Description
In this assignment, you will continue to record your daily spending to monitor your cash. You will also be setting up goals for your financial future and create a budget to make sure you meet your goals.
Review the Financial Plan Workbook tutorial for instructions on how to use the Financial Plan Workbook.
You will complete the following in the MT104 Financial Plan Workbook. Detailed directions are provided in the MT104 Financial Plan Workbook Excel file.
2 Daily Spending Log and Summary
1 Personal Financial Goals
2 Personal Annual Budget
3 Questions Worksheet
1 Stock Tracker
After completing your Excel Worksheets, complete the following questions on sheet 2.3 Questions Worksheet:
Sometimes unexpected events happen in our lives, and cash flow is affected.
What would you do if you suddenly lost your job and had no income?
How long would you be able to survive financially?
Discuss the importance of having a personal financial
What could be the long-term effects from this situation?
You will be working on the attached spreadsheet
Unformatted Attachment Preview
Daily Spending Log- Unit 1
Directions: Please record every penny you spend each day,
beginning no later than Thursday (the second day of this class)
and ending Monday (the day before the unit ends). Your daily
spending log for week two will begin the following day (Tuesday).
Place the amount you have spent in the categories provided below.
Additional categories can be added in columns J and K. Make sure
you record cash spent and credit card charges. If you have more than
one transaction for the same category, total the amounts spent and
add it to the appropriate cell in this worksheet. The total expenditures
in column M will automatically compute for each day. Explain daily
expenditures in the comments section in column N. If your entire
comment does not appear in column N, double-click on the row
dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week one in row 16.
Identify categories within your daily spending log that could be
reduced to decrease the total amount of your spending.
Please save this spreadsheet each time you add information.
Week 1: Enter the spending log dates below.
11th January 2024
Date
Day of week
10th January 2024
Wednesday
11th January 2024
12th January 2024
13th January 2024
14th January 2024
15th January 2024
Thursday
Friday
Saturday
Sunday
Monday
Summary – Answer the two summary questions below.
1. Provide a brief summary of your expenditures for week one.
My first week’s expense was in line with my average. As shown in the
table above, I spent more money on four bills: auto, food, education,
and other expenses. These four bills are the most important of all the
bills I paid this week. Bills such as entertainment, donations, and
laundry are not particularly important, so I did not spend much money
on these. Pet food and care, as well as utility bills, were required to
be paid on a daily basis. I spent a few days on health and personal
care, so it wasn’t necessary to spend them every day. Although I
2. Identify categories within your daily spending log that could
be reduced to decrease the total amount of your spending.
I believe I could minimize my spending in the categories listed below.
It would help me reduce my total spending. These categories include:
Auto, Recreation Activities (spending once every week on recreation),
and unanticipated expenditure, which includes buying unplanned
items from the streets (Under Others Category).
Auto
$15.00
$0.00
$12.00
$10.00
$15.00
Food
(H) Home
(S) Self
$30.00
$30.00
$25.00
$30.00
$25.00
Health,
Personal
Care
$10.00
$0.00
$10.00
$0.00
$10.00
Education Recreation Donations Laundry
Leisure
$15.00
$20.00
$0.00
$0.00
$15.00
$0.00
$25.00
$30.00
$0.00
$0.00
$0.00
$0.00
$15.00
$0.00
$0.00
$0.00
$0.00
$20.00
$0.00
$0.00
Pet Food
and Care
$5.00
$8.00
$5.00
$5.00
$5.00
Utility
$5.00
$5.00
$4.00
$5.00
$5.00
Running Total:
Other
$15.00
$15.00
$9.00
$10.00
$15.00
Running Total:
Total
Spent
Comments:
$95.00 This was my average spending in a day. I did
not overspend neither underspent
$103.00 The expenditure was a bit higher because I just
some
done Iwith
Thismyself
expense
wasrecreations
the biggestafter
because
was
$130.00 got
free,
made
donations,
and
participated
in
some
This
was
the
lowest
expenditure
of
the
week.
I
$60.00
stayed
indoors
all
day
and
didn’t
have
many
bills
$90.00 Just an average expense when I returned to
$478.00 school and normalism.
