trip is viable.

One of the budget’s drawbacks is that it doesn’t account for any additional expenses that might occur while the trip is in progress. Also, the budget does not account for any additional costs that might be incurred as a result of modifications to the original trip itinerary or unanticipated circumstances.

When analyzing the budget’s effectiveness, limitations should also be taken into consideration. They include a lack of accountability for planned cash, an opaque budget, and disregard for extraneous variables. To guarantee that the person is aware of the financial commitments, the budget should be open and simple to grasp. Also, in order to avoid any resource exploitation or financial mismanagement, it is crucial to guarantee that those responsible for allocating the funds are held accountable. Finally, when creating the budget, it is important to consider outside variables that could have a big impact on certain activities, such as the economy, new legislation, or changes in the sector.

CHANGES REQUIRED TO ACHIEVE SOLUTION

Making modifications to the budget is important to make sure that the supporter will be able to afford to attend the 2026 Winter Olympics in Milano Cortina. By limiting discretionary spendings, such as on entertainment and meals, the supporter can lower the overall cost of the journey (Ching., 2019, p. 80). The supporter could also hunt for more affordable lodging and travel options, as well as look for deals on airfare and other costs.

CONCLUSION

The 2026 Winter Olympics in Milano Cortina has a comprehensive budget that takes the supporters’ revenue into account. It is vital to tweak the budget, though, to make sure that the supporter can afford to attend the event. The cost of the trip can be decreased by making sacrifices on discretionary spending and looking for less expensive options.

RECOMMENDATIONS

• Cut back on luxuries like entertainment and dining.
• Shop around for less expensive lodging and transportation choices.
• Look for airfare and other expense savings.

APPENDICES

Calculator for the Youth Allowance, Appendix B

Calculator for youth benefits:

• $10,000 in annual revenue

Parental earnings: $50,000

• $1,4 as the allowance

REFERENCES

Ching, G., 2019. A literature review on the student evaluation of teaching: An examination of the search, experience, and credence qualities of SET. Higher Education Evaluation and Development, 12(2), pp.63-84.

Kuvaja-Köllner, V., 2022. Economic aspects of physical activity promotion (Doctoral dissertation, Itä-Suomen yliopisto).

Lin, C.Y., Huang, C.K. and Ko, C.J., 2020. The impact of perceived enjoyment on team effectiveness and individual learning in a blended learning business course: The mediating effect of knowledge sharing. Australasian Journal of Educational Technology, 36(1), pp.126-141.