Description
Attached is the document with the instrictions to be followed. Also you are working on the spreadsheet attached.
Unformatted Attachment Preview
MT104-4: Evaluate a financial plan in light of changing times and personal needs.
•
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Complete the workbook attached ffor tyhe unit 9
A 3- to 5-page summary of your findings in a Microsoft Word document
In this assignment, you will evaluate and summarize your financial plan.
Planning for your financial security is important at any age. It is never too early or too late to
start saving for your retirement, children’s college education, or that vacation home you have
always wanted to own.
This course gave you an overview of what personal financial planning is all about. You learned
about the different steps needed to complete your own financial plan. With this information, you
were able to look at your finances and better prepare for your future.
During each unit of this course you completed worksheets to assess your financial stability. All
of these worksheets are parts of your financial plan. Now that you have completed all the
worksheets, you will write up a summary and assess how well your financial plan has helped you
make plans for your future.
Summary:
Once you have completed all the worksheets and looked at your financial plan, it is time to
evaluate your information. You will write a 3–5-page summary of your findings.
Please make sure you cover the following topics:
•
•
•
Provide a summary of your developed personal financial plan. Identify and discuss areas in
which personal financial success was hindered due to spending or saving practices.
Evaluate your future financial outlook based on your personal financial plan, current
circumstances and changing needs.
Summarize the personal financial planning experience, what you learned, and explain how it has
helped you to think more about your current and future money habits.
Written paper requirements:
•
•
•
•
•
Paper is to be a minimum of 3-pages, no more than 5-pages.
Double-spaced.
Proper APA formatting.
Please pay close attention to your punctuation, grammar, and sentence structure.
Reference and cite any information used in current APA format.
On separate document:
You should post a minimum of 250 words to the textbox.
Title your journal: Unit 9: Estate Planning
For this journal entry, you will focus on estate planning. Regardless of how little or big your
estate is you need to have a plan in place for the distribution of your assets.
Checklist:
•
Write down your thoughts on the process and whether or not you feel you have done your best to
make sure your estate will be handled properly.
Daily Spending Log- Unit 1
Directions: Please record every penny you spend each day, beginning no later than Thursday (the sec
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
charges. If you have more than one transaction for the same category, total the amounts spent and add it
column M will automatically compute for each day. Explain daily expenditures in the comments section in
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
your spending.
Please save this spreadsheet each time you add information. When you are ready to submit, save yo
then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx (Example: TAllen
Week 1: Enter the spending log dates below.
6-Jun-18
Date
Day of week
Auto
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations
Leisure
Wednesday
$0.00
$2,000.00
$0.00
$64.00
$25.00
$0.00
Thursday
Friday
Saturday
Sunday
Monday
$40.00
$0.00
$0.00
$60.00
$0.00
$11.00
$0.00
$20.96
$99.00
$12.00
$0.00
$0.00
$0.00
$52.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$71.00
$0.00
$0.00
$54.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Summary – Answer the two summary questions below.
1. Provide a brief summary of your expenditures for week one.
My weekly expenses for this week was mainly my rent which was a big chunk of money $2,000. I also
have to pay for gas and at times lunch, when I first pay my rent I try to no spend much in order to keep it
mooderate. I only work five minutes away from home and have an hour lunch so I mainly drive home and
eat.
2. Identify categories within your daily spending log that could be reduced to decrease the total
amount of your spending.
I would definitely like to plan to spend less on recreation expenses as I spent 150 in just few days. I did
have a bigger expense since my daughter graduated Elementary and paid for lunch for some family
members. Next weeks I should try to do more activities that don’t cost as much in order to decrease
amount. The prior week I had major expenses but always slow down at the beginning of the month since I
do have to pay rent.
ater than Thursday (the second day of this class) and ending Monday (the day before the unit
sday).
categories can be added in columns J and K. Make sure you record cash spent and credit card
he amounts spent and add it to the appropriate cell in this worksheet. The total expenditures in
in the comments section in column N. If your entire comment does not appear in column N, double-
y categories within your daily spending log that could be reduced to decrease the total amount of
are ready to submit, save your workbook by clicking the Office button at the top of your spreadsheet
k Unit#.xlsx (Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx).