Daily Spending Log- Unit 2
Directions: Please record every penny you spend each day,
beginning Tuesday (the last day of Unit 1) and ending Monday (the
day before the unit ends).
Your daily spending log for week three will begin the following day
(Tuesday).
Place the amount you have spent in the categories provided below.
Additional categories can be added in columns J and K. Make sure
you record cash spent and credit card charges. If you have more than
one transaction for the same category, total the amounts spent and
add it to the appropriate cell in this worksheet. The total expenditures
in column M will automatically compute for each day. Explain daily
expenditures in the comments section in column N. If your entire
comment does not appear in column N, double-click on the row
dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week two and
answer each question posted below.
Week 2: Enter the spending log dates below.
(Enter date started here)
Date
Day of week
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Monday
Summary – Answer the three summary questions below.
1. Provide a brief summary of your expenditures for week two.
Auto
2. What information from your daily spending log might
encourage you to reconsider various money management
actions?
3. How can your daily spending log assist you when planning and
implementing a budget?
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations Laundry
Leisure
Add
Category
Add
Other
Category
Running Total:
Total
Spent
Comments:
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Unit 2: Worksheet 2.1 Personal Financial Goals
Setting goals for your financial future is an important step
in the financial planning process. This sheet can be used
to help you plan for your financial success.
This worksheet is divided into three separate areas:
* Short-term goals are goals to be obtained in one year
or less.
* Intermediate goals are goals which are obtainable in
two to five years.
* Long-term goals are goals which is obtainable after five
years.
Steps:
1. Place each goal in the appropriate area and indicate
the priority, expected date of completion, and the
estimate of cost each week. Provide goal comments in
column G.
2. Once completed, make sure you carry over the
monthly costs for your investments to your U2 2.2
Personal Annual Budget worksheet.
AB104 Worksheet 2.1
Financial Goals Worksheet
Personal
Name:
Date:
Short-Term Goals (1 year or less)
Goal
Priority
Expected Date of
Completion
Priority
Expected Date of
Completion
Intermediate-Term Goals (2 to 5 years)
Goal
Long-Term Goals (6 + years)
Goal
Priority
Expected Date of
Completion
Estimate of
Cost/Week
Estimate of
Estimate of
Cost/Month
Cost/Year
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Estimate of
Cost/Week
Estimate of
Cost/Month
Estimate of
Cost/Year
Comments
Comments
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Estimate of
Cost/Week
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Estimate of
Estimate of
Cost/Month
Cost/Year
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Comments
Unit 2: Worksheet 2: Personal Annual Budget
A budget is a forecast of your income and expenses and is very important to
insure a secure financial future.
A budget is a specific plan for spending income which is also called a
spending plan.
Steps:
1. Enter your estimated income for each month in rows 5 through 8.
2. Navigate through the categories and enter any expenses you think you
may have in the upcoming year. Please remember to include the auto or life
insurance premiums.
3. The totals category (row 8, 19, 28, 37, 44, 54, 63, 70, 80, 88, 96, 104)
will indicate how much money you will spend in each category by month.
4. Your total expenses will display in row 106.
5. Your surplus or deficit of money available will be displayed in row 107.
This is computed by deducting your total expenses from your total income.
6. Once you have completed your budget for the year, go to worksheet “U2
2.3 Questions” and answer the questions.
Jan
INCOME
Wages
Interest/dividends
Miscellaneous
Income totals
$0.00
$0.00
$0.00
$0.00
EXPENSES
Home
Mortgage/rent
Utilities
Home telephone
Cellular telephone
Home repairs
Home improvement
Home security
Garden supplies
Home totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Daily living
Groceries
Child care
Dry cleaning
Dining out
Housecleaning service
Dog walker
Daily living totals
Transportation
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Gas/fuel
Insurance
Repairs
Car wash/detailing services
Parking
Public transportation
Transportation totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Entertainment
Cable TV
Video/DVD rentals
Movies/plays
Concerts/clubs
Entertainment totals
$0.00
$0.00
$0.00
$0.00
$0.00
Health
Health club dues
Insurance
Prescriptions
Over-the-counter drugs
Co-payments/out-of-pocket
Veterinarians/pet medicines
Life insurance
Health totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Vacations
Plane fare
Accommodations
Food
Souvenirs
Pet boarding
Rental car
Vacations totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Recreation
Gym fees
Sports equipment
Team dues
Toys/child gear
Recreation totals
$0.00
$0.00
$0.00
$0.00
$0.00
Dues/subscriptions
Magazines
Newspapers
Internet connection
Public radio
Public television
Religious organizations
Charity
Dues/subscription totals
Personal
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Clothing
Gifts
Salon/barber
Books
Music (CDs, etc.)
