Instructions Sheet 5 - Keith Chuvala

[Pages:7]cash flow planning

Instructions Sheet 5

Every dollar of your income should be allocated to some category on this sheet. Money "left over" should be put back into a category even if you make up a new category. You are making the spending decisions ahead of time here. Almost every category (except debt) should have some dollar amount in it. Example: If you do not plan to replace the furniture, when you do replace it, you will cause strain or borrowing, so go ahead and plan now by saving. I have actually had people tell me that they can do without clothing. Oh come ON!! Be careful in your zeal to make the numbers work that you don't substitute the urgent for the important.

Fill in the amount for each subcategory under "Subtotal" and then the total for each main category under "Total." As you go through your first month, fill in the "Actually Spent" column with your real expenses or the saving you did for that area. If there is a substantial difference in the plan versus the reality, something has to give. You will either have to adjust the amount allocated to that area up and another down, or you will have to better control your spending in that area.

"Percent (%) Take-Home Pay" is the percentage of take-home pay that category represents. For example, the percentage of your total take-home you spent on "Housing." We will then compare your percentages with those on Sheet 6 to determine if you need to consider adjusting your lifestyle.

An asterick (*) beside an item means you should use the "envelope system."

The Emergency Fund should get ALL the savings until three to six months of expenses have been saved.

Note: Savings should be increased as you get closer to being debt-free.

Hint: By saving early for Christmas and other gifts, you can get great buys and give better gifts for the same money.

You have three sets of "Monthly Cash Flow Plan" sheets located at the end of the thirteen lessons.

Use these forms as your zero-based budget forms which will be checked every few weeks by your group leaders.

Make enough copies to do this for a one-year period in order to help you develop proper financial management habits.

