Personal Financial Workbook - ConsumerCredit.com

1 Personal Financial WorkbookTable of Contents1. Financial Community Guideline Worksheet2. Daily Expense Tracking Worksheet3. Household Budgeting Worksheet4. Bill Paying Worksheet5. Personal Asset Worksheet6. Household Inventory Worksheet8. Net Worth Worksheet9. Financial Records Organization Worksheet11. Financial Goals Worksheet13. Bank Account Comparison Worksheet14. Investment Options Worksheet15. Creditworthiness Worksheet16. Debt-to-Income Ratio Worksheet17. Credit Card Options Worksheet18. Annual Credit Report Request Form19. ResourcesAmerican Consumer Credit Counseling (ACCC) is a nonprofit 501(c)(3) organization. Founded in 1991, ACCC offers confidential credit counseling, housing counseling, bankruptcy counseling, a debt management program, and educational resources Personal Financial Workbook is a tool that you can use to organize your finances and gain an understanding of how you are spending your money. By using the worksheets you ll be able to paint a clear picture of your Financial situation and make better decisions for the future.

2 We recommend that you photocopy worksheets before using them so that you may revise the information, and reuse the worksheets as Consumer Credit Counseling130 Rumford Ave, Suite 202, Auburndale, MA Community GuidelinesCalculate and compare your spending to the Financial community your spending to the Financial community guidelinesHousing 35%Mortgage or rent, taxes, repairs, improvements, insurance, and utilitiesTransporation 20%Monthly payments, gas, oil, repairs, insurance, parking, and public transportationDebt 5%Credit cards, Personal loans, student loans, and other debt paymentsAll other expenses 20%Food, insurance, prescriptions, doctor & dentist bills, clothing, and personalInvestments & Savings 20%Stocks, bonds, cash reserves, savings accounts, retirement funds, etc.*To calculate the recommended expenditure for each category, multiply the recommended percentages by your gross income. For example, if your gross income is $3, and the recommended allowance for housing is 35%, multiply $3, by.

3 35. The recommended housing expenditure should not exceed $1, per month.*To calculate your true monthly budget expenditure for each category, divide your monthly expense by your gross income, and multiply that by 100. For example, if your housing expense is $1, , divide by $3, , and multiply by 100. You are spending 40% of the recommended expenditure on (gross income x recommended %)(expense/income)x 100 ActualExpenseBudgetPercentageRecommended Housing35%$$%$%$%$%$%$$$$20%5%20%20%Tran sportationDebt PaymentsAll OtherSavingsExplanation2 Daily Expense TrackerTrack your daily spending on this worksheet to see exactly where your money is :Cash/Check/DebitAmount Credit3 Household Budgeting WorksheetComplete this worksheet by entering all of your monthly expenses for the following line items. Total each category and add all categories together to calculate your monthly insurance(if not included in mortgage)Trash serviceTelephone and cell phoneHome maintenenceCleaning suppliesTOTALS porting events, concerts.

4 RentalsRestaurants/take-outInternet serviceCable/satellite TVGambling/lottery ticketsFitness/social clubsVacation/travelHobbiesTOTAL$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $$ $ $ $ $ $ $ GasCar payment(s)Car insuranceCar inspectionCar repairs and maintenenceCar registrationPublic transportation or taxiParking and tollsTOTALB arber/salon servicesToiletriesChildren s allowancesTobacco productsBeer, wine, or liquorClothingLaundry/dry cleaningTOTALS tudent loanCredit cardMedical billsPersonal loanTOTALH ealthLifeDisabilityTOTALG roceriesSchool lunchesWork-related (lunch/snacks)

5 TOTALT uitionBooks and suppliesNewspapers and magazinesTOTALD octor visitsDentalPrescriptionsTOTALE mergency fundDown payment fundTOTALB irthdaysMajor holidaysTOTALD aycareBabysitter/nannyChild support/alimonyTOTALR eligious or charityTOTALH ousing/UtilitiesEntertainmentTransportat ionPersonalDebtsInsurance (if not payroll deducted)FoodEducationMedicalSavingsGift s Total Monthly Expenses- Net Income= Cash Flow(disposable/deficit)ChildcareDonatio ns4 Bill Paying WorksheetThis worksheet is to help you get organized when paying bills. Take a moment and fill in all your bills that are due within different dates. This worksheet will help you remember what and when bills are due. Bills To PayBills To PayBills To PayBills To PayBills To PayBills To PayBills To PayBills To PayDue DateDue DateDue DateDue DateDue DateDue DateDue DateDue DatePaymentPaymentPaymentPaymentPaymentP aymentPaymentPaymentDue Dates - 1st to 7thDue Dates - 8th to 14thDue Dates - 15th to 21stDue Dates - 22nd to 31st1.

6 2. 3. 4. 5. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6. 7. 8.

