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PART 1Download and save the Financial Plan Workbook Excel® fileSave and maintain the file on your computer as the master fileComplete a 1.1 Daily Spending LogTrack your daily expenses for the week, beginning no later than Thursday through Monday
Detailed directions are provided in the Financial Plan Workbook Excel file.
PART 2
Complete the following in the Financial Plan Workbook
1.2 Daily Spending Log & Summary2.1 Personal Financial Goals2.2 Personal Annual Budget 2.1 & 2.2 Detailed directions are provided in the Financial Plan Workbook Excel file.
This assignment consisted from 2 parts and is due in 16 hours, by tuesday , october 1st, 9:00 pm New York times.
Thanks,
Bakiliyam
>U 1.1 D ily Spending Log
(the second day of this class) and ending (the day before the unit ends). Your daily spending log for week two will begin the following day ( ). . Identify categories within your daily spending log that could be reduced to decrease the total amount of your spending. the file Username-AB Financial Plan Workbook Unit#.xlsx (Example: TAllen- AB 4 Financial Plan Workbook Unit1.xlsx).
– (H) (S) Self
, Care
Leisure Add Category :
0
$0.00 $0.00 $0.00 $0.00 Education Donations Laundry Add Category Add Category Other Total Spent Wednesday $0.00
2
1
a
Daily Spending Log- Unit 1
Directions: Please record every penny you spend each day, beginning no later than
Thursday
Monday
Tuesday
Place the amount you have spent in the categories provided below. Additional categories can be added in columns J and K. Make sure you record cash spent and credit card charges. If you have more than one transaction for the same category, total the amounts spent and add it to the appropriate cell in this worksheet. The total expenditures in column M will automatically compute for each day. Explain daily expenditures in the comments section in column N. If your entire comment does not appear in column N, double-click on the row dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week one in row 1
6
Please save this spreadsheet each time you add information. When you are ready to submit, save your workbook by clicking the Office button at the top of your spreadsheet then click Save As. Name
1
0
4
10
Week 1: Enter the spending log dates below.
1-
Jan
11
Date
Day of week
Auto
Food
Home
Health
Personal
Education
Recreation
Donations
Laundry
Add Category
Other
Total Spent
Comments
Wednesday
$
0.0
Thursday
$0.00
Friday
Saturday
Sunday
Monday $0.00
Running Total:
Summary
Double click in the space below to begin typing. Use Alt + Enter to space down to a new line.
Provide a brief summary of your expenditures for week one. Identify categories within your daily spending log that could be reduced to decrease the total amount of your spending.
In the purple space to the left, provide a brief summary of your expenditures for week one. Identify categories within your daily spending log that could be reduced to decrease the total amount of your spending.
U2 1.2 Daily Spending Log
Daily Spending Log- Unit 2
Directions: Please record every penny you spend each day, beginning Tuesday (the last day of Unit 1) and ending Monday (the day before the unit ends).
Your daily spending log for week three will begin the following day (Tuesday).
Place the amount you have spent in the categories provided below. Additional categories can be added in columns J and K. Make sure you record cash spent and credit card charges. If you have more than one transaction for the same category, total the amounts spent and add it to the appropriate cell in this worksheet. The total expenditures in column M will automatically compute for each day. Explain daily expenditures in the comments section in column N. If your entire comment does not appear in column N, double-click on the row dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week two and answer each question posted below.
Please save this spreadsheet each time you add information. When you are ready to submit, save your workbook by clicking the Office button at the top of your spreadsheet then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx (Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx)
Week 2: Enter the spending log dates below.
1-Jan-11
Date Day of week Auto
Food
(H) Home
(S) SelfHealth,
Personal Care
Recreation
LeisureComments:
Tuesday $0.00
Thursday $0.00
Friday $0.00
Saturday $0.00
Sunday $0.00
Monday $0.00
Running Total: $0.00
Summary
Double click in the space below to begin typing. Use Alt + Enter to space down to a new line.
Provide a brief summary of your expenditures for week two and answer each question posted below.
1. What information from your daily spending log might encourage you to reconsider various money management actions?
2. How can your daily spending log assist you when planning and implementing a budget?
In the purple space provided to the left, provide a brief summary of your expenditures for week two and answer each question posted below.
1. What information from your daily spending diary might encourage you to reconsider various money management actions?
2. How can your daily spending log assist you when planning and implementing a budget?U2 2.1 Personal Financial
s
Setting goals for your financial future is an important step in the financial planning process. This sheet can be used to help you plan for your financial success.
