Solid Rock Financial Planning Worksheet
Our first worksheet is designed to give you an overview of your financial state, pointing out both strengths and weaknesses.
STEP 1:
List your financial goals.
Goal(s)
Amount Needed ($)
Time Frame
For example, buying a house, paying off school loans, saving for additional educational expenses, paying off credit card debt, investing for retirement, etc.
STEP 2:
Take stock of your net worth.
Your Assets
Checking accounts
$
Savings accounts
$
Money market account
$
Cash value of life insurance
$
Bank CDs
$
Mutual funds
$
Stocks
$
Bonds
$
IRA
$
401(k)
$
Other
$
TOTAL ASSETS
$
Your Debts
Credit card balances
$
School loans
$
Car loans
$
Mortgage
$
Other
$
TOTAL DEBT
$
Your Assets Minus Your Debts =
Your Net Worth
You could, of course, have more debts than assets, particularly if you have recently graduated and have yet to achieve your full earnings potential. The amount of your net worth, positive or negative, is less important than the fact that you actually complete this worksheet and know where you stand. Taking stock of your finances is a critical tool to nudge you forward as a saver and investor. Finally, it also pays to remember that this Financial Planning Worksheet captures your financial standing at one particular moment in time. Consequently, it is a good idea to figure out your net worth every six months or so to make sure that you are still on track.
STEP 3:
Determine how much you need to save in order to meet your goals.
Obviously, the amount you need to save and invest is approximately the difference between what you want (your financial goals) and what you have (your net worth).
Total Amount of Your Goal Minus Net Worth=
Amount You Need to Save and Invest
STEP 4:
Determine how much you need to save each month to meet your goals given the time frame that you outlined in Step 1.
STEP 5:
Figure out where your earnings are going and where you may be able to adjust in order to meet your financial goals.
Your Total Monthly Income:
Your salary or wages
$
Dividends and interest
$
TOTAL INCOME
$
Your Total Monthly Expenses:
Rent or mortgage payment
$
Utilities
$
Telephone
$
Cable
$
Household maintenance
$
Transportation/car payments
$
Car maintenance
$
Credit cards
$
School loans payments
$
Insurance
$
Food
$
Entertainment
$
Medical
$
Utilities
$
Tuition/education
$
Restaurant
$
Dry cleaning
$
Club memberships
$
Vacations
$
Other
$
Savings and investments:
$
IRS
$
401(k)
$
Other
$
TOTAL EXPENSES
$
Total Income Minus Total Expenses =
Net Monthly Cash Flow
