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GET THE MOST FROM THESE WORKSHEETS BY READING THE INFO BELOW!
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NOTE: Start with the "3. Saving & Spending Plan" as amounts from there will automatically flow into some of the other worksheets.Links to other worksheets:
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1. You can use the "Net Worth Calculator" worksheet to determine your current financial standing. In the "Assets" column (amount entry area to the right, enter the values for everything you own (money in the bank, investments, vehicles, furniture, etc.). Most of your "Liabilities" amounts will automatically feed from Worksheet #3, your Saving & Spending Plan, but you can enter amounts for any liabilities not captured there. You can also record your net worth for each calendar year in the table provided.1. Net Worth
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2. Use the "Financial Goals" Worksheet to identify, and then plan on how to reach, your financial goals. If no goals come to mind, goals, contact your Family/Community Readiness Center or Personal Financial Counselor (PFC) to help you identify some! Some examples are: an emergency fund, PCS fund, travel fund, replacement vehicle fund, etc. You can also allocate existing savings towards your goals, to more accurately determine how much you need to save each month/pay period to reach your goal on time.2. Financial Goals
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3. START HERE! Developing a MONTHLY "Saving & Spending Plan" let's you see how much you have coming in, and going out, and whether there is - or should be - money left over. Start by entering amounts in the "Current" column. If your financial situation will be changing, or you'd like to see changes you make would affect your bottom line, you can enter those amounts in the "Projected or Future..." column and have a side-by-side comparison. In the column to right, you'll see links to online calculator for Federal Income Tax Withholding (FITW). NOTE: At the bottom of the "Debt" area you can also select which "Debt-To-Income" ratio you'd like calculated: "Total," or "Back-End DTI".3. Saving & Spending Plan
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4. The "Cash Flow Organizer" can help you better support saving (to reach your goals) and control spending. #1 - Have your Direct Deposit go into your "Bill-Pay" checking account. Use that account's online bill-pay to automatically pay bills/debts. This will help ensure everything is paid on time, which is the biggest factor in calculating your credit score. #2 - Having a separate savings account - with automatic contributions - for each of your major financial goals virtually guarantees those goals, as long as you LEAVE THAT MONEY ALONE along the way!! #3 - Set up automatic transfer (based on your "Saving and Spending Plan") to go into your "Spending" checking account. Using a different checking account for your day-to-day spending helps control how much money is available and reduces the chance an impulse purchase (or a lot of 'miscellaneous' spending) will throw off your financial plan.4. Cash Flow Organizer
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5. Use the "Payday Planner" worksheet to chart out your income and 'outgo' (bills and other expenses) to make sure you don't over-spend after one payday only to fall short the next because of the due dates of various bills. At the top of the worksheet enter the payday dates and amount of "take-home" pay for each of those dates. Then allocate each paycheck to cover your spending for each pay period. Ignore items paid by allotment as that money is already deducted from your direct deposit amount. A surplus from one pay period may be needed to cover bills & spending for the following pay period. NOTE: You can choose either "Current" or "Projected" amounts to carry over from your "Saving & Spending Plan" by using the drop-down menu in the top left corner of the worksheet. 5. Payday Planner
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6. You can use the "Daily Spending Tracker" worksheet to record ALL your spending (aside from the major items such as rent, insurance, etc.) for the month in Excel, or on a printed copy of the worksheet.6. Daily Spending Tracker
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7. The "Actual vs Planned Spending" worksheet can be used to record and compare your actual monthly spending with what was planned for up to 12 months. You would transfer the end-of-month results of the "Daily Spending Tracker" into this worksheet.7. Actual vs Planned Spending
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8. The "Debt Payoff Summary" shows you how long it will take to pay off your existing debts and approximately how much interest you'll pay (which will show as a negative number). You can change payment amount in the "Saving & Spending Plan" worksheet. NOTE: You can select either the "Current" or "Projected" payments from your Saving & Spending Plan by clicking the selection box. For more detailed debt payoff calculations and options, visit www.PowerPay.org8. Debt Payoff Summary
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www.powerpay.org
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9. The "Investment Calculator" shows how your investments can grow: contributing the same amount every year, or increasing your contributions by a percentage each year. You choose the ages contributions start and stop.9. Investment Calculator
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10. The "Varied Contrib Invest Calc." shows how your investments can grow when you enter various annual contribution amounts throughout the years, skip some years, etc.10. Varied Contrib Invest Calc.
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