This worksheet is divided into three separate areas:
Short-term goals are goals to be obtained in one year or less.
Intermediate goals are goals which are obtainable in two to five years.
Long-term goals are goals which is obtainable after five years.
Steps:
1 Place each goal in the appropriate area and indicate the priority, expected date of completion, and the estimate of cost each week. Provide goal comments in column G.
2. Once completed, make sure you carry over the monthly costs for your investments to your
U2 2.2 Personal Annual Budget
worksheet.
Comments
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
years)
Goal Priority Expected Date of Completion Estimate of Cost/Week Estimate of Cost/Month Estimate of Cost/Year Comments
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
Goal Priority Expected Date of Completion Estimate of Cost/Week Estimate of Cost/Month Estimate of Cost/Year Comments
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
U2 2.2 Personal Annual Budget
| Unit 2: Worksheet 2: Personal Annual Budget | ||||||||||||||||||||||||||||||||
| A budget is a forecast of your income and expenses and is very important to insure a secure financial future. A budget is a specific plan for spending income which is also called a spending plan. Steps: 1. Enter your estimated income for each month in rows 5 through | 8 | 3 | 9 | 7 | ||||||||||||||||||||||||||||
| Feb | March | April | May | June | July | Aug | Sept | Oct | Nov | Dec | ||||||||||||||||||||||
| INCOME | ||||||||||||||||||||||||||||||||
| Wages | ||||||||||||||||||||||||||||||||
| Interest/dividends | ||||||||||||||||||||||||||||||||
| Miscellaneous | ||||||||||||||||||||||||||||||||
| Income | ||||||||||||||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||||||||
| Mortgage | ||||||||||||||||||||||||||||||||
| Utilities | ||||||||||||||||||||||||||||||||
| Home telephone | ||||||||||||||||||||||||||||||||
| Cellular telephone | ||||||||||||||||||||||||||||||||
| Home repairs | ||||||||||||||||||||||||||||||||
| Home improvement | ||||||||||||||||||||||||||||||||
| Home security | ||||||||||||||||||||||||||||||||
| Garden supplies | ||||||||||||||||||||||||||||||||
| Home totals | ||||||||||||||||||||||||||||||||
| Daily living | ||||||||||||||||||||||||||||||||
| Groceries | ||||||||||||||||||||||||||||||||
| Child care | ||||||||||||||||||||||||||||||||
| Dry cleaning | ||||||||||||||||||||||||||||||||
| Dining out | ||||||||||||||||||||||||||||||||
| Housecleaning service | ||||||||||||||||||||||||||||||||
| Dog walker | ||||||||||||||||||||||||||||||||
| Daily living totals | ||||||||||||||||||||||||||||||||
| Transportation | ||||||||||||||||||||||||||||||||
| Gas | ||||||||||||||||||||||||||||||||
| Insurance | ||||||||||||||||||||||||||||||||
| Repairs | ||||||||||||||||||||||||||||||||
| Car wash/detailing services | ||||||||||||||||||||||||||||||||
| Parking | ||||||||||||||||||||||||||||||||
| Public transportation | ||||||||||||||||||||||||||||||||
| Transportation totals | ||||||||||||||||||||||||||||||||
| Entertainment | ||||||||||||||||||||||||||||||||
| Cable | ||||||||||||||||||||||||||||||||
| Video/DVD rentals | ||||||||||||||||||||||||||||||||
| Movies/plays | ||||||||||||||||||||||||||||||||
| Concerts/clubs | ||||||||||||||||||||||||||||||||
| Entertainment totals | ||||||||||||||||||||||||||||||||
| Health club dues | ||||||||||||||||||||||||||||||||
| Prescriptions | ||||||||||||||||||||||||||||||||
| Over-the-counter drugs | ||||||||||||||||||||||||||||||||
| Co-payments/out-of-pocket | ||||||||||||||||||||||||||||||||
| Veterinarians/pet medicines | ||||||||||||||||||||||||||||||||
| Life insurance | ||||||||||||||||||||||||||||||||
| Health totals | ||||||||||||||||||||||||||||||||
| Vacations | ||||||||||||||||||||||||||||||||
| Plane fare | ||||||||||||||||||||||||||||||||
| Accommodations | ||||||||||||||||||||||||||||||||
| Souvenirs | ||||||||||||||||||||||||||||||||
| Pet boarding | ||||||||||||||||||||||||||||||||