Laundry
Add
Category
Add
Category
Other
Total
Spent
$0.00
$2,089.00
$0.00
$0.00
$0.00
$0.00
$0.00
$122.00
$0.00
$20.96
$265.00
$12.00
of money $2,000. I also
nd much in order to keep it
so I mainly drive home and
ed to decrease the total
Running Total:
#######
Comments:
150 in just few days. I did
lunch for some family
h in order to decrease
eginning of the month since I
Daily Spending Log- Unit 2
Directions: Please record every penny you spend each day, beginning Tuesday (the last day of Unit 1)
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
card charges. If you have more than one transaction for the same category, total the amounts spent and a
expenditures in column M will automatically compute for each day. Explain daily expenditures in the comm
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.
Please save this spreadsheet each time you add information. When you are ready to submit, save yo
spreadsheet then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx (Ex
Week 2: Enter the spending log dates below.
12-Jun-18
Date
Day of week
Auto
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations Laundry
Leisure
Tuesday
$0.00
$208.00
$31.00
$0.00
$0.00
$0.00
$0.00
Wednesday
$25.00
$3.00
$0.00
$0.00
$0.00
$0.00
$0.00
Thursday
Friday
Saturday
Sunday
Monday
$525.00
$0.00
$33.00
$0.00
$0.00
$200.00
$25.00
$62.00
$15.00
$0.00
$100.00
$0.00
$14.00
$0.00
$0.00
$41.00
$0.00
$0.00
$0.00
$0.00
$145.00
$26.00
$52.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Summary – Answer the three summary questions below.
1. Provide a brief summary of your expenditures for week two.
For this week I had a car payment which is a great chunck of funds. I also had to go grocery for a
family of 6 I definitely cannot get out of shopping for food. I also went to Walmart to get other
personal items such as shampoo, toilet paper etc and spent on that as well. In going out to eat
food I also had some expenses. Next week should be less expenses. At least that is what my
intention is but things always come up.
2. What information from your daily spending log might encourage you to reconsider
various money management actions?
I had promised mysel last week that I would cut down on food expenses like buying outside food
but due to my busy schedule I find it difficult to do. I can try more harder in the next week and
reconsider my ways in sepnding.
3. How can your daily spending log assist you when planning and implementing a budget?
Next time I can re-think if I should be buying something to eat or can I prepare myself something at
home. I feel so tired at times that if feels easier to buy out. I will definitely try to work more on
making fast meals in order to cut down on buying out.
ay (the last day of Unit 1) and ending Monday (the day before the unit ends).
ategories can be added in columns J and K. Make sure you record cash spent and credit
the amounts spent and add it to the appropriate cell in this worksheet. The total
expenditures in the comments section in column N. If your entire comment does not
e the cell to fit the text.
estion posted below.
ready to submit, save your workbook by clicking the Office button at the top of your
Workbook Unit#.xlsx (Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx)
Add
Category
Total Spent Comments:
$0.00
$0.00
$239.00
$0.00
$0.00
$28.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1,011.00
$51.00
$161.00
$15.00
$0.00
go grocery for a
to get other
oing out to eat
at is what my
econsider
Add
Other
Category
Running Total:
#######
ing outside food
ext week and
nting a budget?
yself something at
ork more on
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
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
comments in column G.
2. Once completed, make sure you carry over the monthly costs for your investments to your U2 2.2 Pers
Worksheet 2.1
Personal Financial Goals Workshee
Name:
Leslie Borjas
Date: 6/13/2018
Short-Term Goals (1 year or less)
Goal
Expected Date of
Completion
Priority
Estimate of
Cost/Week
Spent less on out to eating
1
$20.00
Spend less on shopping
2
$30.00
Intermediate-Term Goals (2 to 5 years)
Goal
Expected Date of
Completion
Priority
Estimate of
Cost/Week
Pay of my car loan
1
$131.00
Pay of my credit card debt
2
$50.00
Long-Term Goals (6 + years)
Goal
Priority
Expected Date of
Completion
Estimate of
Cost/Week
Decrease unecessary expenses cofee
$24.00
rent
$500.00
l planning process. This sheet can be used to help you plan for your financial
ected date of completion, and the estimate of cost each week. Provide goal
r investments to your U2 2.2 Personal Annual Budget worksheet.