Personal totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Financial obligations
Long-term savings
Retirement (401k, Roth IRA)
Credit card payments
Income tax (additional)
Other obligations
Financial obligation totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Misc. payments
Other
Other
Other
Other
Other
Misc. payments totals
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Total expenses
Cash short/extra
$0.00
$0.00
Feb
March
April
May
June
July
Aug
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
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Sept
Oct
Nov
Dec
Year
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$0.00
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$0.00
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$0.00
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$0.00
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$0.00
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$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
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$0.00
$0.00
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$0.00
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$0.00
$0.00
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$0.00
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$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
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$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
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$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Unit 2: Worksheet 3: Questions
Sometimes unexpected events happen in our lives, and our
cash flow is affected. Do you have a plan in place? Answer
the following questions.
1. What would you do if you suddely lost your job and had
no income?
2. How long would you be able to survive finacially?
3. Discuss the importance of having a financial plan.
4. What could be the long-term effects from this situation?
Daily Spending Log- Unit 3
Directions: Please record every penny you spend each day, beginning Tuesday (the last
day of Unit 2) and ending Monday (the day before the unit ends).
At the end of this unit ,your daily spending log will provide a summary of three weeks of
total expenditures.
Place the amount you have spent in the categories provided below. Additional categories
can be added in columns J and K. Make sure you record cash spent and credit card
charges. If you have more than one transaction for the same category, total the amounts
spent and add it to the appropriate cell in this worksheet. The total expenditures in column
M will automatically compute each day. Explain daily expenditures in the comments
section in column N. If your entire comment does not appear in column N, double-click on
the row dividing line to automatically enlarge the cell to fit the text.
Provide a brief summary of your expenditures for week three and answer each question
posted below.
Please save this spreadsheet each time you add information. When you are ready to
submit, save your workbook by clicking the Office button at the top of your spreadsheet
then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx
(Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx)
Week 3: Enter the spending log dates below.
(Enter date started here)
Date
Summary – Answer the three summary questions below.
1. Provide a brief summary of your expenditures for week three.
2. Are there any banking fees that you encounter each month? What actions might
be taken to reduce or eliminate these cash outflows?
3. What other areas of your daily spending might be reduced or revised?
Day of week
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
Monday
Auto
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations Laundry
Leisure
Add
Category
Add
Other
Category
Total
Spent
Comments:
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Running total:
$0.00
Unit 3: Worksheet 1: Balance Sheet
The personal balance sheet is a summary of your assets (what you own), your liabilities (what you
owe), and your net worth (assets minus liabilities).
Steps:
1. List the value of your assets according to the categories in column B of the worksheet.
2. List the value of your liabilities according to the categories in column E of the worksheet.
3. The net worth is calculated and displayed in cell E34.
*Net worth = total assets (B37) minus total liabilities (E32)
*Total assets = total liabilities (E32) + net worth (E34)
Balance Sheet
Liquid Assets
Cash on hand
Checking accounts
Savings account
Money market accounts
Certificate of deposit
Short term investments
Total Liquid Assets
Real Property
Primary Residence
Second Home
Other
Total Real Property
Investments
Stocks
Bonds
Mutual Funds
Retirement Fund, IRA
Other
Total investment Assets
Personal Property
Auto
Auto
Recreation Vehicles
Household furnishings
Jewelry and artwork
Other
Other
Total Personal Property
Total Assets
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Current Liabilities
Utlities
Rent
Insurance premiums
Taxes
Medical/dental bills
Repair bills
Bank Credit Card bills
Store Credit Card bills
Travel/entertainment bills
Gas credit cards
Bank line of credit
Other liabilities
Other liabilities
Total Current Liabilities
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Long-term Liabilities
Mortgage
Second Mortgage
Investment mortgage
Auto Loans
Home improvement loan
Single-payment loans
Student loans
Other long term loans
Other long term loans
Total Long- term Liabilities
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Total Liabilities
$0.00
$0.00
$0.00
Net Worth
$0.00
$0.00
Total Liablities & Net Worth
$0.00
Unit 3: Worksheet 2: Personal Income
and Expense Statement
A Personal Income and Expense Statement is a cash basis statement that
shows the actual cash receipts and actual expenditures for a certain period
of time. This statement includes all income and expenses for the month.