| Rent | ||||||||||||||||||||||||||||||||
| Vacations totals | ||||||||||||||||||||||||||||||||
| Gym fees | ||||||||||||||||||||||||||||||||
| Sports equipment | ||||||||||||||||||||||||||||||||
| Team dues | ||||||||||||||||||||||||||||||||
| Toys/child gear | ||||||||||||||||||||||||||||||||
| Recreation totals | ||||||||||||||||||||||||||||||||
| Dues/subscriptions | ||||||||||||||||||||||||||||||||
| Magazines | ||||||||||||||||||||||||||||||||
| Newspapers | ||||||||||||||||||||||||||||||||
| Internet connection | ||||||||||||||||||||||||||||||||
| Public radio | ||||||||||||||||||||||||||||||||
| Public television | ||||||||||||||||||||||||||||||||
| Religious organizations | ||||||||||||||||||||||||||||||||
| Charity | ||||||||||||||||||||||||||||||||
| Dues/subscription totals | ||||||||||||||||||||||||||||||||
| Clothing | ||||||||||||||||||||||||||||||||
| Gifts | ||||||||||||||||||||||||||||||||
| Salon/barber | ||||||||||||||||||||||||||||||||
| Books | ||||||||||||||||||||||||||||||||
| Music (CDs, et | c. | |||||||||||||||||||||||||||||||
| Personal totals | ||||||||||||||||||||||||||||||||
| Financial obligations | ||||||||||||||||||||||||||||||||
| Long-term savings | ||||||||||||||||||||||||||||||||
| Retirement ( | 40 | |||||||||||||||||||||||||||||||
| Credit card payments | ||||||||||||||||||||||||||||||||
| Income tax (additional) | ||||||||||||||||||||||||||||||||
| Other obligations | ||||||||||||||||||||||||||||||||
| Financial obligation totals | ||||||||||||||||||||||||||||||||
| Misc. payments | ||||||||||||||||||||||||||||||||
| Misc. payments totals | ||||||||||||||||||||||||||||||||
| Total expenses | ||||||||||||||||||||||||||||||||
| Cash short/extra |
U3 1.3 Daily Spending Log
| Daily Spending Log- Unit 3 | |
| Directions: Please record every penny you spend each day, beginning Tuesday (the last day of Unit 2) and ending Monday (the day before the unit ends). At the end of this unit ,your daily spending log will provide a summary of three weeks of total expenditures. Place the amount you have spent in the categories provided below. Additional categories can be added in columns J and K. Make sure you record cash spent and credit card charges. If you have more than one transaction for the same category, total the amounts spent and add it to the appropriate cell in this worksheet. The total expenditures in column M will automatically compute each day. Explain daily expenditures in the comments section in column N. If your entire comment does not appear in column N, double-click on the row dividing line to automatically enlarge the cell to fit the text. Provide a brief summary of your expenditures for week three and answer each question posted below. Please save this spreadsheet each time you add information. When you are ready to submit, save your workbook by clicking the Office button at the top of your spreadsheet then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx (Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx) |
|
| Week 3: Enter the spending log dates below. | |
| Running total: | |
| Provide a brief summary of your expenditures for week three and answer each question posted below. 1. Are there any banking fees that you encounter each month? What actions might be taken to reduce or eliminate these cash outflows? 2. What | other |
| In the purple space provided to the left, provide a brief summary of your expenditures for week three and answer each question posted below. 1. Are there any banking fees that you encounter each month? What actions might be taken to reduce or eliminate these cash outflows? 2. What other areas of your daily spending might be reduced or revised? |
U3 3.1
Balance Sheet
| Unit 3: Worksheet 1: Balance Sheet | ||
