What does their new balance sheet look like ?

Learning Goal: I’m working on a finance writing question and need an explanation and answer to help me learn.This paper should covers material from the first weeks of the course. Please make sure to review the text and do additional independent research. It should be double spaced, approximately three pages long. TopicYou are advising a relative that is having trouble tracking their spending and savings. Do a balance sheet for them and a personal income statement. Then come up with a one year plan for them. How can they improve their spending, and how to better their income. Include ways they can save on their income taxes. At the end of that year, you help them with their income taxes. Attach their tax form to the paper. Jump ahead one year. Based on how they did, what is the next one year plan. What does their new balance sheet look like ? Discuss why savings and investment can help them. Remember they are human and may not be as disciplined as you want. Make sure you are specific in all your writings. All your recommendations should be measureable.
Requirements: 3 pages