7 9. 10. 6. 7. 8. 9. 10. 6. 7. 8. 9. 10. 6. 7. 8. 9. 10. 1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 5 Personal Asset WorksheetUse this worksheet to identify your current assets and value. Identify your current beneficiary (if applicable) and name the person for future of AssetCurrent ValueCurrent BeneficiaryFuture Designation(if applicable)Home/ResidenceLandOther:Savin gs AccountsChecking AccountsCertificates of DepositIRA (1)IRA (2)401K (1)401K (2)Mutual FundsMoney MarketLife Insurance Policy (1)Life Insurance Policy (2)AnnuitiesCash on HandEducation AccountHousehold GoodsPersonal CollectionsOther AssetsTotal Assets6 Household InventoryUse this worksheet to to estimate the value of all of your (S) Personal EFFECTS - MANPERSONAL EFFECTS - WOMANPERSONAL EFFECTS - CHILDRENPERSONAL EFFECTS - FAMILYITEMITEMITEMITEMVALUEVALUEVALUEVAL UEVALUE#####Furniture (bed, dresser)Rugs, draperiesPaintings, pictures, artElectronicsOther:Other:Other:CamerasF irearmsExercise equipmentSports equipmentHeirloomsOther:Other:ClothingCl othingClothingOuterwearOuterwearOuterwea rJewelryJewelryJewelryShoesShoesShoesAcc essoriesAccessoriesAccessoriesOther:Othe r:Other.

8 Other:Other:Other:Other:Other:Other:Othe r:Other:Other:Other:Misc furniture (tables, lamps, mirrors, etc)Bedding (blankets, pillows, etc)7 ITEMITEMITEMLIVING ROOMKITCHEN, UTILITY ROOMFAMILY ROOM/DENDINING ROOMSTORAGE ROOM, GARAGEBATHROOMSITEMITEMITEMVALUEVALUEVAL UEVALUEVALUEVALUE######Furniture (chairs, sofas)Furniture (chairs, sofas)Furniture (chairs, sofas)Rugs, draperiesDishes, glasswareRugs, draperiesMusical instrumentsPots, pans, serving dishesBooksPaintings, pictures, art decorationsSmall appliances (toaster, microwave, coffeemaker)Paintings, pictures, art decorationsElectronicsSilverwareElectron icsOther:Other:CDs, DVDsOther:Paintings, pictures, artOther:Other:Chairs and tablesOutdoor furnitureRugs, mats, draperiesDraperies, rugsLawnmower, equipmentMedicine cabinet contentsChina, glasswareHand toolsLinens, towelsSilverwareSnow blowerElectrical appliancesLinensSports equipmentOther:Other:Other:Other:Other:O ther:Misc furniture (tables, lamps, mirrors, etc)Major appliances (stove, refrigerator, dishwasher)Misc furniture (tables, lamps, mirrors, etc)Household Use this worksheet to estimate the value of all your Worth WorksheetComplete each category by entering a value for assets and subtracting any liabilities.

9 The difference will be your net POSSESSIONSDEBTSTOTAL LIABILITIES =CashMortgageMoney in checkingVacation home mortgageMarket value of homeHome equity loanMarket value of vacation homeCar loan 1 Market value of any businessesCar loan 2 FurnitureCredit card 1 Art, antiques, & collectiblesCredit card 2 JewelryCredit card 3 Resale value of car 1 Student loansResale value of car 2 Bank loansBoats or other recreational vehiclesPrivate loans (friends and family)SAVINGS AND INVESTMENTSM edical billsRETIREMENT SAVINGSO ther:Cash advancesMoney in savings accountsTaxes owedMoney in emergency fundAlimoney/child support owedCertificates of deposit (CDs)Other debt 1 Money market accountsOther debt 2 AnnuitiesCash value of life insuranceStocksTOTAL ASSETSB ondsTOTAL LIABILITIES -Mutual fundsTOTAL NET WORTH =Real estateOther:Employee pension401K or 403B accountsIRA accountsKeough accountsOther:TOTAL ASSETS =VALUEBALANCE9 Organizing Your Financial RecordsUse this worksheet as a guide when organizing your :Bank AccountsCreditEmploymentInsuranceMedical RecordsPersonalFinancial Record General CategoryAutomotive/Recreational VehiclesSpecific Items Within CategoryFiledLockboxSafe Deposit10 SavingsSchoolsSocial SecurityTaxesWarranties and ReceiptsWills and TrustsFinancial Record General CategoryResidenceSpecific Items Within CategoryFiledLockboxSafe DepositOrganizing Your Financial Records11 Financial Goals Worksheet (SMART)Use this worksheet to create a SMART goal.

10 Identify a goal that is short, mid, and long-term when completing. Make copies of this worksheet for each individual s Date:Verify that your goal is SMARTS pecific: What is your goal? (What? Why? and How?)Measurable: How will you measure your progress? (How many? How much?)Achievable: Is achieving this goal realistic with effort and commitment? What steps are involved?Realistic: What skills and knowledge are necessary to reach the goal? Is it do-able?Timely: When will you achieve this goal?This goal is important because:Start Date:Date Achieved:12 Financial Goals Worksheet - Take Action!Identify the obstacles you may face when working to achieve your goals, and find ObstaclesWho are the people you will ask to help you?What:Expected completion date:Completed:Specific Action Steps: What steps need to be taken to reach your goal?Potential Solutions13 Bank Account Comparison WorksheetUse this worksheet to decide which type of bank account is right for NameAccount NameBankBankYesYesNoNoFDIC/NCUAFDIC/NCUA RATES & FEESCHECKSATM & DEBIT CARDOTHER SERVICESONLINE BANKINGTELEPHONE BANKINGINVESTMENTS & TRADINGA verage minimum balanceDaily minimum balance requiredMonthly service fee (if below minimum balance)Direct deposit requiredFree or discounted printing of checksLimit on number of checks written each monthChecks imaged or returnedYes NoYes NoYes NoYes NoYes NoYes NoYes NoYes No$ $ $ Yes No$ $ $ Yes NoYes NoYes NoYes NoYes NoYes NoYes NoYes NoYes ($ ) NoYes ($ ) NoYes ($ ) NoYes ($ )