| The personal balance sheet is a summary of your assets (what you own), your liabilities (what you owe), and your net worth (assets minus liabilities). Steps: 1. List the value of your assets according to the categories in column B of the worksheet. 2. List the value of your liabilities according to the categories in column E of the worksheet. 3. The net worth is calculated and displayed in cell E32. *Net worth = total assets (B38) minus total liabilities (E32) *Total assets = total liabilities (E32) + net worth (E34) |
||
| Liquid Assets | Current Liabilities | |
| Cash on hand | Utlities | |
| Checking accounts | ||
| Savings account | Insurance premiums | |
| Money market accounts | Taxes | |
| Certificate of deposit | Medical | |
| Short term investments | Repair bills | |
| Bank Credit Card bills | ||
| Total Liquid Assets | Store Credit Card bills | |
| Travel/entertainment bills | ||
| Real Property | Gas credit cards | |
| Primary Residence | Bank line of credit | |
| Second Home | Other liabilities | |
| Total Real Property | Total Current Liabilities | |
| Investments | Long-term Liabilities | |
| Stocks | ||
| Bonds | Second Mortgage | |
| Mutual Funds | Investment mortgage | |
| Retirement Fund, IRA | Auto Loans | |
| Home improvement loan | ||
| Total investment Assets | Single-payment loans | |
| Student loans | ||
| Personal Property | Other long term loans | |
| Total Long- term Liabilities | ||
| Recreation Vehicles | ||
| Household furnishings | Total Liabilities | |
| Jewelry and artwork | ||
| Net Worth | ||
| Total Personal Property | ||
| Total Assets | Total Liablities & Net Worth |
U3 3.2Personal Income & Expense
| Unit 3: Worksheet 2: Personal Income and Expense Statement | |||
| A Personal Income and Expense Statement is a cash basis statement that shows the actual cash receipts and actual expenditures for a certain period of time. This statement includes all income and expenses for the month. Total income minus total expenses will provide you with your cash surplus or cash deficit. If your total income is greater than your total expenses, you will have a cash surplus. If your total income is less than your total expenses, you will have a cash deficit. Steps: 1. List all of your income. 2. List all of your expenses according to each category. 3. The cash surplus or cash deficit is automatically calculated in cell E59. Cash surplus/deficit formula: total Income (E | 20 | ||
| For the period of | |||
| Wages and Salaries | Name of Earner: | ||
| Self-employment Income | |||
| Bonuses and Commissions | |||
| Investment Income | Interest received | ||
| Dividend received | |||
| Rents received | |||
| Sale of Securities | |||
| Pensions and Annuities | |||
| Other Income | |||
| TOTAL INCOME | |||
| Expenses | |||
| Housing | Rent/Mortgage payment | ||
| Repairs, maintnenace, improvements | |||
| Electric | |||
| Water | |||
| Phone | |||
| Dining Out | |||
| Auto Loan Payments | |||
| Licenses plates, fees | |||
| Gas, oil, tires, repairs | |||
| Health major medical, insurance | |||
| Doctor | |||
| Dentist | |||
| Medicines | |||
| Clothes shoes, accessories | |||
| Homeowner’s | |||
| Life Insurance | |||
| Auto Insurance | |||
| Income and Social Security | |||
| Property (if not included in mortgage) | |||
| Consumer Goods | Loan payments | ||
| Major purchases | |||
| Repairs & maintnenace | |||
| cosmetics, hair care etc. | |||
| Other | Item | student loan payments | |
| Charitable contributions | |||
| TOTAL EXPENSES | |||
| Cash Surplus (or Deficit) |
U3 3.3 Montly Actuals
| Unit 3: Worksheet 3: Monthly Actuals |
| An actual cash budget is a record of the actual monthly cash receipts (income) and cash expenses. A cash budget must be as detailed as possible in order to accurately see where you are receiving money and where you are spending money. Steps: 1. Record all your sources of income. 2. Record all your monthly expenses. (It may be helpful to gather all your receipts, bank statements, utilitiy bills, etc.) It is important to make sure you include all expenses no matter how small they are. 3. The total income and expenses will automatically be calculated as well as your cash suplus/deficit. Re-evaluate your budget and identify areas where you could cut expenses and pay down debt if your spending exceeds your income. Areas identified having excess funds could be reallocated to either pay down debt or increase savings. |
