Financial Assessment – Part I
Now we are going to identify where you are financially at the moment. This isn’t hard but it may take a little work. If we are going to judiciously use means to accomplish ends, we have to know what those means (resources) amount to. We are going to establish a base line. Please bear with me on this. It’s going to take several weeks to get this all together because we have a limited amount of space each week.
The first thing we are going to do is estimate our annual current cost of living. Some of these items will be easy. You can look in your checkbook, or you may have receipts or credit card statements or bank statements, etc. Some items will be the same every month but some will vary all over the place. Some costs occur every day, some weekly, some monthly, some semi-annually, some annually. Do the best you can as you go through this form and fill in the blanks. You are going to have to guess at some of this. That’s OK for now. Check with other team members and solicit their help in making estimates.
Cost Category Amount Frequency* Total Annual Cost
House/Home:
Mortgage or rent………… $_______ d-w-m-s-a-o $_________ Home owners Insuranc $_______ d-w-m-s-a-o $_________ Property Taxes………. $_______ d-w-m-s-a-o $________ Maintenance………….. $_______ d-w-m-s-a-o $_________ Furniture/decorating… $_______ d-w-m-s-a-o $_________
Utilities:
Electricity……………….. $_______ d-w-m-s-a-o $__________
Gas…………………………. $_______ d-w-m-s-a-o $__________
Water/sewer…………. $_______ d-w-m-s-a-o $__________
Garbage………………. $_______ d-w-m-s-a-o $__________
Phone…………………… $_______ d-w-m-s-a-o $__________
Cell phone…………… $_______ d-w-m-s-a-o $__________
Internet……………….. $_______ d-w-m-s-a-o $__________
Cable………………….. $_______ d-w-m-s-a-o $__________
Automobile:
Payments…………… $_______ d-w-m-s-a-o $__________
Gas/oil……………….. $_______ d-w-m-s-a-o $__________
Auto Insurance…… $_______ d-w-m-s-a-o $__________
License/title……….. $_______ d-w-m-s-a-o $__________
Maintenance/repair $_______ d-w-m-s-a-o $__________
Insurance:
Life………………………. $_______ d-w-m-s-a-o $__________
Health/med/dental.. $_______ d-w-m-s-a-o $__________
Disability……………. $_______ d-w-m-s-a-o $__________
Liability……………… $_______ d-w-m-s-a-o $__________
Long Term Care.. $_______ d-w-m-s-a-o $__________
Other…………………. $_______ d-w-m-s-a-o $__________
Medical Expenses:
Doctor…………. $_______ d-w-m-s-a-o $__________
Dentist………….. $_______ d-w-m-s-a-o $__________
Drugs……………. $_______ d-w-m-s-a-o $__________
Groceries………………. $_______ d-w-m-s-a-o $__________
Food away from home $_______ d-w-m-s-a-o $__________
Clothing…………………. $_______ d-w-m-s-a-o $__________
Gifts……………………….. $_______ d-w-m-s-a-o $__________
Vacation/recreation $_______ d-w-m-s-a-o $__________
Entertainment………… $_______ d-w-m-s-a-o $__________
Hobbies………………… $_______ d-w-m-s-a-o $__________
Personal Care……… $_______ d-w-m-s-a-o $__________
Subscriptions……….. $_______ d-w-m-s-a-o $__________
Debt:
Credit Cards……… $_______ d-w-m-s-a-o $__________
Other loans/notes… $_______ d-w-m-s-a-o $__________
Laundry/cleaning…. $_______ d-w-m-s-a-o $__________
Taxes:
Fed Income…………. $_______ d-w-m-s-a-o $__________
State Income………. $_______ d-w-m-s-a-o $__________
FICA………………….. $_______ d-w-m-s-a-o $__________
Charitable Contributions
Christian……………… $_______ d-w-m-s-a-o $__________
Secular………………… $_______ d-w-m-s-a-o $__________
Saving/Investing…….. $_______ d-w-m-s-a-o $__________
School/Tuition/Supp $_______ d-w-m-s-a-o $__________
Child care……………… $_______ d-w-m-s-a-o $__________
Alimony/Child Supp $_______ d-w-m-s-a-o $__________
Other……………………. $_______ d-w-m-s-a-o $__________
Other……………………. $_______ d-w-m-s-a-o $__________
Other……………………. $_______ d-w-m-s-a-o $__________
Other……………………. $_______ d-w-m-s-a-o $__________
GRAND TOTAL…………………………………………………………………………….. $__________
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* Circle the frequency of each expenditure amount shown to the left: d=daily, w=weekly, m=monthly, s=semi annually, a=annually, o=other.
Maybe we should call this a cash flow statement because some of the categories aren’t exactly costs, such as savings and investments. The grand total as shown here should equal your total gross annual income from all sources. Don’t be alarmed if it doesn’t. We will fix that starting next time.