ial Goals Worksheet
AB104
Estimate of
Estimate of
Comments
Cost/Month
Cost/Year
$86.60
$1,040.00 will try to eat out less by 7-30-18
$129.90
$1,560.00 Will only buy what is needed, will ask myslef before the purchase if I do need it by ex
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Estimate of
Estimate of
Comments
Cost/Month
Cost/Year
$567.23
$6,812.00 In about three years I will finish paying off my vehicle expected date by 6/4/2021
$216.50
$2,600.00 I have about 8,000 in credit card debt should be expected to be paid in full in 2 years
$0.00
$0.00
$0.00
$0.00 Note- I could not add on the expected date of completion in date it would change into
$0.00
$0.00
$0.00
$0.00
Estimate of
Estimate of
Comments
Cost/Month
Cost/Year
$103.92
$1,248.00 Will make coffee at home without buying out by the end of 2023
$2,165.00
$1,000.00 Try to find a place that is more affordable and save to buy a home expected date of c
$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
date it would change into numbers so I added on the comments area
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 futu
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
3. The totals category (row 8, 19, 28, 37, 44, 54, 63, 70, 80, 88, 96, 104) will indicate how much money y
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 y
6. Once you have completed your budget for the year, go to worksheet “U2 2.3 Questions” and answer th
Jan
Feb
March
April
INCOME
Wages
Interest/dividends
Miscellaneous
Income totals
$0.00
$0.00
$0.00
May
$0.00
$7,000.00
$2,146.00
$200.00
$9,346.00
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
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$1,970.00
$204.00
$0.00
$160.00
$0.00
$0.00
$0.00
$0.00
$2,334.00
$0.00
$0.00
$0.00
$600.00
$0.00
$0.00
$600.00
$0.00
$0.00
$0.00
$500.00
$0.00
$0.00
$500.00
$0.00
$0.00
$0.00
$500.00
$0.00
$0.00
$500.00
$0.00
$0.00
$0.00
$500.00
$0.00
$0.00
$500.00
$1,000.00
$500.00
$0.00
$500.00
$0.00
$0.00
$2,000.00
$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
$120.00
$250.00
$0.00
$20.00
$0.00
$0.00
$390.00
Daily living
Groceries
Child care
Dry cleaning
Dining out
Housecleaning service
Dog walker
Daily living totals
Transportation
Gas/fuel
Insurance
Repairs
Car wash/detailing services
Parking
Public transportation
Transportation totals
Entertainment
Cable TV
Video/DVD rentals
Movies/plays
Concerts/clubs
Entertainment totals
$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
$89.00
$0.00
$0.00
$0.00
$89.00
$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
$500.00
$0.00
$0.00
$10.00
$0.00
$2.50
$512.50
$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
$520.00
$200.00
$0.00
$0.00
$720.00
$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
$100.00
$100.00
$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
$60.00
$0.00
$0.00
$0.00
$0.00
$60.00
$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
$100.00
$21.00
$0.00
$0.00
$0.00
$121.00
Health
Health club dues
Insurance
Prescriptions
Over-the-counter drugs
Co-payments/out-of-pocket
Veterinarians/pet medicines
Life insurance
Health totals
Vacations
Plane fare
Accommodations
Food
Souvenirs
Pet boarding
Rental car
Vacations totals
Recreation
Gym fees
Sports equipment
Team dues
Toys/child gear
Recreation totals
Dues/subscriptions
Magazines
Newspapers
Internet connection
Public radio
Public television
Religious organizations
Charity
Dues/subscription totals
Personal
Clothing
Gifts
Salon/barber
Books
Music (CDs, etc.)
Personal totals
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
$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
$250.00
$60.00
$100.00
$0.00
$100.00
$510.00
$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
$600.00
-$600.00
$500.00
-$500.00
$500.00
-$500.00
$500.00
-$500.00
$6,836.50
$2,509.50
Misc. payments
Other
Other
Other
Other
Other
Misc. payments totals
Total expenses
Cash short/extra
sure a secure financial future.
plan.
have in the upcoming year. Please remember to include the auto or life insurance premiums.
ndicate how much money you will spend in each category by month.
is computed by deducting your total expenses from your total income.
Questions” and answer the questions.