| Income totals | Mortgage/rent | Gas/fuel | Cable TV | Rental car | Music (CDs, etc.) | Retirement (401k, Roth IRA) |
U4 4.1 Mortgage Refinance
| Unit 4: Worksheet 1: Mortgage Refinance Analysis | |||
| This worksheet will assist you in making the decision to re-finance your current mortgage or not. It will look at the savings you may receive if you refinance you existing mortgage. Steps: |
|||
| 1. Enter your current monthly payment | |||
| 2. To find out what the new payment amount will be go to http://www.bankrate.com. Click on “mortgage rates” and enter your state and your city. Enter amount to be refinanced and the length of loan. This will give you different banks in the area with their rates and the payment amount. Enter the payment amount on line 2. | |||
| 3. Pre-tax savings on monthly payment will be automatically calculated (H | 13 | 14 | |
| 4. Figure the taxes on your monthly savings. Even though you may be saving money with the refinance, it will result in more taxable income. Determine your income tax bracket in cell H | 16 | ||
| 5. The monthly savings after tax will be automatically calculated in cell H | 18 | ||
| 6. Enter the costs to refinance your mortgage. Check your mortgage papers or lender’s policy to find the prepayment penalty.. | |||
| 7. The months to breakeven are automatically calculated in cell H23. This is calculated by taking the total refinancing costs (H22) and dividing it by your monthly savings after tax (H18). | |||
| Description | Amount | ||
| Current monthly payment | |||
| New Monthly payment | |||
| Monthly savings, pretax (Item 1 – Item 2) | |||
| Income Tax Bracket (Enter as decimal) | |||
| Tax on monthly savings [Item 3 x Item 4] | |||
| Monthly savings, after-tax (Item 3 – Item 4) | |||
| Costs to refinance: | |||
| Prepayment penalty | |||
| b. | Total closing costs (after tax) | ||
| Total refinancing costs (Item 6a + 6b) | |||
| Months to breakeven (Item 6c/Item 5) |
4. Figure the taxes on your monthly savings. Even though you may be saving money with the refinance, it will result in more taxable income. Determine your income tax bracket in cell H16. If you do not know your income tax bracket go to: http://www.moneychimp.com/features/tax_bracket.htm : Enter the year and your filing status. Then locate your gross income amount and your income tax bracket.
U4 4.2 Home Affordability
| Unit 4: Worksheet 2: Home Affordability Analysis | |||||
| Amount of annual income | |||||
| Monthly income (Item 1 divided by | 12 | Directions: There are nine items to fill in on this sheet. Item 1 (Include all income) Item 3 – An average lender’s affordability ratio has been provided. This can range from 28 to 33 percent depending on lender. Item 5 (Do some research on houses in your area to determine the combined monthly tax and insurance payment.) Item 7 (research for current interest rates) Item 8 (determine the number of years for loan. This is usually | 15 | 30 | |
| Average lender’s affordabilitiy ratio | 3 | 0% | |||
| Maximum monthly mortgage payment (PITI) | |||||
| Estimated monthly property tax and homeowner’s insurance payment | |||||
| Maximum monthly loan payment (Item 4-Item 5) | |||||
| Approximate average interest rate on loan | |||||
| Planned loan maturity (years) | |||||
| Mortgage payment per $1000 | |||||
| Maximum loan based on monthly income $10,000 x (Item 6 divided by Item 9) |
|||||
| Funds available for making a down payment (Note: Closing costs are separate from down payment and should be considered when purchasing a home) |
|||||
| Maximum purchase price based on available monthly income | |||||
| Table of Monthly Mortgage Payments | |||||
| Using the Table of Monthly Mortgage Payment (left side) | |||||
| Instructions:
1. Find the interest rate in the first column for your loan |
