09 Nov Please use the ?Personal Balance Sheet and Personal Cash Flow to answer questions. Review and discuss your Actual Personal Cash Flow Statement. Discuss strong points. Di
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Please use the Personal Balance Sheet and Personal Cash Flow to answer questions.
- Review and discuss your Actual Personal Cash Flow Statement.
- Discuss strong points.
- Discuss areas in which improvement should/could be made.
- Review and discuss your Personal Cash Flow Budget.
- Identify and discuss areas of the budget where you made changes from the Cash Flow Statement to improve your cash flow (e.g., reduce credit card debt/payments) in your attempt to bring your disposable income (in your Budget) to 5% to 10% of your total take home income.
- Discuss the meaning of having your disposable income (in your Budget) equal to 5% to 10% of your total take-home income.
Personal Balance Sheet
| Cynthia Fulton | |||||
| Personal Balance Sheet as of 10/23/2022 | |||||
| Assets (What you own) | Liabilities (What you Owe) | ||||
| Current Assets | Amount | Current (short term) Term Liabilities | Amount | ||
| Cash on hand | $400.00 | Credit Card 1 | $6,000.00 | ||
| Checking accounts | $1,200.00 | Credit Card 2 | $2,500.00 | ||
| Savings accounts | $5,213.01 | Credit Card 3 | $2,100.00 | ||
| Stocks | Credit Card 4 | ||||
| Certificates of Deposit, etc. | Credit Card 5 | ||||
| Retirement Accounts | $20,124.12 | Credit Card 6 | |||
| Home Furnishings | Credit Card 7 | ||||
| Jewelry | Loan on Jewelry | ||||
| Other 1 | Loans from friends/family | ||||
| Other 2 | Home line of credit | ||||
| Other 3 | Other short term debt 1 | ||||
| Other 4 | Other short term debt 2 | ||||
| Other 5 | Other short term debt 3 | ||||
| Other 6 | Other short term debt 4 | ||||
| Other 7 | Other short term debt 5 | ||||
| Other 8 | Other short term debt 6 | ||||
| Other 9 | Other short term debt 7 | ||||
| Other 10 | Other short term debt 8 | ||||
| Other 11 | Other short term debt 9 | ||||
| Total Current Assets | $26,937.13 | Total Short Term Liabilities | $10,600.00 | ||
| Long Term Assets | Long Term Liabilities | ||||
| Vehicle 1 | $36,145.75 | Vehicle 1 | $36,145.75 | ||
| Vehicle 2 | Vehicle 2 | ||||
| Recreational Vehicle 1 | Recreational Vehicle 1 | ||||
| Recreational Vehicle 2 | Recreational Vehicle 2 | ||||
| Primary Residence | $176,254.02 | Primary Residence | $176,254.02 | ||
| Secondary Residence | Secondary Residence | ||||
| Rental Property | Rental Property | ||||
| Business Assets | Business Loans | ||||
| Other 1 | Student Loans | $20,000.00 | |||
| Other 2 | Other 1 | ||||
| Other 3 | Other 2 | ||||
| Total Long Term Assets | $212,399.77 | Total Long Term Liabilities | $232,399.77 | ||
| Total Assets | $239,336.90 | Total Liabilities | $242,999.77 | ||
| Personal Net Worth (Equity) | -$3,662.87 | ||||
| Cynthia Fulton | October 23, 2022 | (If there is a 2nd person, type his/her name here) | (Date) | ||
,
CashFlowStatement
| Personal Cash Flow Statement (My Current Actual Income and Expenses) | ||||||
| Complete this Statement BEFORE COMPLETING THE BUDGET! | ||||||
| Name: Cynthia Fulton | As of Date: 10/06/2022 | |||||
| Use this sheet to identify your TAKE HOME income, your monthly expenses, and your disposable income and percentage. | ||||||
| Do not report any monies deducted from your pay. | Change Cell Names as needed | |||||
| Monthly Take Home Income | Secured Debts (Monthly Payments on Major Items) | |||||
| Salary/Wages/Business Draw | 4,459.16 | Housing/Apartment Rent | 0.00 | |||
| Salary or Wages (Spouse) | 0.00 | Home 1st Mortgage | 740.00 | |||
| Social Security that you Receive | 0.00 | Home 2nd Mortgage | 0.00 | |||
| Pension/Retirement that you receive | 0.00 | Land Lease (Trailer park, other) | 0.00 | |||
| Interest you receive on Accounts (e.g., savings) | 0.00 | Student Loans | 0.00 | |||
| Alimony / Child Support that you receive | 0.00 | 1st Auto Loan/Leases | 385.50 | |||
| Real Estate rent (income) that you receive | 0.00 | 2nd Auto Loan/Leases | 0.00 | |||
| Investment Dividends | 0.00 | Recreation (Boat, ATV, etc.) Payments | 0.00 | |||
| Unemployment/ Food Stamps | 0.00 | Other Debts | 0.00 | |||
