WIXLIB

Personal Financial Workbook

American Consumer Credit Counseling (ACCC) is a nonprofit 501(c)(3) organization. Founded in 1991, ACCCoffers confidential credit counseling, housing counseling, bankruptcy counseling, a debt management program,and educational resources nationwide.The Personal Financial Workbook is a tool that you can use to organize your finances and gain an understandingof how you are spending your money. By using the worksheets you’ll be able to paint a clear picture of yourfinancial situation and make better decisions for the future. We recommend that you photocopy worksheetsbefore using them so that you may revise the information, and reuse the worksheets as needed.Table 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 Counseling130 Rumford Ave, Suite 202, Auburndale, MA 02466-13711-800-769-3571ConsumerCredit.com

Financial Community GuidelinesCalculate and compare your spending to the financial community guidelines.Compare 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 yourgross income. For example, if your gross income is 3,000.00 and the recommended allowance for housingis 35%, multiply 3,000.00 by .35. The recommended housing expenditure should not exceed 1,050.00 permonth.*To calculate your true monthly budget expenditure for each category, divide your monthly expense byyour gross income, and multiply that by 100. For example, if your housing expense is 1,200.00, divide by 3,000.00, and multiply by 100. You are spending 40% of the recommended expenditure on edActualExpense(gross income xrecommended %)BudgetPercentage(expense/income)x 100Housing35% %Transportation20% %Debt Payments5% %All Other20% %Savings20% %Explanation1

Daily Expense TrackerTrack your daily spending on this worksheet to see exactly where your money is going.Date2ExpenseAmount:Cash/Check/DebitAmount Credit

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 tricityWater/sewageRenter/homeowner insurance(if not included in mortgage)Trash serviceTelephone and cell phoneHome maintenenceCleaning suppliesTOTALTransportationGasCar payment(s)Car insuranceCar inspectionCar repairs and maintenenceCar registrationPublic transportation or taxiParking and tollsTOTAL Insurance (if not payroll deducted)Health Life Disability TOTAL FoodGroceries School lunches Work-related (lunch/snacks) TOTAL MedicalDoctor visits Dental Prescriptions TOTAL ChildcareDaycare Babysitter/nanny Child support/alimony TOTAL DonationsReligious or charity TOTAL EducationTuitionBooks and suppliesNewspapers and magazinesTOTALPersonalBarber/salon servicesToiletriesChildren’s allowancesTobacco productsBeer, wine, or liquorClothingLaundry/dry cleaningTOTALEntertainmentSporting events, concerts, etc.Movies/video rentalsRestaurants/take-outInternet serviceCable/satellite TVGambling/lottery ticketsFitness/social clubsVacation/travelHobbiesTOTALDebtsStudent loanCredit cardMedical billsPersonal loanTOTALSavingsEmergency fundDown payment fundTOTALGiftsBirthdaysMajor holidaysTOTALTotal Monthly Expenses- Net Income Cash Flow(disposable/deficit) 3

Bill Paying WorksheetThis worksheet is to help you get organized when paying bills. Take a moment and fill in allyour bills that are due within different dates. This worksheet will help you remember what andwhen bills are due.Due Dates - 1st to 7thBills To Pay1.2.3.4.5.Due DatePayment Bills To PayDue Date6.7.8.9.10.Payment Due Dates - 8th to 14thBills To Pay1.2.3.4.5.Due DatePayment Bills To PayDue Date6.7.8.9.10.Payment Due Dates - 15th to 21stBills To Pay1.2.3.4.5.Due DatePayment Bills To PayDue Date6.7.8.9.10.Payment Due Dates - 22nd to 31stBills To Pay1.2.3.4.5.4Due DatePayment Bills To Pay6.7.8.9.10.Due DatePayment

Personal Asset WorksheetUse this worksheet to identify your current assets and value. Identify your current beneficiary(if applicable) and name the person for future designation.Type of AssetCurrent ValueCurrent Beneficiary(if applicable)Future DesignationHome/ResidenceLandOther:Savings 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 Assets5

Household InventoryUse this worksheet to to estimate the value of all of your possessions.BEDROOM(S)#ITEMPERSONAL EFFECTS - MANVALUE#ITEMFurniture (bed, dresser)ClothingMisc furniture (tables,lamps, mirrors, etc)OuterwearBedding (blankets,pillows, etc)ShoesRugs, draperiesOther:Paintings, pictures, yAccessoriesPERSONAL EFFECTS - WOMANPERSONAL EFFECTS - ise equipmentAccessoriesSports her:Other:PERSONAL EFFECTS - rasOther:VALUEVALUE