U5 5.1 How’s My Credit
| Unit 5: Worksheet 1: How’s My Credit? | ||
| This worksheet will help you to determine your debt safety ratios. It indicates the amount of debt you have compared to your income. The debt safety ratio will indicate the percentage of your monthly income that is attributed to debt (what you owe). When completing this worksheet, you will use your monthly income and your total monthly debt to calculate your debt ratio. Steps: -Enter your monthly loan payments and take home pay. -The debt safety ratio will automatically calculated by taking your total monthly payments and dividing it by your total monthly take home pay. That amount will be multiplied by 100. We use 100 because we are looking for a percentage. – Example: $1500 (total Monthly payments / $4,500 (monthly take-home pay) x 100 = 33.33% this will be your debt ratio. – This example indicates that you spend 33% of your income for debt each month. If you want to lower your debt follow these steps: – Determine the rate you would like your debt ratio to be. – If you want this calculated on your current income use that figure then multiply this amount by the new target debt ratio. This will give you the new monthly amount you must pay to reduce your ratio. **Note: The final figure will tell you how much you will need to pay additionally on your debt each month to achieve your desired debt ratio. |
||
| Monthly Consumer Loan Payments & Debt Safety Ratio | ||
| Type of Loan | Lender | Current monthly or minimum payment |
| Auto and personal Loans | Note: Only use those loans that require regular montly payments | |
| Education loans | ||
| Overdraft protection line | ||
| Personal line of credit | ||
| Credit cards | ||
| Home equity line of credit | ||
| TOTAL MONTHLY PAYMENTS | ||
| Monthly take home pay | ||
| TOTAL MONTHLY TAKE-HOME PAY | ||
| Debt Safety Ratio: | ||
| Total monthly payments/Total monthly take-home pay x 100 | 0.00% | |
| Changes needed to reach a new debt safety ratio | ||
| 1. New (target) debt safety ratio: | ||
| 2.Use monthly take-home pay x Target debt ratio** |
U5 5.2 Tracking Consumer Debt
| Unit 5: Worksheet 2: Tracking Your Consumer Debt | ||
| This worksheet will keep you updated on how much debt you currently have. You will list all your debts (money you owe) and their current balances. This will be a good tracking tool for your debt and will need to be updated frequently. | ||
| Current Monthly Payment* | Latest Balance Due |
|
| Type of Consumer Debt | Creditor | Creditor Name |
| Education Loans | ||
| Personal Installment Loans | ||
| Home Improvement Loan | ||
| Other Installment Loans | ||
| Single Payment Loans | ||
| Credit Cards (retail charge cards, bank cards, etc) |
||
| Overdraft protection Line | ||
| Personal Line of Credit | ||
| Home equity creditline | ||
| loan on life insurance | ||
| Margin loan from broker | ||
| Other Loans | ||
| TOTALS |
U6 6.1 Life Insurance Needs
| Unit 6: Worksheet 1: Life Insurance Needs | |
| Yourself | Your Spouse |
| A. Costs at death | |
| 1. Uninsured medical expenses (deductible and copay) | This worksheet will assist you to determine the amount of life insurance coverage you will need to help your family financially upon your death. It uses the money which will be available, as well as the total expenses incurred at your time of death, and the debt you will owe. |
| 2. Funeral expense (average $10,000, but less for cremation) | |
| 3. Settlement of estate (estimate 4% of assets) | |
| 4. State inheritance taxes (if any) | |
| 5. Counseling costs for adjustment to loss | |
| Total costs at death | |
| B. Lump Sums | |
| 6. Outstanding debts | |
| a. Mortgage | |
| b. Car loan(s) | |
| c. Credit cards and other loans | |
| Total outstanding debt to repay | |
| 7. Education costs for children or spouse | |
| 8. Spouse retirement fund | |
| 9. Household emergency fund (Monthly household expenses X 3) | |
| Total lump sum needs | |
| C. Cost of Household Maintenance | |
| 10. Deceased annual after-tax income | |
| 11. Annual cost of lost support services (child care, eldercare, housekeeping) |
|
| 12. Reduction in family expenses due to death (estimated 20– | 25 |
| 13. Annual Social Security survivor benefits | |
| 14. Net income shortfall | |
| Total household maintenance fund needs | |
| Line 14 x Number of years to replace | Years = |
| 15. Total fund needed values) | |
| D. Available Resources to Meet Needs | |
| 16. Total savings and investments | |
| 17 | |
| 18. Social security lump sum benefit | |
| 19 | |
| Total life insurance needs |
U7 7.1 Investment Capital
| Unit 7: Worksheet 1: Determining | Amount of Investment |
| This tool will help you in budgeting for investments to save for your future.This worksheet will assist you in determining the amount needed to reach a targeted financial goal. It will take you through the steps of using the future value table to determine the initial lump sum payment to reach your financial goals. This is a very basic tool to show how your money can grow over time. | |
| Financial Goal: | |
| Targeted Financial Goal (see Note) | Note: The “targeted financial goal” is the amount of money you want to accumulate by some target date in the future. To determine the future value factor (line 3), you will need to determine the number of years for your personal analysis. |
| Projected Average Return on Investments | |
| A. Finding a Lump Sum Investments | |
| Future Value Factor, Using the table in back of packet | |
| based on the years to target date and a projected | |
| average return on investment of % used in Item 2. | |
| Required Lump Sum (Item 1 divided by Item 3) |
U7 7.2 Investment Holdings
| Unit 7: Worksheet 7.2 Inventory of Investment Holdings | |||
| This worksheet is designed to help you keep track of all your investments. You will input the information needed to keep track of your investments. Areas to be completed include the name, description of investment, date purchased, amount of investment (what you paid for it), and the current market value. You will need to update periodically to keep it current. Instructions: 1. List the description of the investment, date purchased, amount of investment, and current market value of each investment. 2. For common and preferred stock: List number of shares of purchased as part of the description as well as the price paid per share. Amount of investment is calculated by taking the number of shares and multiplying it by the price per share. 3. Real estate is what you paid for the property. Current market value would go under latest market value. 4. Bonds: Amount of investment for bonds = principal value of bonds multiplied by the quote. |
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| Type of Investment | Description of Investment | Date Purchased | Current Market Value |
| Common Stock | |||
| Preferred Stock | |||
| Real Estate | |||
Future Value Table
| TABLE 1: Future Value of $1 | ||||||||||||||||||
| FV=$1 x (1+i)n | ||||||||||||||||||
| n/i | 1.00% | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% | 4.00% | 4.50% | 5.00% | 5.50% | 6.00% | 7.00% | 8.00% | 9.00% | 10.00% | 11.00% | 12.00% | 20.00% |
| 1.01000 | 1.01500 | 1.02000 | 1.02500 | 1.03000 | 1.03500 | 1.04000 | 1.04500 | 1.05000 | 1.05500 | 1.06000 | 1.07000 | 1.08000 | 1.09000 | 1.10000 | 1.11000 | 1.12000 | 1.20000 | |
| 1.02010 | 1.03022 | 1.04040 | 1.05063 | 1.06090 | 1.07123 | 1.08160 | 1.09203 | 1.10250 | 1.11303 | 1.12360 | 1.14490 | 1.16640 | 1.18810 | 1. | 21 | 1.23210 | 1.25440 | 1.44000 |
| 1.03030 | 1.04568 | 1.06121 | 1.07689 | 1.09273 | 1.10872 | 1.12486 | 1.14117 | 1.15763 | 1.17424 | 1.19102 | 1.22504 | 1.25971 | 1.29503 | 1.33100 | 1.36763 | 1.40493 | 1.72800 | |
| 1.04060 | 1.06136 | 1.08243 | 1.10381 | 1.12551 | 1.14752 | 1.16986 | 1.19252 | 1.21551 | 1.23882 | 1.26248 | 1.31080 | 1.36049 | 1.41158 | 1.46410 | 1.51807 | 1.57352 | 2.07360 | |