Total income minus total expenses will provide you with your cash surplus
or cash deficit. If your total income is greater than your total expenses, you
will have a cash surplus. If your total income is less than your total
expenses, you will have a cash deficit.
Steps:
1. List all of your income.
2. List all of your expenses according to each category.
3. The cash surplus or cash deficit is automatically calculated in cell D59.
Cash surplus/deficit formula: total Income (D20) minus total expenses
(D57).
Name
For the period of
Income
Wages and Salaries
Self-employment Income
Bonuses and Commissions
Investment Income
Pensions and Annuities
Other Income
TOTAL INCOME
Expenses
Housing
Utilities
Name of Earner:
Name of Earner:
Name of Earner:
Food
Transportation
Medical
Clothing
Insurance
Taxes
Credit Cards
Major purchases
Personal Care
Entertainment
Other Items
Interest received
Dividend received
Rents received
Sale of Securities
Other
Other
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Rent/Mortgage payment
$0.00
Repairs, maintnenace,
improvements
$0.00
Gas
Electric
Water
$0.00
$0.00
$0.00
Phone
Cable
Other
Groceries
Dining Out
Auto Loan Payments
Licenses plates, fees
Gas, oil, tires, repairs
Health major medical,
insurance
Doctor
Dentist
Medicines
Clothes shoes, accessories
Homeowner’s
Life Insurance
Auto Insurance
Income and Social Security
Property (if not included in
mortgage)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Loan payments
$0.00
Loan payments
Repairs & maintnenance
cosmetics, hair care etc.
$0.00
$0.00
$0.00
Other
Vacations
other
student loan payments
Gifts
Charitable contributions
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
TOTAL EXPENSES
$0.00
Cash Surplus (or Deficit)
$0.00
Unit 4: Worksheet 1: Mortgage Refinance Analysis
This worksheet will assist you in making the decision to re-finance your current
mortgage or not. It will look at the savings you may receive if you refinance you
existing mortgage.
Steps:
1. Enter your current monthly payment.
2. To find out what the new payment amount will be go to
http://www.bankrate.com. Click on “mortgage rates” and enter your state and your
city. Enter amount to be refinanced and the length of loan. This will give you
different banks in the area with their rates and the payment amount. Enter the
payment amount on line 2.
3. Pre-tax savings on monthly payment will be automatically calculated (H12 H13).
4. Calculate the taxes on your monthly savings. Even though you may be saving
money with the refinance, it will result in more taxable income. Determine your
income tax bracket in cell H16. If you do not know your income tax bracket go to:
https://www.efile.com/tax-service/tax-calculator/tax-brackets/ : Enter the year and
your filing status. Then locate your gross income amount and your income tax
bracket.
5. The monthly savings after tax will be automatically calculated in cell H17.
6. Enter the costs to refinance your mortgage. Check your mortgage papers or
lender’s policy to find the prepayment penalty.
7. The months to breakeven are automatically calculated in cell H22. This is
calculated by taking the total refinancing costs (H21) and dividing it by your
monthly savings after tax (H17).
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Item/Description
Amount
1. Current monthly payment
$0.00
2. New monthly payment
3. Monthly savings, pretax (Item 1 – Item
2)
4. Income Tax Bracket (Enter as
decimal)
Tax on monthly savings (Item 3 x Item
4)
$0.00
5. Monthly savings, after-tax (Item 3 – Item 4)
$0.00
$0.00
0%
$0.00
6. Costs to refinance:
a. Prepayment penalty
$0.00
b. Total closing costs (after tax)
$0.00
c. Total refinancing costs (Item 6a + 6b)
7. Months to breakeven (Item 6c/Item
5)
$0.00
#DIV/0!
