Your Financial Planning - Crown Financial Ministries

TM

Your Financial Planning

WORKBOOK

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PERSONAL FINANCIAL STATEMENT

Date ____ \ ____ \ _________

Assets (Present market value)

Cash on hand/Checking account Savings

Stocks and bonds Cash value of life insurance

Coins Home Other real estate Mortgages/Notes receivable Business valuation Automobiles Furniture Jewelry Other personal property Pension/Retirement Other assets

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________

Total Assets $

Liabilities (Current amount owed)

Credit card debt Automobile loans Home mortgages Personal debt to relatives

Business loans Educational loans Medical/Other past due bills Life insurance loans

Bank loans Other debts and loans

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________

Total Liabilities

$

Net Worth (Total assets minus total liabilities)

$

DEBT LIST

CREDITOR

Describe What Was Purchased

Monthly Payments

Balance Due

Date ____ \ ____ \ _________

Scheduled Pay-Off Date

Interest Rate

Payments Past Due

TOTALS

AUTO LOANS

Monthly Payments

Balance Due

Scheduled Pay-Off Date

Interest Rate

Payments Past Due

TOTALS

HOME MORTGAGES

Monthly Payments

Balance Due

Scheduled Pay-Off Date

Interest Rate

Payments Past Due

TOTALS

BUSINESS / INVESTMENT DEBT

Monthly Payments

Balance Due

Scheduled Pay-Off Date

Interest Rate

Payments Past Due

TOTALS

VARIABLE EXPENSES

Date ____ \ ____ \ _________

SAMPLE

SPENDING CATEGORY

1 Vacation 2 Dentist 3 Doctor 4 Automobile 5 Life Insurance 6 Health Insurance 7 Auto Insurance 8 Home Insurance 9 Clothing 10 Investments

11 _______________________ 12 _______________________

ESTIMATED YEARLY COST

$ _____7_2_0__.0_0______ $ _____1_2_0__.0_0______ $ _____2_4_0__.0_0______

$ ________________

$ ________________

$ ________________

$ _____6_0_0__.0_0______

$ ________________

$ _____1_,1_2_8_._0_0_____

$ ________________

$ ________________

$ ________________

ESTIMATED COST PER MONTH

12 = $ ______6_0_._0_0______

12 = $ ______1_0_._0_0______

12 = $ ______2_0_._0_0______

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 = $ ______5_0_._0_0______

12 =

$ ________________

12 = $ ______9_4_._0_0______

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

SPENDING CATEGORY

1 Vacation 2 Dentist 3 Doctor 4 Automobile 5 Life Insurance 6 Health Insurance 7 Auto Insurance 8 Home Insurance 9 Clothing 10 Investments 11 _______________________ 12 _______________________

ESTIMATED YEARLY COST

$ ________________ $ ________________ $ ________________ $ ________________ $ ________________ $ ________________ $ ________________ $ ________________ $ ________________ $ ________________ $ ________________

$ ________________

ESTIMATED COST PER MONTH

12 = $ ________________

12 = $ ________________

12 = $ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

12 =

$ ________________

ESTIMATED SPENDING PLAN Date____\____\_________

MONTHLY INCOME

Gross Monthly Income $

Salary Interest Dividends Other Income

Less

1. Tithe/Giving 2. Taxes

(Federal / State / Fica)

$ __________________ $ __________________ $ __________________ $ __________________

$ __________________ $ __________________

Net Spendable Income $

MONTHLY LIVING EXPENSES

3. Housing

$

Mortgage/Rent Insurance Property taxes Cable TV Electricity Gas Water Sanitation Telephone Maintenance Internet service Other

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________

4. Food

$

5. Transportation

$

Payments Gas & Oil Insurance License/Taxes Maintenance Replacement Other

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________

6. Insurance

Insurance Life Health/Dental Disability Other

$

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________

7. Debts

$

(not including house or auto)

8. Entertainment/ Recreation

Eating out Babysitters Activities/Trips Vacation Pets Other

$

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________

9. Clothing

$

10. Savings

$

11. Medical / Dental $

Doctor Dentist Prescriptions Other

12. Miscellaneous

$ __________________ $ __________________ $ __________________ $ __________________

$

Toiletries/Cosmetics Beauty/Barber Laundry/Cleaners Allowances Subscriptions Gifts Other

$ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________

13. Investments

$

14. School / Childcare $

Tuition Materials Transportation Childcare

$ __________________ $ __________________ $ __________________ $ __________________

TOTAL LIVING EXPENSES $

HOW THE MONTH TURNS OUT

NET SPENDABLE INCOME $ ? TOTAL LIVING EXPENSES $ = SURPLUS OR DEFICIT $

SPENDING PLAN ANALYSIS

Date ____ \ ____ \ _________

GROSS INCOME PER YEAR $

GROSS INCOME PER MONTH $

GUIDELINE NET SPENDABLE $ INCOME PER MONTH

MONTHLY PAYMENT CATEGORY

EXISTING SPENDING

PLAN

MONTHLY GUIDELINE

PLAN

DIFFERENCE + OR -

NEW MONTHLY

PLAN

1 Tithe 2 Tax

$ _____________ $ _____________

$ _____________ $ _____________ $ _____________ $ _____________

$ _____________ $ _____________

Net Spendable Income (per month)

$ ____________ $ _____________ $ _____________ $ _____________

3 Housing

$ _____________ $ _____________ $ _____________ $ _____________

4 Food

$ _____________ $ _____________ $ _____________ $ _____________

5 Transportation

$ _____________ $ _____________ $ _____________ $ _____________

6 Insurance

$ _____________ $ _____________ $ _____________ $ _____________

7 Debts

$ _____________ $ _____________ $ _____________ $ _____________

8 Entertainment / Recreation $ _____________ $ _____________ $ _____________ $ _____________

9 Clothing

$ _____________ $ _____________ $ _____________ $ _____________

10 Savings

$ _____________ $ _____________ $ _____________ $ _____________

11 Medical/Dental

$ _____________ $ _____________ $ _____________ $ _____________

12 Miscellaneous

$ _____________ $ _____________ $ _____________ $ _____________

13 Investments

$ _____________ $ _____________ $ _____________ $ _____________

14 School/Childcare

$ _____________ $ _____________ $ _____________ $ _____________

Totals (Items 3-14)

$ ____________ $ _____________

$ _____________

REMINDER: The guideline percentages are not absolutes! Actual percentages vary, because different factors will influence what you spend, such as the cost of housing in your area, whether you are married, and the number of children you might have.

SNOWBALL STRATEGY

Date ____ \ ____ \ _________

TO WHOM OWED

CONTACT INFORMATION

PAY OFF

PAYMENTS MONTHLY LEFT PAYMENT

DUE % DATE INTEREST

DEBT REPAYMENT SCHEDULE

Date ____ \ ____ \ _________

CREDITOR: WHAT WAS PURCHASED: AMOUNT OWED:

DATE: INTEREST RATE:

Date

Amount

Payments Remaining

Balance Due

 ................
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