personal finance

worksheets_8.1-8.3.xlsx

8.1

Worksheet 8.1 - Early Warning Signs of Financial Trouble
Check the following list for any early warning signs of financial trouble.
Early Warning Signs of Financial Trouble	Yes	No
I am living paycheck to paycheck.
I am using my credit cards without the cash to pay the bill when it comes.
I am paying only the minimum amount due on my credit cards.
My credit card balances increase month to month (I'm gaining pounds).
My net worth is decreasing each month.
I am charging essentials like gas and groceries without a payoff plan.
I do not have a budget and do not know my monthly income and expenses.
When I get a raise, a new job, or win the lottery, I will live debt-free.
My money runs out before the month does.
I do not have at least six months' income in an emergency fund.
Total Yes Count
If you checked yes in any of the boxes, you may be heading toward financial trouble. Now is the time to make a plan for changing your bad financial habits. Stick to that plan to avoid a financial crisis.

Worksheet 8.2 - Building an Emergency Fund
Review your balance sheet (Worksheet 3.1):
Current net worth:
Current debt amount:
Items purchused with the debt:
Steps to take to build an emergency fund:
1. Minimum emergency fund:	$1,000
2. Six months' income:
2. Twelve months' income:
Steps to take to pay off credit card debts and have a strong emergency fund:
1)
2)
3)
4)
5)

Worksheet 8.3 - Finding Little Leaks
Referring to your Every Penny Counts spending journal entries from Chapter 3 over the past month, complete the following steps.
1) Review items from the previous month and mark them as ‘E’ essential or ‘N’ nonessential.
2) List nonessential items and their amount. Could you do without them? Is there a more frugal option? Could it be cut back by a portion? Consider what savings opportunities you could take on. Calculate what the new budgeted amount would be for each item.
3) Total the opportunity savings from the nonessential expenditures for the month.
4) List the essential items. Are there opportunities to trim on any of these expenses? Give thought to some of the options discussed in the chapter.
5) Calculate what the new budgeted amount would be for each item.
6) Total the opportunity savings from the essential expenditures for the month.
Nonessential		Opportunity?
Item	Amount	Stop Little Leaks Plan	Amount	Savings	Done


Total Savings Opportunity			0
Essential		Opportunity?
Item	Amount	Stop Little Leaks Plan	Amount	Savings	Done


Total Savings Opportunity			0
Total savings opportunity from nonessential spending			0
Total savings opportunity from essential spending			0
Total savings opportunity			0