Unit 4: Worksheet 2: Home Affordability
Analysis
Directions: There are nine items to fill in on this sheet.
Item 1 (Include all income)
Item 3 (An average lender’s affordability ratio has been
provided. This can range from 28 to 33 percent depending on
lender.)
Item 5 (Do some research on houses in your area to determine
the combined monthly tax and insurance payment.)
Item 7 (research for current interest rates)
Item 8 (determine the number of years for loan. This is usually
15 or 30).
Item 9 (Find this value by using Item 7 and Item 8 and Table of
Monthly Mortgage Payments (below).)
Item 11 (How much do you have available for a downpayment?)
Name:
Item
1
2
3
4
5
6
7
8
9
10
11
12
Date:
Description
Amount of annual income
Monthly income (Item 1 divided by 12)
Average lender’s affordabilitiy ratio
Maximum monthly mortgage payment (PITI)
Estimated monthly property tax and homeowner’s
insurance payment
Maximum monthly loan payment (Item 4-Item 5)
Approximate average interest rate on loan
Planned loan maturity (years)
Mortgage payment per $1000
Maximum loan based on monthly income
$10,000 x (Item 6 divided by Item 9)
Funds available for making a down payment
(Note: Closing costs are separate from down payment
and should be considered when purchasing a home)
Maximum purchase price based on available monthly
income
Table of Monthly Mortgage Payments
Using the Table of
Monthly Mortgage
Payment (left side)
Instructions:
1. Find the interest rate
in the first column for
your loan.
2. Locate the value that
corresponds to the
length of your loan.
3. Place this number in
Line 9 of this worksheet.
Amount
30%
$0.00
$0.00
$0.00
#DIV/0!
#DIV/0!
Unit 5: Worksheet 1: How’s My Credit?
This worksheet will help you to determine your debt safety ratios. It indicates the amount of
debt you have compared to your income. The debt safety ratio will indicate the percentage of
your monthly income that is attributed to debt (what you owe). When completing this
worksheet, you will use your monthly income and your total monthly debt to calculate your debt
ratio.
Steps:
-Enter your monthly loan payments and take home pay.
-The debt safety ratio will automatically calculated by taking your total monthly payments and
dividing it by your total monthly take home pay. That amount will be multiplied by 100. We use
100 because we are looking for a percentage.
– Example: $1500 (total Monthly payments / $4,500 (monthly take-home pay) x 100 = 33.33%
this will be your debt ratio.
– This example indicates that you spend 33% of your income for debt each month.
If you want to lower your debt follow these steps:
– Determine the rate you would like your debt ratio to be.
– If you want this calculated on your current income use that figure then multiply this amount by
the new target debt ratio. This will give you the new monthly amount you must pay to reduce
your ratio.
**Note: The final figure will tell you how much you will need to pay additionally on your debt
each month to achieve
yourConsumer
desired debt
ratio.
Monthly
Loan
Payments & Debt Safety Ratio
Name:
Type of Loan
Auto and personal Loans
Education loans
Overdraft protection line
Personal line of credit
Credit cards
Home equity line of credit
Monthly take home pay
Debt Safety Ratio:
Total monthly payments/Total monthly take-home pay x 100
Changes needed to reach a new debt safety ratio
1. New (target) debt safety ratio:
2.Use monthly take-home pay x Target debt ratio**
Date:
Lender
1
2
3
1
2
3
1
2
1
2
3
4
1
Current monthly or
minimum payment
$0.00 Note: Only use those loans that
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
TOTAL
MONTHLY
PAYMENT
S
1
2
$0.00
$0.00
$0.00
TOTAL
MONTHLY
TAKEHOME PAY
$0.00
#DIV/0!
0%
$0.00
Unit 5: Worksheet 2: Tracking Your
Consumer Debt
This worksheet will keep you updated on how much
debt you currently have. You will list all your debts
(money you owe) and their current balances. This will
be a good tracking tool for your debt and will need to
be updated frequently.
