College Education Cost Analysis and Savings Plan by 0jOUuD

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									Name:                                                                                        Date:

Financial Documents and Records                                                                                                            14
Purpose: To develop a system for maintaining and storing personal financial documents and records.
Instructions: Indicate the location of the following records, and create files for the eight major categories of
financial documents.
Suggested Web sites:         www.quicken.com                                                                       www.kiplinger.com


Item                                                             Home File                Safe Deposit Box               Other (specify)

1.Money management records
* budget, financial statements
2.Personal/employment records




                                                                                                                                           Personal Financial Planner
* current resume, Social Security card
* educational transcripts
* birth, marriage, divorce certificates
* citizenship, military, divorce certificates
* citizenship, military papers, passport
* adoption, custody papers
3.Tax records
4.Financial services/consumer credit
records
* unused, canceled checks
* savings, passbook statements
* credit card information, statements
* credit contracts
5.Consumer purchase, housing, and
automobile records
* warranties, receipts
* owner's manuals
* lease or mortgage papers, title deed,
property tax info
* automobile title
* auto registration
* auto service records
6.Insurance records
* insurance policies
* home inventory
* medical information (health history)
7.Investment records
* broker statements
* dividend reports
* stock/bond certificates
* rare coins, stamps, and collectibles
8.Estate planning and retirement
* will
* pension, Social Security info


What's Next for your Personal Financial Plan?


* Select a location for storing your financial documents and records.
* Decide if various documents may no longer be needed.
Name:                                                                                     Date:

Personal Balance Sheet
Purpose: To determine your current financial position.
Instructions: List the current values of the asset categories below; list the amounts owed for various liabilities;
sub-tract total liabilities from total assets to determine net worth.
Suggested Web sites:                www.money.com                                                   www.lifeadvice.com




                          Balance Sheet as of

                                       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 Financial Planner
                             15
Name:                                                                     Date:

Personal Cash Flow Statement                                                                                16
Purpose: To maintain a record of cash inflows and outflows for a month (or three months).
Instructions: Record inflows and outflows of cash for a one-(or three-) month period.
Suggested Web sites:                 www.asec.org                                  www.clevelandsaves.org


                                            For month ending


                                           Cash Inflows

                                           Salary (take-home)
                                               Other income :




                                                                                                            Personal Financial Planner
                                               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
                                       Financial goals savings
                          Other savings




What's Next for your Personal Financial Plan?


* Decide which areas of spending need to be revised.
* Evaluate your spending patterns for preparing a budget.
Name:                                                                                      Date:

Cash Budget                                                                                                                     17
Purpose: To compare projected and actual spending for a one-(or three-) month period.
Instructions: Estimate projected spending based on your cash flow statement,
and maintain records for actual spend spending for these same budget categories.
Suggested Web sites:                          www.betterbudgeting.com                                       www.mymoney.gov

                                                Budgeted Amounts
Income                                         Dollar        Percent                       Actual Amounts            Variance

Salary                                         $1.00                    50.00%                     $1.00              0.00%

Other                                          $1.00                    50.00%                     $1.00              0.00%

Total Income                               $2.00          100.00%            $2.00
Expenses                             <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Fixed expenses                       <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<




                                                                                                                                Personal Financial Planner
Mortgage or rent                               $1.00                    20.00%                     $1.00              0.00%
Property taxes                                 $1.00                    20.00%                     $1.00              0.00%

Loan payments                                  $1.00                    20.00%                     $1.00              0.00%

Insurance                                      $1.00                    20.00%                     $1.00              0.00%
Other                                          $1.00                    20.00%                     $1.00              0.00%
Total fixed expenses                       $5.00          100.00%            $5.00
Emergency fund/savings               <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Emergency fund                                 $1.00                    33.33%                     $1.00              0.00%
Savings for                                    $1.00                    33.33%                     $1.00              0.00%

Savings for                                    $1.00                    33.33%                     $1.00              0.00%
Total savings                              $3.00          100.00%            $3.00
Variable expenses                    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Food                                           $1.00                        8.33%                  $1.00              0.00%
Utilities                                      $1.00                        8.33%                  $1.00              0.00%