June
July
Aug
Sept
Oct
Nov
Dec
$7,000.00
$2,146.00
$600.00
$9,746.00
$7,000.00
$70,000.00
$2,146.00
$2,146.00
$600.00
$600.00
$9,746.00 $72,746.00
$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
$1,970.00
$250.00
$0.00
$180.00
$0.00
$0.00
$0.00
$0.00
$2,400.00
$1,970.00
$250.00
$0.00
$180.00
$0.00
$0.00
$0.00
$0.00
$2,400.00
$1,970.00
$250.00
$0.00
$180.00
$0.00
$0.00
$0.00
$0.00
$2,400.00
$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
$1,000.00
$455.00
$0.00
$500.00
$0.00
$0.00
$1,955.00
$1,000.00
$500.00
$0.00
$100.00
$0.00
$0.00
$1,600.00
$1,000.00
$500.00
$0.00
$100.00
$0.00
$0.00
$1,600.00
$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
$120.00
$250.00
$0.00
$20.00
$0.00
$0.00
$390.00
$120.00
$250.00
$0.00
$30.00
$0.00
$0.00
$400.00
$120.00
$250.00
$0.00
$20.00
$0.00
$0.00
$390.00
$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
$89.00
$0.00
$0.00
$0.00
$89.00
$89.00
$0.00
$60.00
$0.00
$149.00
$89.00
$0.00
$0.00
$0.00
$89.00
$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
$500.00
$0.00
$0.00
$10.00
$0.00
$0.00
$510.00
$0.00
$500.00
$0.00
$0.00
$10.00
$0.00
$0.00
$510.00
$0.00
$500.00
$0.00
$0.00
$10.00
$0.00
$0.00
$510.00
$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
$500.00
$210.00
$0.00
$0.00
$710.00
$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
$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
$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
$20.00
$0.00
$0.00
$0.00
$0.00
$20.00
$500.00
$100.00
$0.00
$0.00
$0.00
$600.00
$100.00
$210.00
$100.00
$0.00
$0.00
$410.00
$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
$250.00
$60.00
$100.00
$0.00
$100.00
$510.00
$250.00
$60.00
$100.00
$0.00
$100.00
$510.00
$250.00
$60.00
$100.00
$0.00
$100.00
$510.00
$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
$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
$6,879.00
$5,909.00
$2,867.00 $66,837.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$5,874.00
$3,872.00
emiums.
Year
$91,000.00
$8,584.00
$2,000.00
$101,584.00
$7,880.00
$954.00
$0.00
$700.00
$0.00
$0.00
$0.00
$0.00
$9,534.00
$4,000.00
$1,955.00
$0.00
$3,300.00
$0.00
$0.00
$9,255.00
$480.00
$1,000.00
$0.00
$90.00
$0.00
$0.00
$1,570.00
$356.00
$0.00
$60.00
$0.00
$416.00
$0.00
$2,000.00
$0.00
$0.00
$40.00
$0.00
$2.50
$2,042.50
$0.00
$0.00
$1,020.00
$410.00
$0.00
$0.00
$1,430.00
$0.00
$0.00
$0.00
$100.00
$100.00
$0.00
$0.00
$60.00
$0.00
$0.00
$0.00
$0.00
$60.00
$720.00
$331.00
$100.00
$0.00
$0.00
$1,151.00
$1,000.00
$240.00
$400.00
$0.00
$400.00
$2,040.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$27,598.50
$73,985.50
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)
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
card charges. If you have more than one transaction for the same category, total the amounts spent and a
expenditures in column M will automatically compute each day. Explain daily expenditures in the commen
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 yo
spreadsheet then click Save As. Name the file Username-AB104 Financial Plan Workbook Unit#.xlsx (Ex
Week 3: Enter the spending log dates below.
(June 19-25
Date
Day of week
Auto
Food
(H) Home
(S) Self
Health,
Personal
Care
Education Recreation Donations Laundry
Leisure
Tuesday
$120.00
$20.00
$0.00
$0.00
$0.00
$0.00
$0.00
Wednesday
$0.00
$15.00
$0.00
$0.00
$26.00
$0.00
$0.00
Thursday
Friday
Saturday
Sunday
Monday
$0.00
$0.00
$60.00
$0.00
$0.00
$0.00
$125.00
$60.00
$7.00
$11.00
$36.00
$0.00
$0.00
$0.00
$0.00
$45.00
$10.00
$0.00
$0.00
$0.00
$50.00
$58.00
$12.00
$300.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Summary – Answer the three summary questions below.
1. Provide a brief summary of your expenditures for week three.
For this week since kids are out on summer vacation we went out and spent some funds on the
kids. This week we tried to enjoy some family time by eating out and taking kids to play places. It
is very hard not to spend while going out with family when size of family is big.
2. Are there any banking fees that you encounter each month? What actions might be
taken to reduce or eliminate these cash outflows?
I currently don’t have any banking fees since the account I have is kept at the minimum required
and free checkings and savings account. For credit cards I put the account at the minimum
payment for auto pay and then I pay additional if I can to reduce any type of late fees.
