Personal Finances
Jasmin21
KDH_FPF5e_PFP_Ch_021.xlsFin Documents and Records (5)
| Name: | Sample Student | Date: | June 8, 2015 | 5 | ||||||
| Financial Documents and Records | ||||||||||
| Purpose: To develop a system for maintaining and storing personal documents and records. | ||||||||||
| Financial Planning Activities: Indicate the location of the following records, and create files for the eight major categories of financial documents. | ||||||||||
| Suggested Websites: | money.cnn.com | www.kiplinger.com | www.usa.gov | |||||||
| Suggested App: | Manilla | |||||||||
| Your Personal Financial Plan | ||||||||||
| Item | Home File | Safe Deposit Box | Other (specify location - computer file, online) | |||||||
| 1. Money management records | ||||||||||
| * budget, financial statements | ||||||||||
| 2. Personal/employment records | ||||||||||
| * current résumé, Social Security card | ||||||||||
| * educational transcripts | ||||||||||
| * birth, marriage, divorce certificates | ||||||||||
| * citizenship, military papers | ||||||||||
| * adoption, custody papers | ||||||||||
| 3. Tax records | ||||||||||
| 4. Financial services/consumer credit records | ||||||||||
| * unused or canceled checks | ||||||||||
| * savings, passbook statements | ||||||||||
| * credit card information, statements | ||||||||||
| * credit contracts | ||||||||||
| 5. Consumer purchase, housing, and automobile records | ||||||||||
| * warranties, receipts | ||||||||||
| * owner's manuals | ||||||||||
| * lease or mortgage papers, title deed, property tax info | ||||||||||
| * automobile title | ||||||||||
| * auto registration | ||||||||||
| * auto service records | ||||||||||
| 6. Insurance records | ||||||||||
| * insurance policies | ||||||||||
| * home inventory | ||||||||||
| * medical information (health history) | ||||||||||
| 7. Investment records | ||||||||||
| * broker statements | ||||||||||
| * dividend reports | ||||||||||
| * stock/bond records | ||||||||||
| * rare coins, stamps, and collectibles | ||||||||||
| 8. Estate planning and retirement | ||||||||||
| * will | ||||||||||
| * pension, Social Security info | ||||||||||
| What's Next for Your Personal Financial Plan? | ||||||||||
| * Select a physical or online program for storing your financial documents and records. | ||||||||||
| * Decide if various documents may no longer be needed. |
Personal Balance Sheet (6)
| Name: | Sample Student | Date: | June 8, 2015 | 6 | |||||
| Creating a Personal Balance Sheet | |||||||||
| Purpose: To determine your current financial position. | |||||||||
| Financial Planning Activities: List current values of the assets; list amounts owed for liabilities; subtract total liabilities from total assets to determine net worth. | |||||||||
| Suggested Websites: | www.kiplinger.com | money.cnn.com | www.lifeadvice.com | ||||||
| Suggested App: | Balance | ||||||||
| Your Personal Financial Plan | |||||||||
| Balance Sheet as of | June 8, 2015 | ||||||||
| Assets | |||||||||
| Liquid assets | |||||||||
| Checking account balance | $0.00 | ||||||||
| Savings/money market accounts, funds | $0.00 | ||||||||
| Cash value of life insurance | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total liquid assets | $0.00 | ||||||||
| Household assets & possessions | |||||||||
| Current market value of home | $0.00 | ||||||||
| Market value of automobiles | $0.00 | ||||||||
| Furniture | $0.00 | ||||||||
| Stereo, video, camera equipment | $0.00 | ||||||||
| Jewelry | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total household assets | $0.00 | ||||||||
| Investment assets | |||||||||
| Savings certificates | $0.00 | ||||||||
| Stocks and bonds | $0.00 | ||||||||
| Individual retirement accounts | $0.00 | ||||||||
| Mutual funds | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total investment assets | $0.00 | ||||||||
| Total Assets | $0.00 | ||||||||
| Liabilities | |||||||||
| Current liabilities | |||||||||
| Charge account and credit card balances | $0.00 | ||||||||
| Loan balances | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total current liabilities | $0.00 | ||||||||
| Long-term liabilities | |||||||||
| Mortgage | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total long-term liabilities | $0.00 | ||||||||
| Total Liabilities | $0.00 | ||||||||
| Net Worth | $0.00 | ||||||||
| (assets minus liabilities) | |||||||||
| What's Next for Your Personal Financial Plan? | |||||||||
| * Compare your net worth to previous balance sheets. | |||||||||
| * Decide how often you will prepare a balance sheet. |
Personal CashFlow Statement (7)
| Name: | Sample Student | Date: | June 8, 2015 | 7 | |||||||
