Bi-Weekly Bootstrap Spending Plan Worksheet by xiuliliaofz

VIEWS: 15 PAGES: 2

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                  CATEGORY                                STARTING POINT                 YOUR ACTUAL             Per Pay                                                                                   Cash Organizer Categories Per Bi-Weekly Pay Period:
                                                                                                                 Period
                                                       Monthly           Annual        Monthly         Annual                METHOD OF PAYMENT                                                                                        $50 Bills $20 Bills $10 Bills   5's
                                                                                                                  (bi-
Income:                                                                                                          weekly)          Choose from:                                          Groceries & Household               $   415      6         5         1        1
       Total Before-tax Household Income              $     7,083    $    85,000   $      7,083    $    85,000               Auto-Withdrawal                                            Dining & Entertainment              $    45      0         2         0        1
       Taxes withheld                                 $     1,417    $    17,000   $      1,417    $    17,000               Check or Online Bill Pay                                   Hair                                $    40      0         2         0        0
       Paycheck Deductions                                                         $         -     $       -                 Transfer to Escrow Account                                 Home Improvement                    $    25      0         1         0        1
       Total After-tax Household Income               $    5,667     $ 68,000      $     5,667     $ 68,000      $   2,615   Debit Card
                                                                                                                                                          Your Cash Withdrawal          Individual 1 Personal/Clothing      $    35      0         1         1        1
                                                                                                                             CASH
                                                                                                                                                          Worksheets will calculate     Individual 2 Personal/Clothing      $    35      0         1         1        1
   How Many Adults in Your Household?                      2                             2                                                                based on your Actual          Kids Personal/Clothing              $    25      0         1         0        1
   How Many Children in Your Household?                    2                             2                                                                                              Gifts                               $    25      0         1         0        1
                                                                                                                                                                                        Travel/Vacation                     $    45      0         2         0        1
Expense:                                                                                                                                                                                Other 1                             $   -        0         0         0        0
   House or Rent                                                                                                                                                                        Other 2                             $   -        0          0        0        0
      Mortgage (+ Taxes & Insurance) or Rent          $     1,417    $    17,000   $      1,417    $    17,000   $     655   Auto-Withdrawal                                                                                $   690      6         16        3        8
      Home Equity Loan or Line of Credit              $       -      $       -     $        -      $       -     $     -     Auto-Withdrawal
      Homeowner's Association Fees                    $        50    $       600   $         50    $       600   $      25   Check or Online Bill Pay
       Utilities (Gas, Electric, Wood, other)         $        200   $     2,400   $         200   $     2,400   $      90   Auto-Withdrawal                                                            Bills To Withdraw
       Cable, Phone, Internet                         $        120   $     1,440   $         120   $     1,440   $      55   Auto-Withdrawal                                                    Bills         # of Bills    Amount
       Maintenance                                    $        166   $     1,992   $         166   $     1,992   $      75   Transfer to Escrow Account                                         50's              6         $   300
       Other:                                         $        -     $       -     $         -                   $     -                                                                        20's             16         $   320
                             Total House or Rent:     $     1,953    $    23,432   $      1,953    $    23,432   $     900                                                                      10's              3         $    30
   Vehicles:                                                                                                                                                                                     5's              8         $    40
       Auto Loan(s) or Lease(s)                       $        283   $     3,400   $         283   $     3,400   $     130   Auto-Withdrawal                                                                                $   690
       Auto Insurance                                 $        125   $     1,500   $         125   $     1,500   $      60   Auto-Withdrawal
       Property Tax                                   $         17   $       204   $          17   $       204   $      10   Transfer to Escrow Account                                                                     Instructions
       Fuel                                           $        195   $     2,340   $         195   $     2,340   $      90   Debit Card                                               1) At the bank teller, write a check to "cash" in the amount of:      ###
       Repair                                         $        166   $     1,992   $         166   $     1,992   $      75   Transfer to Escrow Account                               2) Request that your cash be withdrawn in the bills as above.
       Parking, tolls                                 $        -     $       -     $         -     $       -     $     -     Debit Card                                               3) Go home and place the bills in each section of your organizer
                                    Total Vehicles:   $        786   $     9,436   $         786   $     9,436   $     365                                                               (sections labeled with above categories).
                                                                                                                                                                                      4) Keep some of your cash, especially for groceries and frequently
   Other Fixed:                                                                                                                                                                          shopped categories in your wallet. Keep the rest in the organizer
       Childcare or Education                         $        -     $       -     $         -     $       -     $     -     Auto-Withdrawal                                             until you need it!
       Health Insurance                               $        100   $     1,200   $         100   $     1,200   $      45   Auto-Withdrawal                                          5) Some categories, such as gifts and travel, will begin to accumulate cash.
       Life Insurance                                 $         50   $       600   $          50   $       600   $      25   Check or Online Bill Pay                                    This is ok, it will be there when you need it!
       Other Insurance (Disability, LTC)              $        -     $       -     $         -     $       -     $     -     Check or Online Bill Pay                                 6) If you don't have the cash to buy something discretionary, DO NOT swipe
       Student Loan                                   $        175   $     2,100   $         175   $     2,100   $      80   Auto-Withdrawal                                             with your debit or credit card! Put it back on the shelf until you have the cash.
       Credit Card Payments                           $        750   $     9,000   $         750   $     9,000   $     345   Check or Online Bill Pay                                 7) Do not break rule #6.
       Dry Cleaning                                   $         50   $       600   $          50   $       600   $      25   Debit Card                                               8) Don't forget to make your transfer to the "Unruly Expense Escrow"
       Cell Phone(s)                                  $        100   $     1,200   $         100   $     1,200   $      45   Check or Online Bill Pay                                    account every pay period.
       Other:                                         $        -     $       -     $         -     $       -     $     -
       Other:                                         $        -     $       -     $         -     $       -     $     -
                                Total Other Fixed:    $     1,225    $    14,700   $      1,225    $    14,700   $     565


