help in finance

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TRACKING Month of ______________

DATE	Expense Amount	Income Amount	DESCRIPTION

NAME(S)________________________________ DATE ___________________

NET WORTH STATEMENT

ASSETS Market Value

LIQUID

Cash __________

Checking __________

Savings __________

Certificate of Dep. __________

Money Market Funds __________

Other _________ __________

______________ __________

SUBTOTAL __________

TANGIBLE

Home __________

Auto __________

Personal Property __________

Other _________ __________

______________ __________

SUBTOTAL __________

INVESTMENT

Stocks __________

Bonds __________

Mutual Funds __________

Retirement Funds __________

Real Estate __________

Other _________ __________

______________ __________

SUBTOTAL __________

TOTAL ASSETS __________

LIABILITIES Amount

SHORTTERM

Credit Card_____ __________

______________ __________

Other _________ __________

______________ __________

SUBTOTAL __________

LONGTERM

Home __________

Auto __________ __________

Student Loan __________

Home Equity __________

Other __________ __________

_______________ __________

SUBTOTAL __________

TOTAL LIABILITIES __________

NAME(S) ___________________________ DATE from _________ to _______

INCOME AND EXPENSE STATEMENT

EXPENSES

Fixed

Rent/Mortgage __________

Savings/Investment __________

Revolving Savings __________

Loans __________ __________

_______________ __________

Insurance __________

Other __________ __________

_______________ __________

SUBTOTAL __________

Variable

Utilities __________

Phone/Cell __________

Cable __________

Other _______ __________

Food groceries __________

Eating Out __________

Gasoline for Autos __________

Household __________

Personal Care __________

Clothing __________

Laundry/Dry Clean __________

Medical Doctors __________

Prescriptions __________

Personal Allowance __________

Entertainment __________

Contributions __________

Miscellaneous __________

Other _________ __________

SUBTOTAL __________

EXPENSE TOTAL __________

INCOME Amount

Salary (take home) __________

________________ __________

Bonuses, tips, etc. __________

Interest and Dividends __________

Other ___________ __________

________________ __________

INCOME TOTAL __________

NAME(S) ______________________________________ DATE ____________

FINANCIAL RATIOS

BASIC LIQUIDITY RATIO

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

Liquid Assets (from Net Worth Statement) $______________

Monthly Expenses (from I and E Statement) $______________

Basic Liquidity Ratio = ______________

Recommendation: 3.0 or more

DEBTTOASSET RATIO

Importance: measures 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.

Total Liabilities (from Net Worth Statement) $_______________

Total Assets (from Net Worth Statement) $_______________

DebttoAsset Ratio = _______________

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

DEBT PAYMENTTOINCOME RATIO

Importance: shows ability to make current debt payments.

Annual Debt Payments (from I and E Statement) $_____________

Gross Income (from I and E Statement) $_____________

Debt PaymenttoIncome Ratio = _____________

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

NAME(S) ___________________________________ DATE _______________

REVOLVING SAVINGS ACCOUNT - (for irregular expenses)

List all expenses that come irregularly throughout the year. List items such as: auto registration, auto insurance, life insurance, school expenses, birthdays, anniversaries, holidays, celebrations, and vacations.

Month Amount Month Amount

January__________ ________ August__________ ________

________________ ________ ________________ ________

February_________ ________ September________ ________

________________ ________ ________________ ________

March___________ ________ October__________ ________

________________ ________ ________________ ________

April____________ ________ November________ ________

________________ ________ ________________ ________

May____________ ________ December________ ________

________________ _________ ________________ ________

________________ ________ ________________ ________

June____________ ________

________________ ________ TOTAL ________

________________ ________

TOTAL $ ______________

÷ ____________12

= ______________*

*This amount is part of a monthly budget to cover irregular expenses.