Monthly Cash Flow Plan

cash flow planning

SAMPLE

Sheet 5

Budgeted

Sub Actually % of Take

Item

Total

TOTAL Spent Home Pay

CHARITABLE GIFTS __$3_0_0___ _______ __1_0_%___

SAVING

Emergency Fund __$_5_0___ _______

Retirement Fund _______ _______

College Fund _______ __$_5_0___ _______ _______

HOUSING

First Mortgage __$_7_2_5__ _______

Second Mortgage _______ _______

Real Estate Taxes _______ _______

Homeowners Ins. _______ _______

Repairs or Mn. Fee _______ _______

Replace Furniture __$_5_0___ _______

Other _________ _______ __$_7_7_5__ _______ _______

UTILITIES

Electricity __$_1_0_0__ _______

Water __$_5_0___ _______

Gas __$_5_0___ _______

Phone __$_5_0___ _______

Trash _______ _______

Cable _______ __$_2_5_0__ _______ _______

*FOOD

*Grocery __$_6_0_0__ _______

*Restaurants __$_1_0_0__ __$_7_0_0__ _______ _______

TRANSPORTATION

Car Payment _______ _______

Car Payment _______ _______

*Gas and Oil _______ _______

*Repairs and Tires _______ _______

Car Insurance _______ _______

License and Taxes _______ _______

Car Replacement _______ _______ _______ _______

PAGE 1 TOTAL _$_2_0_7_5__ _______

Monthly Cash Flow Plan

cash flow planning

Sheet 5

Budgeted

Sub Actually % of Take

Item

Total

TOTAL Spent Home Pay

CHARITABLE GIFTS _______ _______ _______

SAVING

Emergency Fund _______ _______

Retirement Fund _______ _______

College Fund _______ _______ _______ _______

HOUSING

First Mortgage _______ _______

Second Mortgage _______ _______

Real Estate Taxes _______ _______

Homeowners Ins. _______ _______

Repairs or Mn. Fee _______ _______

Replace Furniture _______ _______

Other _________ _______ _______ _______ _______

UTILITIES

Electricity _______ _______

Water _______ _______

Gas _______ _______

Phone _______ _______

Trash _______ _______

Cable _______ _______ _______ _______

*FOOD

*Grocery _______ _______

*Restaurants _______ _______ _______ _______

TRANSPORTATION

Car Payment _______ _______

Car Payment _______ _______

*Gas and Oil _______ _______

*Repairs and Tires _______ _______

Car Insurance _______ _______

License and Taxes _______ _______

Car Replacement _______ _______ _______ _______

PAGE 1 TOTAL _______ _______

cash flow planning

SAMPLE

Monthly Cash Flow Plan

Sheet 5 Continued

Budgeted

Sub

Item Total

TOTAL

*CLOTHING

*Children

__$_1_0_0__

*Adults

_______

*Cleaning/Laundry _______ __$_1_0_0__

MEDICAL/HEALTH

Disability Insurance __$_1_0_0__

Health Insurance _______

Doctor Bills

__$_5_0___

Dentist

__$_2_0___

Optometrist

_______

Drugs

_______ __$_1_7_0__

PERSONAL

Life Insurance

__$_5_0___

Child Care

__$_3_0___

*Baby Sitter

_______

*Toiletries

_______

*Cosmetics

_______

*Hair Care

_______

Education/Adult _______

School Tuition

_______

School Supplies _______

Child Support

_______

Alimony

_______

Subscriptions

_______

Organization Dues __$_2_5___

Gifts (incl. Christmas) _______

Miscellaneous

__$_5_0___

*BLOW $$

__$_1_0_0__ __$_2_5_5__

PAGE 2 TOTAL

__$_5_2_5__

Actually % of Take

Spent

Home Pay

_______ _______ _______

_______

_______ _______ _______ _______ _______ _______

_______

_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______

_______

Cash Flow Planning

Monthly Cash Flow Plan

cash flow planning

Sheet 5 Continued

Budgeted

Sub

Item Total

TOTAL

*CLOTHING

*Children

_______

*Adults

_______

*Cleaning/Laundry _______ _______

MEDICAL/HEALTH

Disability Insurance _______

Health Insurance _______

Doctor Bills

_______

Dentist

_______

Optometrist

_______

Drugs

_______ _______

PERSONAL

Life Insurance

_______

Child Care

_______

*Baby Sitter

_______

*Toiletries

_______

*Cosmetics

_______

*Hair Care

_______

Education/Adult _______

School Tuition

_______

School Supplies _______

Child Support

_______

Alimony

_______

Subscriptions

_______

Organization Dues _______

Gifts (incl. Christmas) _______

Miscellaneous

_______

*BLOW $$

_______ _______

PAGE 2 TOTAL

_______

Actually % of Take

Spent

Home Pay

_______ _______ _______

_______

_______ _______ _______ _______ _______ _______

_______

_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______

_______

Monthly Cash Flow Plan

cash flow planning

SAMPLE

Sheet 5 Continued

Budgeted Item RECREATION

*Entertainment Vacation

Sub

Actually % of Take

Total

TOTAL Spent Home Pay

___$_5_0__

_______

___$_2_5__ ___$_7_5__ _______ _______

DEBTS (Hopefully -0-)

Visa 1

__$_1_0_0__

Visa 2

_______

Master Card 1

___$_7_5__

Master Card 2

_______

American Express ___$_5_0__

Discover Card

_______

Gas Card 1

_______

Gas Card 2

_______

Dept. Store Card 1 _______

Dept. Store Card 2 _______

Finance Co. 1

_______

Finance Co. 2

_______

Credit Line

_______

Student Loan 1 __$_1_0_0__

Student Loan 2 _______

Other _______ _______

Other _______ _______

Other _______ _______

Other _______ _______

Other _______ _______ ___$_3_2_5_

_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______

_______

PAGE 3 TOTAL

__$_4_0_0__ _______

PAGE 2 TOTAL

___$5_2_5__ _______

PAGE 1 TOTAL

__$2_0_7_5__ _______

GRAND TOTAL

__$3_0_0_0__ _______

TOTAL HOUSEHOLD INCOME __$_30_0_0__ ZERO

Monthly Cash Flow Plan

cash flow planning

Sheet 5 Continued

Budgeted Item RECREATION

*Entertainment Vacation

Sub

Actually % of Take

Total

TOTAL Spent Home Pay

_______

_______

_______ _______ _______ _______

DEBTS (Hopefully -0-)

Visa 1

_______

Visa 2

_______

Master Card 1

_______

Master Card 2

_______

American Express _______

Discover Card

_______

Gas Card 1

_______

Gas Card 2

_______

Dept. Store Card 1 _______

Dept. Store Card 2 _______

Finance Co. 1

_______

Finance Co. 2

_______

Credit Line

_______

Student Loan 1 _______

Student Loan 2 _______

Other _______ _______

Other _______ _______

Other _______ _______

Other _______ _______

Other _______ _______ _______

_______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______

_______

PAGE 3 TOTAL

_______ _______

PAGE 2 TOTAL

_______ _______

PAGE 1 TOTAL

_______ _______

GRAND TOTAL

_______ _______

TOTAL HOUSEHOLD INCOME _______ ZERO

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