Clothing                                       $1.00                        8.33%                  $1.00              0.00%

Transportation costs                           $1.00                        8.33%                  $1.00              0.00%
Personal care                                  $1.00                        8.33%                  $1.00              0.00%
Medical and health care                        $1.00                        8.33%                  $1.00              0.00%
Entertainment                                  $1.00                        8.33%                  $1.00              0.00%
Education                                      $1.00                        8.33%                  $1.00              0.00%
Gifts/donations                                $1.00                        8.33%                  $1.00              0.00%
Miscellaneous                                  $1.00                        8.33%                  $1.00              0.00%

Other                                          $1.00                        8.33%                  $1.00              0.00%

Other                                          $1.00                        8.33%                  $1.00              0.00%
Total variable expenses                       $12.00                    100.00%                    $12.00
Total expenses                                $17.00                    100.00%                    $17.00

What's Next for your Personal Financial Plan?


* Evaluate the appropriateness of your budget for your current situation.
* Assess whether your budgeting activities are helping you achieve your financial goals.
Name:                                                                          Date:

Annual Budget Summary                                                                                                                          18
Purpose: To see an overview of spending patterns for a year.
Instructions: Record the monthly budget amount in this first column and actual monthly spending in the appropriate column.
Suggested Web sites:                    www.mymoney.gov                                              www.bls.gov/cex

                                                                                            Actual Spending
Expense                         Monthly Budget                 Jan            Feb             Mar             Apr            May       Jun
Savings                                 $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Mortgage/rent                           $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Housing costs                           $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00




                                                                                                                                               Personal Financial Planner
Telephone                               $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Food (at home)                          $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Food (away)                             $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

clothing                                $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Transportation                          $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Credit payments                         $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Insurance                               $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Health care                             $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Recreation                              $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Reading/education                       $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Gifts/donations                         $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Miscellaneous                           $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Other                                   $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Other                                   $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Total                                   $0.00                  $0.00          $0.00          $0.00            $0.00          $0.00     $0.00


                                                                Actual Spending                                                Year Totals
Expense                          Jul            Aug            Sep        Oct                Nov              Dec            Actual   Budget
Savings                         $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Mortgage/rent                   $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Housing costs                   $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Telephone                       $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Food (at home)                  $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Food (away)                     $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
clothing                        $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Transportation                  $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Credit payments                 $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Insurance                       $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Health care                     $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Recreation                      $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Reading/education               $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Gifts/donations                 $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Miscellaneous                   $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Other                           $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00
Other                           $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

Total                           $0.00           $0.00          $0.00          $0.00          $0.00            $0.00          $0.00     $0.00

What's Next for your Personal Financial Plan?
* Decide which areas of spending need to be revised
* Evaluate your spending patterns for preparing a budget.
Name:                                                                                     Date:

College Education Cost Analysis and Savings Plan                                                                             19
Purpose: To estimate future costs of college and calculate needed savings.
                                     http://www.statefarm.com/insurance/insurance.asp
Instructions: Complete the information and calculations requested below.
Suggested Web sites:                                                                                 www.centura.com/tools



Estimated Cost of College Education




                                                                                                                             Personal Financial Planner
Current cost of college education                                                                           $0.00
(including tuition, fees, room, board, books, travel, and other expenses)




Future value for          0.00         years until starting college at an expected annual
inflation of             0.00%         percent (use future value of $1, Exhibit 1-A in
Chapter 1 Appendix)                                                                                  X      $0.00
Projected future cost of college adjusted for inflation                                              =      $0.00



Estimated Annual Savings Needed
Projected future cost of college adjusted for inflation                                             (A)     $0.00



Future value of a series of deposits for                         0.00 years until starting college and
expected annual rate of return on savings and investments of                              0.00% percent
(use Exhibit 1-B in Chapter 1 Appendix)                                                             (B)     $1.00



Estimated annual deposit to achieve needed education fund                                         (A / B)   $0.00


What's Next for your Personal Financial Plan?


* Identify savings and investment plans that could be used to save for long-term goals.
* Ask others to suggest actions that might be taken to save for long-term goals.

								
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