Financial Planning Worksheet, Study notes of Financial Management

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Financial Planning Worksheet STATEMENT OF NET WORTH ASSETS Cash on hand $_____________ Checking Accounts $_____________ Savings Accounts $_____________ Certificates of Deposit $_____________ Cash Value of Life Insurance $_____________ U.S. Savings Bonds $_____________ Mutual Funds/Money Market $_____________ Stocks/Bonds $_____________ College Funds $_____________ 401(k)/403(b)/TSP $_____________ Other (IRAs, etc.) $_____________ Real Estate (Market Value) Home $_____________ Rental Property $_____________ Other (Vac Home/Trailer/Time Share) $_____________ Personal Property Vehicles/Motorcycles/Boats $_____________ Furniture $_____________ Jewelry $_____________ Other (Collectibles, etc.) $_____________ LIABILITIES Signature Loans $ ____________ Auto Loans or Leases $ ____________ Consolidation Loans $ ____________ Student Loans $ ____________ NEX/AAFES (Star Card) $ ____________ Department Store Credit Cards $ ____________ Other Credit Cards $ ____________ NMCRS (Loan) $ ____________ Other (Friends, Relatives, etc.) $ ____________ Advance/Over Payments $ ____________ Mortgages-Balances Due Home $ ____________ Rental Property $ ____________ Other (Vac Home/Trailer/Time Share) $ ____________ Date ________________________________SSN __________________________________Rate ________________________________ Name _____________________________________________________________________Age ________________________________ Pay Grade ___________________________Yrs. in Svc. ____________________________Date Reported/PRD (Transfer) ___________ Marital Status ________________________Spouse’s Name ________________________Age ________________________________ Spouse’s Place of Employment ____________________________________________________________________________________ Number of Children and Ages _____________________________________________________________________________________ Home Address _________________________________________________________________________________________________ Work Telephone __________________________________________Home Telephone _______________________________________ Command & Referred By (Self, CMD, NMCRS, FFSC, etc.) _______________________________________________________________ Amount of SGLI Elected ____________________________________Amount of FSGLI Elected _________________________________ TSP Monthly Contribution __________________________________MGIB Monthly Contribution _______________________________ Counseling Provided By: _______________________________ Counselor Phone #: ___________________________________ Appointment Date: ________________ Time: _______________ Place: ______________________________________________ TOTAL ASSETS $ ______________ TOTAL LIABILITIES $ ______________ NET WORTH (Assets – Liabilities) $ ______________ *Note: Pay Entitlements are taxable. Allowance Entitlements are non-taxable. MONTHLY INCOME ENTITLEMENTS ACTUAL PROJECTED REMARKS * Base Pay Basic Allowance for Housing (BAH I or II) Overseas Housing Allowance (OHA) Basic Allowance for Subsistence (BAS) Family Separation Allowance (FSA) * Flight Pay/Diving Pay/Flight Deck Pay * Submarine Pay * Other Hazardous Duty Pay * Sea Pay Taxable COLA Other (tax exempt/allowance eg. COLA/FSSA) TOTAL MILITARY COMPENSATION (A) * Taxable pay ( ) Excludes pretax ded for TSP/MGIB DEDUCTIONS ACTUAL PROJECTED REMARKS ALLOTMENT For/ends? ALLOTMENT For/ends? ALLOTMENT For/ends? ALLOTMENT For/ends? ALLOTMENT For/ends? Family SGLI (For Spouses) Servicemembers’ Group Life Insurance (SGLI) Uniform Services TSP MGIB FITW Filing Status Actual Proj. Status: FICA (Social Security) Base Pay Only, Excludes MGIB FICA (Medicare) Base Pay Only, Excludes MGIB State Income Tax State Claimed: AFRH (Armed Forces Retirement Home) TRICARE Dental Plan (TDP) Advance Payments Ends: Overpayments Ends: TOTAL DEDUCTIONS (B) $ $ CALCULATE NET INCOME ACTUAL PROJECTED REMARKS Service Member’s Take Home Pay (A-B) $ $ Divide by 2 for Payday Amount Service Member’s Other Earnings (less taxes) Spouse’s Earnings (less taxes) ALLOTMENT ALLOTMENT ALLOTMENT ALLOTMENT ALLOTMENT Family SGLI (For Spouses) Servicemembers' Group Life Insurance (SGLI) Uniform Services TSP MGIB TRIDARE Dental Plan (TDP) Advance Payments Overpayments Child Support/Alimony (Received/Income) Other Income (e.g. SSI, Rental Income) TOTAL MONTHLY INCOME $ $ INCREASE INCOME ____________________________________________________________________________________________1. ____________________________________________________________________________________________2. ____________________________________________________________________________________________3. ____________________________________________________________________________________________4. ____________________________________________________________________________________________5. ____________________________________________________________________________________________6. DECREASE LIVING EXPENSES ____________________________________________________________________________________________1. ____________________________________________________________________________________________2. ____________________________________________________________________________________________3. ____________________________________________________________________________________________4. ____________________________________________________________________________________________5. ____________________________________________________________________________________________6. DECREASE INDEBTEDNESS ____________________________________________________________________________________________1. ____________________________________________________________________________________________2. ____________________________________________________________________________________________3. ____________________________________________________________________________________________4. ____________________________________________________________________________________________5. REFERRALS/RECOMMENDED TRAINING ____________________________________________________________________________________________1. ____________________________________________________________________________________________2. ____________________________________________________________________________________________3. ____________________________________________________________________________________________4. ____________________________________________________________________________________________5. SETTING YOUR GOALS (Short & Long Term) GOAL COST DATE WANTED = MONTHLY SAVINGS TO REACH GOAL ACTION PLAN ____________________________________________________________________________________________1. ____________________________________________________________________________________________2. ____________________________________________________________________________________________3. ____________________________________________________________________________________________4. ____________________________________________________________________________________________5. ____________________________________________________________________________________________6. MONTHLY SPENDING PLAN P TOTAL NET INCOME P TOTAL TAKE HOME PAY MONTH MONTH MONTH BY PAYDAY 1st 15th 1st 15th 1st 15th *If using take-home pay amount, do not include any savings, expenses, or debt payments that are deducted from pay or paid by allotment. P = Planned Expenses A = Actual Expenses Budgeted Amount P A P A P A P A P A P A Savings & Investments Housing Food Utilities Transportation Clothes Insurance Health Education Contributions Subscriptions Personal Entertainment Dependent Care Miscellaneous Creditors TOTALS $ DAILY EXPENSES Keep track of your daily expenses for two weeks Keep a record of how you spend your money for the next two weeks. The secret is to record it when you spend it. Using a “stickie” note in your wallet or purse will help you track your expenditures. When you go for your money make a note on your “stickie” (write the amount and the item). At the end of the day, transfer the recorded amounts to this record. Be sure to include bills paid, along with sodas, lunches, etc. Remember this is for tracking your take home pay, don’t include allotments. TAKE HOME PAY FOR TWO WEEKS Dates DATE: DATE: DATE: DATE: Item: Amount: Item: Amount: Item: Amount: Item: Amount: DATE: DATE: DATE: DATE: Item: Amount: Item: Amount: Item: Amount: Item: Amount: DATE: DATE: DATE: DATE: Item: Amount: Item: Amount: Item: Amount: Item: Amount: DATE: DATE: DATE: Take Home Pay: Amount Spent: Balance: $ _________ $ _________ $ _________ (+ or -) Item: Amount: Item: Amount: Item: Amount: