Family Budget Planner - Download as PDF by Heroes On Parade

VIEWS: 42 PAGES: 4

									   Budget Planner




Control where your money
        is going instead of
 wondering where it went
             What is your personal net worth?
By completing this simple table, you can find out how much you're really worth.

 ASSETS
 What you own as at                      /              /                            $                                % of total assets
 Income producing assets
 Cash bank accounts
 Cash management trust
 Commercial investment property
 Fixed interest investments
 Managed funds



 Managed property (eg unit trusts)
 Residential investment property
 Shares



 Superannuation
 Other


 TOTAL INCOME PRODUCING ASSETS (A)                                                    $

 Non-income producing assets*
 Family home
 Holiday home
 Motor vehicle/s
 Other


 TOTAL NON-INCOME PRODUCING ASSETS (B)                                                $
 TOTAL ASSETS (C) = (A+B)                                                            $                                        100%
 * Whilst these items are listed as assets, they should be seen as liabilities from a wealth perspective as they require maintenance and repair.

 LIABILITIES
 What you owe as at                      /              /                            $                              % of total liabilities
 Business bank overdraft
 Car loan
 Credit card balance
 Margin loan facility
 Mortgage
 Personal loan
 Unpaid bills
 Other


 TOTAL LIABILITIES (D)                                                                $                                       100%

 YOUR PERSONAL NET WORTH = (C - D)                                                   $
What would happen to your family if                                        How many months could you survive
you died tomorrow?                                                         without your income?
Term Life insurance provides a lump sum payment on death                   Income Protection provides a monthly benefit in the event
or (in most cases) diagnosis of a terminal illness.                        that you are unable to work due to an illness or injury.
                                                                           The maximum amount you can insure is 75% of your
                                                          Your details
                                                                           gross income.

 Cash to cover costs associated with death
                                                                                                                                       Your details

                                                                                Total monthly expenses
  1. Funeral expenses                                     $
  2. Final medical costs                                  $
  3. Legal fees and probate                               $                     Monthly expenditure (Figure taken from “Take control
  4. Government charges                                   $                     of your finances today!” Budget planner.)              $            (A)

                                                                                Other income
  5. Cost of childcare (if you have children under your
     care, eg, $200 per week x 48 weeks x 10*).           $
                                                                                1. Spouse’s net income                                 $
                                                TOTAL     $          (A)

 Cash to cover repayments of debt
                                                                                2. Net investment income
                                                                                   (Figure taken from “Take control of your finances
                                                                                   today!” Budget planner.)                            $
  Total liabilities (Figure taken from
  “What is your personal net worth” table.)     TOTAL     $          (B)
                                                                                                                              TOTAL    $        (B)

 Replacement of family income                                                   Monthly deficit = (A - B)                              $        (C)

  1. Education fund (to provide enough capital to fund                          Cash available
     your children through schooling – if applicable).
     Eg, The fee pa ($2,000) x the no. of years (13) x                          Sick leave and holiday leave – No. of weeks            $            (D)
     the no. of children (2) = ($52,000).                 $
                                                                                Weekly salary (after tax)                              $            (E)
  2. Annual income your family will need to cover
                                                                                Total salary available = (D x E)                       $            (F)
     living expenses, etc (x10*).                         $
                                                                                Accessible savings                                     $        (G)
                                                TOTAL     $          (C)
                                                                                Total cash available = (F + G)                         $        (H)
  Total amount required on death = (A + B + C) $                     (D)

 Assets currently available on death
                                                                                Survival period = (H ÷ C)


  1. Current Term Life insurance policies
                                                                           The survival period calculated indicates that you and your
     (including any through Super).                       $
                                                                           family will be able to survive ____ months without your
  2. Assets/investments that can be liquidated on                          income. The average claim period is 86 weeks. Source: AC&L.
     death (that you don’t wish to leave to your
     family).                                             $                What would happen to your family if you could not
                                                TOTAL     $          (E)   work for 3 months? Ask your financial adviser how you
                                                                           can eliminate this risk to your family.
  Total Term Life requirement = (D - E)                   $
                                                                           Note: Income Protection insurance is tax deductible.1.
                                                                           1.
                                                                            The taxation information is based on the continuation of present laws
If you do not have adequate Term Life cover to protect your                and their interpretation and is a general statement only. Individual
family in the event of your death, talk to your financial                  circumstances may vary. 15/05/2004

adviser about your options.                                                Please note that these calculations do not take into account all
                                                                           individual factors to be considered when making insurance
*As a general rule of thumb, any annual income requirement is multiplied
by 10. This represents the amount of capital to be invested and an         decisions. For accurate advice regarding your specific situation,
income drawn from the investment.                                          talk to your financial adviser.
                                                   Take control of your finances today!
                                                 Jan                 Feb               Mar                 Apr                May                 Jun                 Jul                Aug                 Sep                Oct                Nov       Dec
Income
Bonus
Centrelink benefits
Investment income
     Dividends
     Interest on bank accounts
     Rent
     Trust distribution
     Other
Overtime
Salary (before tax)
Tax refunds
Other




TOTAL INCOME (A)                             $                  $                  $                   $                  $                   $                  $                  $                   $                   $                  $         $

Expenses
Fixed expenses
Babysitting
Car insurance
Car maintenance
Car parking fees
Car registration & green slip
Car running expenses (fuel & oil)
Child care
Council rates
Electricity
Gas/oil
Health insurance
Home and contents insurance
Home telephone
Income protection insurance
Investments (eg savings plans)
Licence/motor associations
Life insurance
Loans (car, personal, investments)
Maintenance & repairs
Mobile telephone
Provisional tax
Public transport
     Bus
     Rail
     Taxis
Rent/mortgage
School books & stationery
School clothes
School/university fees & excursions
Superannuation
Tax on salary
Tax on investment earnings
Trauma insurance
Water rates
Other


TOTAL FIXED EXPENSES (B)                     $                  $                  $                   $                  $                   $                  $                  $                   $                   $                  $         $

Controllable expenses
CDs/tapes/DVDs
Clothing & shoes
Concerts/theatre/movies
Dentist
Doctor
Donations
Dry cleaning
Electrical appliances
Food
Furniture
Garden
Gifts
Gym & fitness
Hair care & cosmetics
Hobbies/club fees
Holidays
Home decorating
Home services (cleaning)
Internet access
Newspapers/books/subscriptions
Optometrist
Pay TV fees
Pets (food & veterinary)
Pharmacy
Restaurants/bars/alcohol
Taxis
Toys/games
Video rental
Other




TOTAL CONTROLLABLE EXPENSES (C) $                               $                  $                   $                  $                   $                  $                  $                   $                   $                  $         $

T O TAL EXPENSES (D) = (B + C)               $                  $                  $                   $                  $                   $                  $                  $                   $                   $                  $         $

SURPLUS AVAILABLE
                                             $                  $                  $                   $                  $                   $                  $                  $                   $                   $                  $         $
T O INVEST = ( A- D )




                                                                                             Looking after your financial life
                    Financial Planning                 Investment Reviews                   Personal Insurance                  Superannuation                Home & Investment Loans                       Business Loans & Leasing
                   Count Wealth Accountants® is the trading name of Count Financial Limited. ABN 19 001 974 625. Australian Financial Services Licence Holder Number 227232. Principal Member of Financial Planning Association of Australia Limited.
                                      Compound Investments Limited. ABN 94 003 771 579. Australian Financial Services Licence Holder Number 224954. Principal Member of Financial Planning Association of Australia Limited.

								
To top