3. What other areas of your daily spending might be reduced or revised?
I feel that in the main area were I can try to figure out other less expensive options to take kids
out to places. Maybe a day out at the park with a to go luch bag. Even movie night on tuesdays
when movie tickets are half off.
ay (the last day of Unit 2) and ending Monday (the day before the unit ends).
eeks of total expenditures.
ategories can be added in columns J and K. Make sure you record cash spent and credit
l the amounts spent and add it to the appropriate cell in this worksheet. The total
penditures in the comments section in column N. If your entire comment does not
e the cell to fit the text.
question posted below.
e ready to submit, save your workbook by clicking the Office button at the top of your
n Workbook Unit#.xlsx (Example: TAllen- AB104 Financial Plan Workbook Unit1.xlsx)
Add
Add
Other
Category Category
me funds on the
to play places. It
ns might be
Total Spent Comments:
$140.00
$41.00
$131.00
$193.00
$132.00
$307.00
$11.00
Running total:
$955.00
inimum required
he minimum
e fees.
ns to take kids
ght on tuesdays
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
$980.00
$5,000.00
$50,000.00
$0.00
$0.00
$0.00
$55,980.00
$0.00
$0.00
$0.00
$0.00
Investments
Stocks
Bonds
Mutual Funds
Retirement Fund, IRA
Other
Total investment Assets
$0.00
$0.00
$0.00
$0.00
$1,000.00
$1,000.00
Personal Property
Auto
Auto
Recreation Vehicles
Household furnishings
Jewelry and artwork
$35,000.00
$6,000.00
$0.00
$6,050.00
$5,000.00
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
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
Total Liabilities
Other
Other
Total Personal Property
$0.00
$0.00
$52,050.00
Net Worth
Total Assets
$109,030.00
Total Liablities & Net Worth
r liabilities (what you owe),
worksheet.
he worksheet.
$300.00
$1,970.00
$250.00
$0.00
$500.00
$0.00
$2,000.00
$541.00
$0.00
$0.00
$500.00
$52.00
$0.00
$6,113.00
$0.00
$0.00
$0.00
$21,000.00
$0.00
$0.00
$66,000.00
$0.00
$0.00
$87,000.00
$93,113.00
$15,917.00
$109,030.00
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
expenditures for a certain period of time. This statement includes all income and expenses for the month.
total expenses will provide you with your cash surplus or cash deficit. If your total income is greater than y
you will have a cash surplus. If your total income is less than your total expenses, you will have a cash de
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
and Expense Statement
statement that shows the actual cash receipts and actual
udes all income and expenses for the month. Total income minus
h deficit. If your total income is greater than your total expenses,
your total expenses, you will have a cash deficit.
d in cell D59.
al expenses (D57).
Interest received
Dividend received
Rents received
Sale of Securities
Other
Other
$0.00
$0.00
$0.00
$923.00
$250.00
$0.00
$0.00
$0.00
$0.00
$1,000.00
$923.00
$0.00
$0.00
$3,096.00
Rent/Mortgage payment
$0.00
Repairs, maintnenace,
improvements
Gas
Electric
Water
Phone
Cable
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
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
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)
$3,096.00
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/taxbrackets/ : 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).
Item
Description
1
Current monthly payment
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)
5
Monthly savings, after-tax (Item 3 – Item 4)
6
Costs to refinance:
7
a.
Prepayment penalty
b.
Total closing costs (after tax)
c.
Total refinancing costs (Item 6a + 6b)
Months to breakeven (Item 6c/Item 5)
e Analysis
e-finance your current mortgage or not. It will
existing mortgage.
to http://www.bankrate.com. Click on
er amount to be refinanced and the length of
eir rates and the payment amount. Enter the
ally calculated (H12 – H13).
ugh you may be saving money with the
e your income tax bracket in cell H16. If you
efile.com/tax-service/tax-calculator/taxcate your gross income amount and your
culated in cell H17.
ur mortgage papers or lender’s policy to find
in cell H22. This is calculated by taking the
hly savings after tax (H17).
Amount
$0.00
$0.00
$0.00
0%
$0.00
$0.00
$0.00
$0.00
$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
Date:
Description
Amount of annual income
Monthly income (Item 1 divided by 12)
5
Average lender’s affordabilitiy ratio
Maximum monthly mortgage payment (PITI)
Estimated monthly property tax and homeowner’s
insurance payment
6
Maximum monthly loan payment (Item 4-Item 5)
7
Approximate average interest rate on loan
8
Planned loan maturity (years)
Mortgage payment