   Variable & Discretionary:
       Groceries & Household                        $         900    $    10,800   $        900    $    10,800   $     415   CASH
       Subscriptions                                $           5    $        60   $          5    $        60   $     -     Check or Online Bill Pay
       Memberships                                  $          20    $       240   $         20    $       240   $      10   Check or Online Bill Pay
       Activities, Hobbies & Recreation             $          35    $       420   $         35    $       420   $      15   Check or Online Bill Pay
       Dining & Entertainment                       $         100    $     1,200   $        100    $     1,200   $      45   CASH
       Haircuts                                     $          90    $     1,080   $         90    $     1,080   $      40   CASH
       Pet Care                                     $          35    $       420   $         35    $       420   $      15   Debit Card
       Home Improvement                             $          50    $       600   $         50    $       600   $      25   CASH
       Individual 1 Personal/Clothing               $          75    $       900   $         75    $       900   $      35   CASH
       Individual 2 Personal/Clothing               $          75    $       900   $         75    $       900   $      35   CASH
       Individual 1 Online Purchases (Books & Music)$          40    $       480   $         40    $       480   $      20   Debit Card
       Individual 2 Online Purchases (Books & Music)$          40    $       480   $         40    $       480   $      20   Debit Card
       Kids Personal, Clothing, Books, Music        $          50    $       600   $         50    $       600   $      25   CASH
       Gifts                                        $          50    $       600   $         50    $       600   $      25   CASH
       Travel/Vacation                              $         100    $     1,200   $        100    $     1,200   $      45   CASH
       Other:                                       $         -      $       -     $        -      $       -     $     -
       Other:                                       $         -      $       -     $        -      $       -     $     -
                    Total Variable & Discretionary: $       1,665    $    19,980   $      1,665    $    19,980   $     770

   TOTAL EXPENSE                                      $    5,629     $ 67,548      $     5,629     $ 67,548      $   2,600

   SURPLUS/SHORTFALL                                  $        38    $      452    $         38    $      452    $     15

   Unruly Expense Escrow Savings Payment
                                                                             Per Pay Period
   Transfer to escrow account for annual, quarterly, or otherwise unruly payments:                 $       160




Directions

   **To Customize Your Spending Plan: Enter or override data in the yellow sections**
       If you have a surplus , put it toward your financial goals!
       If you have a shortfall , keep evaluating what you can cut back, until you have positive cash flow. Make hard decisions.

                                                Bootstrap Goals

Goal #1: Gain control of your spending and save as much money as you can using the Bootstrap Spending Plan Workseet
Goal #2: Save $2,000 for a buffer, then pay off all your consumer debts as aggressively as possible

Goal #3: Accumulate 4-6 months of living expenses in an emergency savings account
      4-6 months of living expenses in your budget =         $   22,516 - $ 33,774
                            Debt Payoff Worksheet
    Name of Debt/Lender          Type            Rate      Balance      Min Payment
1   Department Store             Credit   Card      17%    $    5,640   $     140
2   Small Town Bank Card         Credit   Card      15%    $    9,987   $     237
3   Big City Bank Card           Credit   Card      18%    $   12,188   $     309
4   Easy Credit Bank Card        Credit   Card      12%    $   18,490   $     411


5 Big Car Co                  Auto Loan                 7% $ 12,850     $     495
6 University Daze Student LoanStudent Loan              5% $ 21,000     $     225
7 My House                    Mortgage                  5% $ 195,000    $   1,190




                                 TOTALS:                   $ 275,155    $   3,007

    This example sorts your payoff list by the smallest balance debt, but you can
    choose to payoff the highest rate debt first. Stick with the method that
    motivates you the most! Pay off consumer credit balances first.

								
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