FC-M

Please wait... If this message is not eventually replaced by the proper contents of the document, your PDF viewer may not be able to display this type of document. You can upgrade to the latest version of Adobe Reader for Windows®, Mac, or Linux® by visiting http://www.adobe.com/go/reader_download. For more assistance with Adobe Reader visit http://www.adobe.com/go/acrreader. Windows is either a registered trademark or a trademark of Microsoft Corporation in the United States and/or other countries. Mac is a trademark of Apple Inc., registered in the United States and other countries. Linux is the registered trademark of Linus Torvalds in the U.S. and other countries.

Financial Checkup Tool

© 2012 USU/GJ

1

2/13/12

[email protected]

Financial Checkup Tool

Tracking Sheet

Date

Expense

Income

Category

Description

My Categories

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Use this form to track your expenses and income for one month. When making an entry, click the "        " button to input the current date, or place the cursor into the field and click the "      " button to select the date from the calendar tool.

 

You can create your own categories with the "My Categories" table. To create a category, type the category's name next to a number. To input a category, type its number into the "Category" column and use the "Tab" key. The number will be replaced with your category's name. 

Net Worth

Liquid

Tangible

Investment

Short-Term

Long-Term


Net Worth Statement

Income and Expense Statement

Net Gain or Loss

Fixed Expenses

Variable Expenses

Income


Financial Ratios

Basic Liquidity Ratio

The basic liquidity ratio reveals the number of months a household could meet current expenses using liquid assets without additional income.

 

Recommendation: 3.0 or more

Debt-to-Asset Ratio

The debt-to-asset ratio solvency.  If a person owes more than they own, they are insolvent.  They would not be able to sell all their assets to pay all their debts.

 

Recommendation: The further below 1.0 the better. Over 1.0 is insolvent.

Debt Payment-to-Income Ratio

The debt payment-to-income ratio shows the ability to make current debt payments.

 

Recommendation: below .36 is adequate, .36 to .41 is marginal, above .41 is risky.

Revolving Savings Budget calculator

Irregular Monthly Expenses

Irregular Expenses Total

# of Months

Budget Amount to Savings

Revolving Savings


Retirement Needs

RETIREMENT GOAL    

 Example         

Yours

1. Annual income needed at retirement in today's dollars.

$45,000

2. Estimated Social Security retirement benefit in today's dollars.*

-

$12, 264

-

3. Defined benefit plan from an employer in today's dollars.

-

$0

-

4. Additional annual income needed at retirement in today's dollars.

=

$32, 736

=

X

16.4

X

6. Multiply line 4 by line 5 to calculate Retirement Goal.

=

$536, 870

=

* Use the amount that is closest to the age at which you plan to retire (example: 1022 a month x 12 mo. = $12,264).  If you 

  need to request a statement, call SSA at (800) 772-1213.

AMOUNT ALREADY AVAILABLE AS SAVINGS/INVESTMENTS

 Example         

Yours

7. Employer savings plan, such as 401(k).

$64,037

8. IRAs and Koeghs.

+

$16,000

+

9. Other investments (mutual funds, stocks, bonds, real estate, etc.).

+

$0

+

10. Total retirement savings.

=

$80,037

=

FUTURE VALUE OF CURRENT SAVINGS/INVESTMENTS

 Example         

Yours

X

4.32

X

12. Future Value of Current Savings/Investments.

=

$345,760

=

ANNUAL SAVINGS NEEDED TO REACH RETIREMENT GOAL

 Example         

Yours

13. Retirement Goal (line 6).

$536,870

14. Future Value of Current Savings/Investments (line 12).

-

$345,760

-

15. Additional Savings needed at time of retirement.

=

191.110

=

/

66.44

/

17. Annual Savings Needed to Reach Retirement Goal.

=

$2,876

=


Life Insurance Needs

INCOME-REPLACEMENT FOR SURVIVORS

 Example         

Yours

1. Enter 75% of your current Income.

$30,000

X

22.39

X

3. Total Income-Replacement.

=

$671,000

=

EXPENSES

 Example         

Yours

4. Funeral expenses.

$10,000

5. Debt.

+

$140,000

+

6. Other Expenses (day care, college, readjustment period for spouse, etc.).

+

$0

+

7. Total Income-Replacement (line 3)

$671,000

8. Total Expenses.

=

$821,700

=

FUNDS FROM OTHER SOURCES

 Example         

Yours

9. Government Benefits.*

$207,816

10. Other Funds (current assets, income from family members, etc.)

+

$300,000

+

11. Total Funds from Other Sources.

=

$507,816

=

* Take the monthly amount of Social Security survivor benefits and other benefits and multiply by twelve and then multiply by the number of years benefits will be received (Example: $1237 x 12 months x 14 years = $207,816).

TOTAL INSURANCE NEEDED

 Example         

Yours

12. Total Expenses (line 8).

$821,700

-

13. Total Funds from Other Sources (line 11).

-

$507,816

-

14. Total Insurance Needed

=

$313,884

=


Financial Goals

SHORT-TERM

0 - 12 Months

Description

Plan

Cost

Date

INTERMEDIATE

1 - 5 Years

Description

Plan

Cost

Date

LONG-TERM

5 or more Years

Description

Plan

Cost

Date

Monthly Budget

Income

Budgeted

Actual

Difference

Salary (take home)

Bonuses, tips, etc.

Interest & Dividends

Total Income

Fixed Expenses

Budgeted

Actual

Difference

Mortgage or Rent

Savings

Revolving Savings

Insurance

Total Fixed Expenses

Variable Expenses

Budgeted

Actual

Difference

Food: - Groceries

- Eating Out

Utilities: - Natural Gas

- Electricity

- City

- Telephone

Auto Gas

Household/Personal Care

Clothing

Laundry/Dry Cleaning

Medical Bills/Prescriptions

Personal Allowance

Entertainment

Contributions

Miscellaneous

Total Variable Expenses

Net Gain or Loss

Budgeted

Actual

Difference

Income

Expenses

Net/Gain