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Personal Balance Sheet (3)

Name:	0				Date:	December 31, 1899			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 5, 2020
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 (4)

Name:	0				Date:	December 31, 1899					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 (5)

Name:	0			Date:	December 31, 1899				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		Actual Amounts		Variance
Salary		$10.00		$5.00		$5.00
Other		$10.00		$10.00
Total income		$20.00		$15.00
Expenses		<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Fixed expenses		<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Mortgage or rent		$10.00		$10.00
Property taxes		$10.00		$10.00
Loan payments		$10.00		$10.00
Insurance		$10.00		$10.00
Other		$10.00		$10.00
Total fixed expenses		$50.00		$50.00
Emergency fund/savings		<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Emergency fund		$10.00		$10.00
Savings for		$10.00		$10.00
Savings for		$10.00		$10.00
Total savings		$30.00		$30.00
Variable expenses		<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Food		$10.00		$10.00
Utilities		$10.00		$10.00
Clothing		$10.00		$10.00
Transportation costs		$10.00		$10.00
Personal care		$10.00		$10.00
Medical and health care		$10.00		$10.00
Entertainment		$10.00		$10.00
Education		$10.00		$10.00
Gifts/donations		$10.00		$10.00
Miscellaneous		$10.00		$10.00
Other		$10.00		$10.00
Other		$10.00		$10.00
Total variable expenses		$120.00		$120.00
Total expenses		$170.00		$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.