Budget Expense Tracking - PowerPoint by xxf13633


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									 What are the five components of the
    Financial Planning Worksheet?

Net Worth, Cash Flow or Budget, Action Plan,
     Spending Plan, Expense Tracking
What are the four parts of the Cash
 Flow or Budget portion of the FPW?

Income, Savings, Living Expenses and
What are three ways any budget can be

Decrease expenses, decrease indebtedness,
            increase income
In goal-setting, what does “SMART”
               stand for?

 Specific, Measurable, Action-oriented,
            Realistic, Timely
What is the difference between a short-
           and long-term goal?

Short-term is a goal to be achieved in five years or
less and uses savings tools. Long-term is over five
         years and uses investment tools.
Name two of the three things that form
  the foundation or Management Level
   of the Financial Planning Pyramid.

  Adequate Income, Controlled Spending,
What are three types of savings funds
 on the Savings Level of the Financial
          Planning Pyramid?

Emergency Fund, Reserve Fund, Goal-Getter
What is the definition of “net income”?

  Total Pay and Allowances (gross) Minus
What are the guidelines (percentages)
      for a well-balanced budget?

 70% Living Expenses, 20% Indebtedness,
              10% Savings
Net Worth is a measure of wealth.
What is the formula for Net Worth?

     Assets minus Liabilities, or
 What you Own Minus what you Owe
   List at least three ways having a
   written spending plan can help you.

  Live within means, realize personal goals,
maintain good credit history, get more for your
money, reduce stress, achieve competence and
What is the definition of “Gross

    Total Pay and Allowances
      (everything you earn)
Name at least one source of help for
   developing your spending plan.

 CFS, FFSC, NMCRS, Debt Management
programs at Credit Unions and non-profit
What does it mean if you have a debt-to-
  income ratio that is higher than 40%
      (excluding your mortgage)?

          You need to seek help!
How long should you track expenses in
 order to get a realistic picture of your
            spending habits?

             30 days or more
How much of your income should you
        save each month?

Where can you get a copy of the Excel
   version of the Financial Planning

From your CFS, the FFSC Financial Educator,
      or on line at www.ffsp.navy.mil
When should you start working on your
           Spending Plan?


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