| 1.05101 | 1.07728 | 1.10408 | 1.13141 | 1.15927 | 1.18769 | 1.21665 | 1.24618 | 1.27628 | 1.30696 | 1.33823 | 1.40255 | 1.46933 | 1.53862 | 1.61051 | 1.68506 | 1.76234 | 2.48832 | |
| 1.06152 | 1.09344 | 1.12616 | 1.15969 | 1.19405 | 1.22926 | 1.26532 | 1.30226 | 1.34010 | 1.37884 | 1.41852 | 1.50073 | 1.58687 | 1.67710 | 1.77156 | 1.87041 | 1.97382 | 2.98598 | |
| 1.07214 | 1.10984 | 1.14869 | 1.18869 | 1.22987 | 1.27228 | 1.31593 | 1.36086 | 1.40710 | 1.45468 | 1.50363 | 1.60578 | 1.71382 | 1.82804 | 1.94872 | 2.07616 | 2.21068 | 3.58318 | |
| 1.08286 | 1.12649 | 1.17166 | 1.21840 | 1.26677 | 1.31681 | 1.36857 | 1.42210 | 1.47746 | 1.53469 | 1.59385 | 1.71819 | 1.85093 | 1.99256 | 2.14359 | 2.30454 | 2.47596 | 4.29982 | |
| 1.09369 | 1.14339 | 1.19509 | 1.24886 | 1.30477 | 1.36290 | 1.42331 | 1.48610 | 1.55133 | 1.61909 | 1.68948 | 1.83846 | 1.99900 | 2.17189 | 2.35795 | 2.55804 | 2.77308 | 5.15978 | |
| 1.10462 | 1.16054 | 1.21899 | 1.28008 | 1.34392 | 1.41060 | 1.48024 | 1.55297 | 1.62889 | 1.70814 | 1.79085 | 1.96715 | 2.15892 | 2.36736 | 2.59374 | 2.83942 | 3.10585 | 6.19174 | |
| 1.11567 | 1.17795 | 1.24337 | 1.31209 | 1.38423 | 1.45997 | 1.53945 | 1.62285 | 1.71034 | 1.80209 | 1.89830 | 2.10485 | 2.33164 | 2.58043 | 2.85312 | 3.15176 | 3.47855 | 7.43008 | |
| 1.12683 | 1.19562 | 1.26824 | 1.34489 | 1.42576 | 1.51107 | 1.60103 | 1.69588 | 1.79586 | 1.90121 | 2.01220 | 2.25219 | 2.51817 | 2.81266 | 3.13843 | 3.49845 | 3.89598 | 8.91610 | |
| 1.13809 | 1.21355 | 1.29361 | 1.37851 | 1.46853 | 1.56396 | 1.66507 | 1.77220 | 1.88565 | 2.00577 | 2.13293 | 2.40985 | 2.71962 | 3.06580 | 3.45227 | 3.88328 | 4.36349 | 10.69932 | |
| 1.14947 | 1.23176 | 1.31948 | 1.41297 | 1.51259 | 1.61869 | 1.73168 | 1.85194 | 1.97993 | 2.11609 | 2.26090 | 2.57853 | 2.93719 | 3.34173 | 3.79750 | 4.31044 | 4.88711 | 12.83918 | |
| 1.16097 | 1.25023 | 1.34587 | 1.44830 | 1.55797 | 1.67535 | 1.80094 | 1.93528 | 2.07893 | 2.23248 | 2.39656 | 2.75903 | 3.17217 | 3.64248 | 4.17725 | 4.78459 | 5.47357 | 15.40702 | |
| 1.17258 | 1.26899 | 1.37279 | 1.48451 | 1.60471 | 1.73399 | 1.87298 | 2.02237 | 2.18287 | 2.35526 | 2.54035 | 2.95216 | 3.42594 | 3.97031 | 4.59497 | 5.31089 | 6.13039 | 18.48843 | |
| 1.18430 | 1.28802 | 1.40024 | 1.52162 | 1.65285 | 1.79468 | 1.94790 | 2.11338 | 2.29202 | 2.48480 | 2.69277 | 3.15882 | 3.70002 | 4.32763 | 5.05447 | 5.89509 | 6.86604 | 22.18611 | |
| 1.19615 | 1.30734 | 1.42825 | 1.55966 | 1.70243 | 1.85749 | 2.02582 | 2.20848 | 2.40662 | 2.62147 | 2.85434 | 3.37993 | 3.99602 | 4.71712 | 5.55992 | 6.54355 | 7.68997 | 26.62333 | |
| 1.20811 | 1.32695 | 1.45681 | 1.59865 | 1.75351 | 1.92250 | 2.10685 | 2.30786 | 2.52695 | 2.76565 | 3.02560 | 3.61653 | 4.31570 | 5.14166 | 6.11591 | 7.26334 | 8.61276 | 31.94800 | |
| 1.22019 | 1.34686 | 1.48595 | 1.63862 | 1.80611 | 1.98979 | 2.19112 | 2.41171 | 2.65330 | 2.91776 | 3.20714 | 3.86968 | 4.66096 | 5.60441 | 6.72750 | 8.06231 | 9.64629 | 38.33760 | |
| 1.23239 | 1.36706 | 1.51567 | 1.67958 | 1.86029 | 2.05943 | 2.27877 | 2.52024 | 2.78596 | 3.07823 | 3.39956 | 4.14056 | 5.03383 | 6.10881 | 7.40025 | 8.94917 | 10.80385 | 46.00512 | |
| 1.28243 | 1.45095 | 1.64061 | 1.85394 | 2.09378 | 2.36324 | 2.66584 | 3.00543 | 3.38635 | 3.81339 | 4.29187 | 5.42743 | 6.84848 | 8.62308 | 10.83471 | 13.58546 | 17.00006 | 95.39622 | |
| 1.34785 | 1.56308 | 1.81136 | 2.09757 | 2.42726 | 2.80679 | 3.24340 | 3.74532 | 4.32194 | 4.98395 | 5.74349 | 7.61226 | 10.06266 | 13.26768 | 17.44940 | 22.89230 | 29.95992 | 237.37631 | |
| 1.48886 | 1.81402 | 2.20804 | 2.68506 | 3.26204 | 3.95926 | 4.80102 | 5.81636 | 7.03999 | 8.51331 | 10.28572 | 14.97446 | 21.72452 | 31.40942 | 45.25926 | 65.00087 | 93.05097 | 1469.77160 |
Budget vs. Actuals
| Appendix: Budget versus Actuals |
| You can use this sheet to take a quick look at where you need to adjust your expenses for the year in order to maintain your targeted annual budget. A negative number in expenses will indicate a place that you have spent more than you have budgeted for. A positive number will indicate a savings compared to your budget. |