| Creating a Personal Cash Flow Statement | |||||||||||
| Purpose: To maintain a record of cash inflows and outflows for a month (or three months). | |||||||||||
| Financial Planning Activities: Record inflows and outflows of cash for a one- (or three-) month period. | |||||||||||
| Suggested Websites: | www.americasaves.org | money.cnn.com | |||||||||
| Suggested App: | Expensify | ||||||||||
| For month ending | Your Personal Financial Plan | ||||||||||
| Cash Inflows | |||||||||||
| Salary (take-home) | |||||||||||
| Other income : | |||||||||||
| Other income : | |||||||||||
| Total Income | $0.00 | ||||||||||
| Cash Outflows | |||||||||||
| Fixed expenses | |||||||||||
| Mortgage or rent | |||||||||||
| Loan payments | |||||||||||
| Insurance | |||||||||||
| Other | |||||||||||
| Other | |||||||||||
| Total fixed outflows | $0.00 | ||||||||||
| Variable expenses | |||||||||||
| Food | |||||||||||
| Clothing | |||||||||||
| Electricity | |||||||||||
| Telephone | |||||||||||
| Water | |||||||||||
| Transportation | |||||||||||
| Personal care | |||||||||||
| Medical expenses | |||||||||||
| Recreation/entertainment | |||||||||||
| Gifts | |||||||||||
| Donations | |||||||||||
| Other | |||||||||||
| Other | |||||||||||
| Total variable outflows | $0.00 | ||||||||||
| Total Outflows | $0.00 | ||||||||||
| Surplus/Deficit | $0.00 | ||||||||||
| Allocation of surplus | |||||||||||
| Emergency fund savings | Apply any surplus to these goals | ||||||||||
| Financial goal savings | |||||||||||
| Other savings | |||||||||||
| Total | $0.00 | ||||||||||
| What's Next for Your Personal Financial Plan? | |||||||||||
| * Decide which areas of spending need to be revised. | |||||||||||
| * Evaluate your spending patterns for preparation of a budget. |
Personal Budget (8)
| Name: | Sample Student | Date: | June 8, 2015 | 8 | ||||||
| Developing a Personal Budget | ||||||||||
| Purpose: To compare projected and actual spending for a one- (or three-) month period. | ||||||||||
| Financial Planning Activities: Estimate projected spending based on your cash flow statement, and maintain records for actual spending for these same budget categories. | ||||||||||
| Suggested Websites: | www.betterbudgeting.com | www.asec.org | www.mymoney.gov | |||||||
| Suggested App: | Home Budget | |||||||||
| Income | Budgeted Amounts | Your Personal Financial Plan | ||||||||
| Dollar | Percent | Actual Amounts | Variance | |||||||
| Salary | $10.00 | 50.00% | $10.00 | 0.00% | ||||||
| Other | $10.00 | 50.00% | $10.00 | 0.00% | ||||||
| Total income | $20.00 | 100.00% | $20.00 | |||||||
| Expenses | <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< | |||||||||
| Fixed expenses | <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< | |||||||||
| Mortgage or rent | $10.00 | 20.00% | $10.00 | 0.00% | ||||||
| Property taxes | $10.00 | 20.00% | $10.00 | 0.00% | ||||||
| Loan payments | $10.00 | 20.00% | $10.00 | 0.00% | ||||||
| Insurance | $10.00 | 20.00% | $10.00 | 0.00% | ||||||
| Other | $10.00 | 20.00% | $10.00 | 0.00% | ||||||
| Total fixed expenses | $50.00 | 100.00% | $50.00 | |||||||
| Emergency fund/savings | <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< | |||||||||
| Emergency fund | $10.00 | 33.33% | $10.00 | 0.00% | ||||||
| Savings for | $10.00 | 33.33% | $10.00 | 0.00% | ||||||
| Savings for | $10.00 | 33.33% | $10.00 | 0.00% | ||||||
| Total savings | $30.00 | 100.00% | $30.00 | |||||||
| Variable expenses | <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< | |||||||||
| Food | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Utilities | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Clothing | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Transportation costs | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Personal care | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Medical and health care | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Entertainment | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Education | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Gifts/donations | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Miscellaneous | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Other | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Other | $10.00 | 8.33% | $10.00 | 0.00% | ||||||
| Total variable expenses | $120.00 | 100.00% | $120.00 | |||||||
| Total expenses | $170.00 | 100.00% | $170.00 | |||||||
| What's Next for Your Personal Financial Plan? | ||||||||||
| * Evaluate the appropriateness of your budget for your current life situation. | ||||||||||
| * Assess whether your budgeting activities are helping you achieve your financial goals. |