Household InventoryContinued. Use this worksheet to estimate the value of all your possessions.LIVING ROOMITEM#KITCHEN, UTILITY ROOMVALUEITEM#Furniture (chairs, sofas)Furniture (chairs, sofas)Misc furniture (tables,lamps, mirrors, etc)Major appliances (stove,refrigerator, dishwasher)Paintings, pictures, artdecorationsSmall appliances (toaster,microwave, coffeemaker)Rugs, draperiesDishes, glasswareMusical instrumentsPots, pans, serving :DINING ROOM#ITEMBATHROOMSVALUE#ITEMChairs and tablesRugs, mats, draperiesDraperies, rugsMedicine cabinet contentsChina, glasswareLinens, towelsSilverwareElectrical appliancesLinensOther:Paintings, pictures, artOther:Other:ITEMOutdoor furnitureLawnmower, equipmentHand toolsSnow blowerSports equipmentOther:ITEM#STORAGE ROOM, GARAGEOther:VALUEFAMILY ROOM/DENOther:#VALUEVALUEFurniture (chairs, sofas)VALUEMisc furniture (tables,lamps, mirrors, etc)Paintings, pictures, artdecorationsRugs, draperiesBooksElectronicsCDs, DVDsOther:7

Net Worth WorksheetComplete each category by entering a value for assets and subtracting any liabilities. Thedifference will be your net worth.ASSETSLIABILITIESVALUEPERSONAL POSSESSIONSBALANCEDEBTSCashMortgageMoney in checkingVacation home mortgageMarket value of homeHome equity loanMarket value of vacation homeCar loan 1Market value of any businessesCar loan 2FurnitureCredit card 1Art, antiques, & collectiblesCredit card 2JewelryCredit card 3Resale value of car 1Student loansResale value of car 2Bank loansBoats or other recreational vehiclesPrivate loans (friends and family)Other:Cash advancesSAVINGS AND INVESTMENTSMedical billsMoney in savings accountsTaxes owedMoney in emergency fundAlimoney/child support owedCertificates of deposit (CDs)Other debt 1Money market accountsOther debt 2TOTAL LIABILITIESAnnuities Cash value of life insuranceStocksTOTAL ASSETSBondsTOTAL LIABILITIES-Mutual fundsTOTAL NET WORTH Real estateOther:RETIREMENT SAVINGSEmployee pension401K or 403B accountsIRA accountsKeough accountsOther:TOTAL ASSETS8

Organizing Your Financial RecordsUse this worksheet as a guide when organizing your finances.Financial Record General CategorySpecific Items Within CategoryFiledLockboxSafe DepositAutomotive/Recreational VehiclesBank AccountsCreditEmploymentInsuranceMedical RecordsPersonalNotes:9

Organizing Your Financial RecordsContinued.Financial Record General CategoryResidenceRetirement SavingsSchoolsSocial SecurityTaxesWarranties and ReceiptsWills and TrustsNotes:10Specific Items Within CategoryFiledLockboxSafe Deposit

Financial Goals Worksheet (SMART)Use this worksheet to create a SMART goal. Identify a goal that is short, mid, and long-termwhen completing. Make copies of this worksheet for each individual goal.Today’s Date:Start Date:Date Achieved:Verify that your goal is SMARTSpecific: 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:11

Financial Goals Worksheet - Take Action!Identify the obstacles you may face when working to achieve your goals, and find solutions.Potential ObstaclesPotential SolutionsWho are the people you will ask to help you?Specific Action Steps: What steps need to be taken to reach your goal?What:12Expected completion date:Completed:

Bank Account Comparison WorksheetUse this worksheet to decide which type of bank account is right for you.Account NameAccount TES & FEESAverage minimum balanceDaily minimum balance requiredMonthly service fee (if below minimum balance) CHECKSDirect deposit requiredFree or discounted printing of checksLimit on number of checks written each monthChecks imaged or NoNoYesYesYesNoNoNoATM & DEBIT CARDATM cardCheck cardFree use of another bank’s ATMYesYesYesONLINE BANKINGOnline banking (costs?)Yes ( )NoYes ( )NoOnline bill pay (costs?)Yes ( )NoYes ( )NoNoNoYesYesNoNoNoYes NoNoNoYesYesNoNoTELEPHONE BANKINGAutomated telephone access24/7 customer serviceYesYesOTHER SERVICESOverdraft protection optionTravelers checks feesMoney orders & cashier’s checks feesSafe deposit box monthly feesYes INVESTMENTS & TRADINGOnline investing accessLinked brokerage accountsYesYes13

Investment Options WorksheetUse this worksheet to compare various investment options available.FeatureGuaranteed or recentinvestment rate ofreturn (e.g., 7%)Minimum initialdeposit (e.g., 500)Minimumsubsequent deposit(e.g., 50)Up-front cost orcommission, if anyInvestment objective(e.g., growth,income)14Investment #1Investment #2Investment #3

Assessing Your Creditworthiness Using the Five C’s of CreditUse this worksheet to rate yourself on each of the five C’s of credit using the following scale.(1 unacceptable, 2 needs work, 3 good, 4 excellent)Based on your assessment, identify goals for improving your creditworthiness.ScoreNotesCapacity Wage, salary, and other income sufficient to make paymentsAffordable current monthly payment obligationsCapital Positive net worth, appropriate for life-cycle stageCollateral Valuable assets in adition to income (checking, savings,investment accounts)Adequate collateral for loan (if applicable)Character Previous experience with creditPast credit history indicates a good attitude towards paying debtsNo history of bankruptcyStable employment and residencyConditions Job and employer securityGeneral economic conditions are favorablePlan for improving creditworthiness1.2.3.4.5.15