Divorce Financial Statements by fza16865

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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)

Money management records
* budget, financial statements
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
Tax records
Financial services/consumer credit
records
* unused, canceled checks
* savings, passbook statements
* credit card information, statements
* credit contracts
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
Insurance records
* insurance policies
* home inventory
* medical information (health history)
Investment records
* broker statements
* dividend reports
* stock/bond certificates
* rare coins, stamps, and collectibles
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                                                                                                     15
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




                                                                                                                           Personal Financial Planner
                            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.
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)




                                                                                                            Personal Financial Planner
                                               Other income :
                                               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                                         $0.00                    #DIV/0!                    $0.00              #DIV/0!

Other                                          $0.00                    #DIV/0!                    $0.00              #DIV/0!

Total Income                              $0.00          100.00%           $0.00
Expenses                            <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Fixed expenses                      <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<




                                                                                                                                Personal Financial Planner
Mortgage or rent                               $0.00                    #DIV/0!                    $0.00              #DIV/0!
Property taxes                                 $0.00                    #DIV/0!                    $0.00              #DIV/0!

Loan payments                                  $0.00                    #DIV/0!                    $0.00              #DIV/0!

Insurance                                      $0.00                    #DIV/0!                    $0.00              #DIV/0!
Other                                          $0.00                    #DIV/0!                    $0.00              #DIV/0!

Total fixed expenses                      $0.00          100.00%           $0.00
Emergency fund/savings              <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Emergency fund                                 $0.00                    #DIV/0!                    $0.00              #DIV/0!
Savings for                                    $0.00                    #DIV/0!                    $0.00              #DIV/0!

Savings for                                    $0.00                    #DIV/0!                    $0.00              #DIV/0!
Total savings                             $0.00          100.00%           $0.00
Variable expenses                   <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Food                                           $0.00                    #DIV/0!                    $0.00              #DIV/0!
Utilities                                      $0.00                    #DIV/0!                    $0.00              #DIV/0!

Clothing                                       $0.00                    #DIV/0!                    $0.00              #DIV/0!

Transportation costs                           $0.00                    #DIV/0!                    $0.00              #DIV/0!
Personal care                                  $0.00                    #DIV/0!                    $0.00              #DIV/0!
Medical and health care                        $0.00                    #DIV/0!                    $0.00              #DIV/0!
Entertainment                                  $0.00                    #DIV/0!                    $0.00              #DIV/0!
Education                                      $0.00                    #DIV/0!                    $0.00              #DIV/0!
Gifts/donations                                $0.00                    #DIV/0!                    $0.00              #DIV/0!
Miscellaneous                                  $0.00                    #DIV/0!                    $0.00              #DIV/0!

Other                                          $0.00                    #DIV/0!                    $0.00              #DIV/0!

Other                                          $0.00                    #DIV/0!                    $0.00              #DIV/0!
Total variable expenses                        $0.00                   100.00%                     $0.00
Total expenses                                 $0.00                   100.00%                     $0.00

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

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


                                                                                                                               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.
Instructions: Complete the information and calculations requested below.
Suggested Web sites:                          www.statefarm.com/lifeevents/lifeevents.htm                www.centura.com/tools



Estimated Cost of College Education




                                                                                                                                 Personal Financial Planner
Current estimated cost of college education                                                                     $0.00
(including tuition, room, board, books, travel, and other expenses for all years of attendance)




Future value for                       years until starting college at an expected annual
inflation of                     6.00% percent (use future value of $1, Exhibit 1-A in
Chapter 1 Appendix)
Projected future cost of college adjusted for inflation                                                 (A)     $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)     $5.00



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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