Date:
Type of Consumer Debt
Auto Loans
Education Loans
Personal Installment Loans
Home Improvement Loan
Other Installment Loans
Single Payment Loans
Credit Cards
(retail charge cards, bank cards, etc)
Creditor Creditor Name
1
2
3
1
2
1
2
1
2
1
2
1
2
3
4
5
6
7
Overdraft protection Line
Personal Line of Credit
Home equity creditline
loan on life insurance
Margin loan from broker
Other Loans
1
2
TOTALS
Current
Monthly
Payment*
Latest Balance
Due
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Unit 6: Worksheet 1: Life Insurance
Needs
This worksheet will assist you to determine the
amount of life insurance coverage you will need to
help your family financially upon your death. It uses
the money which will be available, as well as the total
expenses incurred at your time of death, and the debt
you will owe.
A. Costs at death
1. Uninsured medical
expenses (deductible and
copay)
2. Funeral expense (average
$10,000, but less for cremation)
3. Settlement of estate
(estimate 4% of assets)
4. State inheritance taxes (if
any)
5. Counseling costs for
adjustment to loss
Total costs at death
B. Lump Sums
6. Outstanding debts
a. Mortgage
b. Car loan(s)
c. Credit cards and other loans
Total outstanding debt to repay
7. Education costs for children or spouse
8. Spouse retirement fund
9. Household emergency fund
(Monthly household expenses X 3)
Total lump sum needs
C. Cost of Household Maintenance
10. Deceased annual after-tax income
11. Annual cost of lost support
services
12. Reduction in family
expenses due to death
13. Annual Social Security survivor benefits
14. Net income shortfall
Total household maintenance fund needs
Line 14 x Number of years to replace
15. Total fund needed values)
D. Available Resources to Meet
Needs
16. Total savings and investments
17. Group life insurance
18. Social security lump sum benefit
19. Total resources to meet needs
Total life insurance needs
Yourself
Years =
0
Your Spouse
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Unit 7: Worksheet 7.1 Stock Trader
Directions: You are given $10,000 to invest in the stock market. You are to pick stock of your
choice. No more than three different stocks and you must invest the whole $10,000. You will
enter your stock name, symbol, the date, the price and the total number of shares purchased.
Each week you will check your stock and record the current market value. In the comment
section you will note any changes and the possible reasons for the change. You will do this
during all units between starting with Unit 2 and ending with Unit 7.
Section A: In this area you will record your initial Purchase of the stock.
Stock name
Date
Symbol
Purchase Price
# of shares
Total Investment
Section B: In this area you will record your weekly market value of your stock.
Unit 3
Unit 4
Unit 5
Unit 6
Unit 7
Section C: This calculates the amount of investment per week based on current week
stock price and number of shares.
Unit 3
Unit 4
Unit 5
Unit 6
Unit 7
Gain or loss
Section D: In this section you will record comments from each unit and answer the 4
questions below.
Comments:
Unit 2
Unit 3
Unit 4
Unit 5
Unit 6
Unit 7
1. What economic issues affected your decisions to purchase the stock?
2. How will the current market value of your stock affect your finances?
3. How can any future investment you make affect your financial plan?
4. How will your financial plan help your with any future investments for your personal
wealth?
Stock 1
$
Date
–
Stock 2
$
–
Stock 3
$
–
Current Price Current Price
Stock 1
Stock 2
Current Price
Stock 1
Date
1/0/1900 $
1/0/1900 $
1/0/1900 $
1/0/1900 $
1/0/1900 $
$
–
Current Price
Stock 2
$
$
$
$
$
–
$
–
Current Price
Stock 3
Current Price
Stock 3
$
$
$
$
$
–
Total
Investment
Each Week
$
$
$
$
$
–
Unit 8: Worksheet 1: Retirement Needs
Directions: It is important for you to understand and know what your
current financial needs and your future needs at retirement. To
complete this worksheet you will fill in the various categories that
pertain to your situation for now and later. You will need to include all
income and expenses for both now and at retirement. You will use your
monthly averages for both income and expenses. For your monthly
income at retirement you will use the 5% inflation factor from
worksheet 8.2 based on your number of years until retirement. Enter
the factor in cell F3 to see the calculations of income categories
needed at retirement based on this 5% inflation factor.
MONTHLY INCOME
NOW
Salary (including spouse)
Commissions, Bonuses, Tips
Interest, Dividends
Social Security
Rental Income
Pensions
Annuities
Veterans Benefits
Other Income
TOTAL INCOME (A)