NAME(S) __________________________________ DATE ________________

LIFE INSURANCE NEEDS

___________________________________________________________________

ITEM _______________ EXAMPLE YOUR AMOUNT

1. INCOME –REPLACEMENT FOR SURVIVORS

Enter 75% of your current income. $30,000 $______________

2. YEARS INCOME WILL BE NEEDED

YEARS

FACTOR

8.98

12.84

16.35

19.52

22.39

31.42

Enter the factor number x 22.39 x______________

3. SUBTOTAL 671,700 ______________

4. FUNERAL EXPENSES

Enter the amount for funeral expenses and

other finalexpense needs. + 10,000 +______________

5. DEBT

Enter the total amount of all debt owed. +140,000 +______________

6. OTHER

Consider other needs such as collegeexpenses,

a readjustmentperiod for a spouse, or day care. + 0 + ______________

7. TOTAL EXPENSES

Add lines 3, 4, 5, and 6. = 821,700 ______________

8. GOVERNMENT BENEFITS

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 ($1237 x 12 months

x 14 years). Subtract that amount. 207,816 ______________

9. OTHER

Subtract other items such as current assets or

added income from family members for the same

time period as above. 300,000 ______________

10. TOTAL

This is how much insurance is needed to cover

the needs of your survivors. $313,884 $______________

NAMES(S) ___________________________________ DATE ______________

RETIREMENT NEEDS

ITEM

RETIREMENT GOAL

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

2. Estimated Social Security retirement benefit in today’s dollars.

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.

3. Defined benefit plan from an employer (ask your retirement benefit advisor how much you will receive annually in today’s dollars). This is not a 401(k)-type plan. Those plans go on line 7.

4. Additional annual income needed at retirement in today’s dollars. Subtract lines 2 and 3 from line 1.

5. Choose the number closet to the age you plan to retire. Enter the factor on line 5.

Age of retirement

Factor

21.0

18.9

16.4

13.6

6. Multiply line 4 by line 5. This is your retirement goal.

AMOUNT ALREADY AVAILABLE AS SAVINGS/INVESTMENTS

7. Employer savings plans, such as a 401(k).

8. IRAs and Keoghs.

9. Other investments, such as mutual funds, stocks, bonds, real estate and other assets available for retirement.

10. Total retirement savings (add lines 7, 8, and 9).

FUTURE VALUE OF CURRENT SAVINGS/INVESTMENTS

11. Choose the number in the table that is the closest to the number of years until you retire. Enter the factor on line 11.

Years to retirement

Factor

1.28

1.63

2.08

2.65

3.39

4.32

7.04

12. Multiply line 10 by line 11.

13. Additional retirement savings and investments needed at time of retirement. Subtract line 12 from line 6.

ANNUAL SAVINGS NEEDED TO REACH RETIREMENT GOAL

14. Choose the number in the table that is the closest to the number of years until you retire. Enter the factor on line 14.

Years

Factor

5.53

12.58

21.58

33.07

47.73

66.44

120.80

15. Divide line 13 by line 14. This is the amount you need to save each year in order to reach your retirement goal.

EXAMPLE YOURS

1. $45,000 ___________

2. - $12,264 - __________

3. - $0 -___________

4. = $32,736 =__________

5. x 16.4 x __________

6. =$536,870 =__________

7. $64,037 __________

8. +$16,000 +__________

9. +$0 +__________

10. =$80,037 =__________

11. x 4.32 x__________

12. =$345,760 =__________

13. =$191,110 =__________

14. 66.44 __________

15. = $2,876 =__________

NAME(S) ____________________________ DATE _______________

FINANCIAL GOALS

SHORTTERM 012 Months

Description Plan Cost Date

INTERMEDIATE 15 Years

Description Plan Cost Date

LONGTERM 5 or more Years

Description Plan Cost Date

NAME(S) _____________________________ BUDGET MONTH __________

INCOME SOURCE BUDGETED ACTUAL DIFFERENCE

__________________ __________ __________ __________

TOTAL __________ __________ __________

EXPENSES BUDGETED ACTUAL DIFFERENCE

FIXED

Mortgage or Rent __________ __________ __________

Savings __________ __________ __________

Revolving Savings __________ __________ __________

Loans_______________ __________ __________ __________

____________________ __________ __________ __________

Insurance __________ __________ __________

Other_______________ __________ __________ __________

SUB-TOTAL __________ __________ __________

VARIABLE

Food – Groceries __________ __________ __________

Eating Out __________ __________ __________

Utilities - Natural Gas __________ __________ __________

Electricity __________ __________ __________

City __________ __________ __________

Telephone __________ __________ __________

Other __________ __________ __________

Auto Gasoline __________ __________ __________

Household/Personal Care __________ __________ __________

Clothing __________ __________ __________

Laundry/Dry Cleaning __________ __________ __________

Medical Bills/Prescriptions __________ __________ __________

Personal Allowance __________ __________ __________

Entertainment __________ __________ __________

Contributions __________ __________ __________

Miscellaneous __________ __________ __________

Other _______________ __________ __________ __________

SUB-TOTAL __________ __________ __________

EXPENSE TOTAL __________ __________ __________