| Other income you receive (type the item in this cell) | 0.00 | Other Debts | 0.00 | |||
| Total Monthly Take Home Income | $4,459.16 | Other Loans | 0.00 | |||
| Other Loans | 0.00 | |||||
| Monthly Living Expenses | Total Secured Debt | 1,125.50 | ||||
| Alimony / Child Support that you Pay (outgoing) | 0.00 | |||||
| Auto Gas, Oil, Repair, and Taxes | 110.00 | Unsecured Debt (Monthly Payments) | ||||
| Auto Insurance | 171.00 | Credit Card 1 | 192.00 | |||
| Cable TV/ Satellite Fees | 30.00 | Credit Card 2 | 107.00 | |||
| Charitable Contributions | 0.00 | Credit Card 3 | 40.00 | |||
| Child Care | 0.00 | Credit Card 4 | 92.00 | |||
| Childrens' Activities | 37.50 | Credit Card 5 | 100.00 | |||
| Clothing Maintenance (Laundy/Dry cleaning | 0.00 | Credit Card 6 | 45.00 | |||
| Clothing Purchases | 0.00 | Credit Card 7 | 64.00 | |||
| Electric Bill | 100.00 | Credit Card 8 | 0.00 | |||
| Entertainment – Other than eating out. | 0.00 | Personal Loan 1 | 336.00 | |||
| Food (In-home / Groceries) | 120.00 | Personal Loan 2 | 110.00 | |||
| Food (Out of home – Lunch, Dining) | 0.00 | Medical Bill Payment | 0.00 | |||
| Health and Dental Insurance that you pay out of pocket | Other | 197.00 | ||||
| Homeowner/Condo Repairs and/or fees | 0.00 | Other | 0.00 | |||
| Homeowners or Renters Insurance | 0.00 | Total Unsecured Debt | 1,283.00 | |||
| Household items(e.g., soaps, toothpaste,Lawn supplies, etc.). | 0.00 | |||||
| Internet Access | 0.00 | Summary | ||||
| Life and Disability Insurance | 40.00 | Total Take Home (Income ) | 4,459.16 | |||
| Memberships (Health club etc.) | 0.00 | Total Living Expenses (-) | 1,473.21 | |||
| Personal Care (e.g., beauty salon/haircuts) | 0.00 | Total Secured Debt Payments (-) | 1,125.50 | |||
| Prescriptions | 0.00 | Total Unsecured Debt Payments (-) | 1,283.00 | |||
| Property Services (Gardener,Pool) | 0.00 | Disposable Income ** | 577.45 | |||
| Security Services (Alarm) | 38.22 | Disposable Income as a Percent of Total Income | 12.9% | |||
| Subscriptions | 10.97 | A healthy budget will have disposable income = 5 to 10% of total income. | ||||
| Telephone (Home, Cell, Pager) | 123.05 | |||||
| Trash Disposal | 0.00 | If your calculations reveal a deficit (negative number/ not enough income | ||||
| Tuition and School Supplies | 250.00 | to pay expenses), you are likely in serious debt. | ||||
| Water Bill | 91.78 | You may print this spreadsheet and write in the item amounts as you find the information. Then enter the information into this spreadsheet in Excel. | ||||
| Gas | 15.00 | |||||
| Loans | 335.69 | |||||
| Other Expenses | 0.00 | |||||
| Total Monthly Living Expenses | 1,473.21 |
PersonalBudget
| Personal/Household Budget Worksheet (My Money Management Plan) | ||||||
| Complete the Cash Flow Statement BEFORE Completing this Budget! | ||||||
| Name: (Enter your name here.) | Date: (Enter Date) | |||||
| Cell names and Data in this worksheet are imported from the Cash Flow Statement worksheet. You can change only the amounts. | ||||||
| On this worksheet, change EXPENSE ITEM amounts that you can adjust in your life (and on this worksheet) to have a better Disposable Income Percent | ||||||
| Monthly Take Home Income | Secured Debts (Monthly Payments on Major Items) | |||||
| Salary/Wages/Business Draw | 4,459.16 | Housing/Apartment Rent | 0.00 | |||
| Salary or Wages (Spouse) | 0.00 | Home 1st Mortgage | 740.00 | |||
| Social Security that you Receive | 0.00 | Home 2nd Mortgage | 0.00 | |||
| Pension/Retirement that you receive | 0.00 | Land Lease (Trailer park, other) | 0.00 | |||
| Interest you receive on Accounts (e.g., savings) | 0.00 | Student Loans | 0.00 | |||
| Alimony / Child Support that you receive | 0.00 | 1st Auto Loan/Leases | 385.50 | |||
| Real Estate rent (income) that you receive | 0.00 | 2nd Auto Loan/Leases | 0.00 | |||
| Investment Dividends | 0.00 | Recreation (Boat, ATV, etc.) Payments | 0.00 | |||
| Unemployment/ Food Stamps | 0.00 | Other Debts | 0.00 | |||
| Other income you receive (type the item in this cell) | 0.00 | Other Debts | 0.00 | |||
| Total Take Home Income | $4,459.16 | Other Loans | 0.00 | |||
| Other Loans | 0.00 | |||||
| Monthly Living Expenses |
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