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WWW.AVANTISWEALTH.COM
THE RICHER RETIREMENT SPECIALISTS
FINANCIAL GOALS
BUDGETING WORKSHEET
RODTHOMAS INVESTMENT
BUDGETING WORKSHEET
Regardless of what life stage you are in, you are likely
to have some short and long term personal fin...
33
INCOME
All figures should be net of tax. The “Future potential”
column provides space to consider options for
improveme...
Transport Amount now Future potential? Comment
Car payment 1 £ £
Car payment 2 £ £
Car payment 3 £ £
Vehicle Tax £ £
Repai...
55
EXPENSES
Family Expenses Amount now Future potential? Comment
Day care £ £
Children’s activities £ £
Alimony – payments...
Entertainment Amount now Future potential? Comment
Holidays £ £
Eating Out £ £
Pub / Alcohol £ £
Smoking £ £
Film / Concer...
7
Personal Care Amount now Future potential? Comment
Work pension £ £
Private pension £ £
Savings £ £
ISA’s £ £
Share port...
8
THE FIVE STAGES OF RETIREMENT SECURITY
If you have completed the income, the expense and
the retirement contribution sec...
9
CREATING A SMART PLAN
Now it’s time to create a personalised spending plan
that will help you commit to making sound mon...
10
SET SMART FINANCIAL GOALS
List three of your financial goals you hope to achieve.
Be sure that they are:
Specific, Meas...
11
Next Steps
Thank you for using this
Special Report. We hope you
have found it useful.
Gemini Business Centre
136-140 Ol...
12
DISCLAIMER
Avantis Wealth Ltd is not authorised or regulated by the Financial Conduct Authority (FCA). This is not a fi...
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Rod thomas investment - financial goals budgeting worksheet

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Useful aid to define your personal financial goals by Rod Thomas FCA, Managing Director at http://www.avantiswealth.com

Published in: Investor Relations
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Rod thomas investment - financial goals budgeting worksheet

  1. 1. WWW.AVANTISWEALTH.COM THE RICHER RETIREMENT SPECIALISTS FINANCIAL GOALS BUDGETING WORKSHEET RODTHOMAS INVESTMENT
  2. 2. BUDGETING WORKSHEET Regardless of what life stage you are in, you are likely to have some short and long term personal financial goals. Setting tangible and realistic goals, following them, and tracking your progress is the key to success in achieving all of your financial goals. If you are married, it is absolutely essential that you and your spouse both share the same financial goals. Otherwise, achieving your personal goals is almost impossible. Develop your financial plans together, and review your progress together to make sure both of you are contributing to the same goals. Determining what your short-term, medium-term, and long-term personal financial goals are is essential. Some common financial goals are a dream holiday, a new home, university savings, retirement savings, and an emergency fund. Once you and your spouse have agreed on your goals, you need to determine a good estimate for how much money you’ll need for each of them. Figuring out an accurate amount involves discussion about the financial goals—for example, if you are saving for university for your children, what percentage do you want to pay? Also, do you want to pay for a state school or a private school? Retirement savings needs depend greatly on the lifestyle you plan to lead once you are retired, as well as when you plan to retire. Prioritise each of your personal goals in order of importance, and then determine how long you have to save for each of them. Retirement could be many years away, but your short-term goals could be in a year or two. Next, estimate how much interest or capital gains you’ll expect to see in the accounts where you are saving your money. While capital gains are never guaranteed, you can use an estimated average for these purposes. Finally, figure out how much you’ll need to save per month to achieve your financial goals. Don’t be discouraged if the amount is overwhelming. The important thing is to have a set of tangible financial goals to work toward. On a monthly or quarterly basis, you and your spouse should review your progress, and continue to refine your plan. If you aren’t meeting your goals, revisit your financial budget to see if there are any areas where you can cut expenses in order to free up money for savings. In addition, use this plan to allocate any windfall amounts you may receive – from bonuses, inheritances, tax refunds, etc. To help simplify the goal setting process, try using this Budget Worksheet. First complete section 1 to see what funds you have available. Next work on section 2 - setting your financial goals.
  3. 3. 33 INCOME All figures should be net of tax. The “Future potential” column provides space to consider options for improvement EXPENSES SECTION 1 Source Amount now Future potential? Comment Employment - basic £ £ Employment - overtime £ £ Employment – bonus £ £ Self-employment £ £ Savings £ £ Investments £ £ Family support £ £ Government support £ £ Pensions £ £ Other? £ £ Other? £ £ TOTAL - Income £ £ Utilities Amount now Future potential? Comment Electricity £ £ Gas / Oil £ £ Telephone £ £ Internet £ £ Mobile Phone £ £ Cable/Satellite package £ £ Other? £ £ Total Utilities £ £ Home Amount now Future potential? Comment Mortgage £ £ Second Mortgage £ £ Rent £ £ Insurance – Building £ £ Insurance – Content £ £ Council Tax £ £ Service Charges £ £ Ground Rent £ £ Repairs & Maintenance £ £ Other? £ £ TOTAL - Expenses £ £
  4. 4. Transport Amount now Future potential? Comment Car payment 1 £ £ Car payment 2 £ £ Car payment 3 £ £ Vehicle Tax £ £ Repairs / Servicing £ £ Insurance – Car £ £ Fuel – for all cars £ £ MOT £ £ Train £ £ Bus/Coach £ £ Underground £ £ Parking costs £ £ Other? £ £ Total Transport £ £ Loan Payments Amount now Future potential? Comment Credit Card 1 £ £ Credit Card 2 £ £ Credit Card 3 £ £ Credit Card 4 £ £ Credit Card 5 £ £ Personal Loan 1 £ £ Personal Loan 2 £ £ Personal Loan 3 £ £ Student Loan £ £ Other Loan £ £ Total Loan Payments £ £ Insurance Amount now Future potential? Comment Life insurance £ £ Health insurance £ £ Other? £ £ Total Insurance £ £ Household Amount now Future potential? Comment Food £ £ Cleaning supplies £ £ Repairs & Maintenance £ £ Total Household £ £ EXPENSES
  5. 5. 55 EXPENSES Family Expenses Amount now Future potential? Comment Day care £ £ Children’s activities £ £ Alimony – payments to ex-partner £ £ School tuition £ £ Exam fees £ £ Other? £ £ Total Family Expenses £ £ Pets Amount now Future potential? Comment Food £ £ Grooming £ £ Veterinary bills £ £ Pet insurance £ £ Other £ £ Total Pet Expenses £ £ Personal Care Amount now Future potential? Comment Haircuts / Waxing / £ £ Other treatments £ £ Toiletries / Makeup £ £ Prescription medicine £ £ Dental care £ £ Private medical care £ £ Clothing £ £ Other? £ £ Total Personal Care £ £
  6. 6. Entertainment Amount now Future potential? Comment Holidays £ £ Eating Out £ £ Pub / Alcohol £ £ Smoking £ £ Film / Concerts £ £ Music £ £ Hobbies £ £ Sports £ £ Other? £ £ Other? £ £ Total Entertainment £ £ Other Amount now Future potential? Comment Charitable donations £ £ Other? £ £ Other? £ £ Other? £ £ Total Other Expenses £ £ Grand Total Expenses Amount now Future potential? Comment GRAND TOTAL INCOME £ £ Bring figures down from Income section above What % of income are your expenses? £ £ The formula is expenses/ income x 100. If expenses are greater than income, by how much a month do you need to increase income or reduce expenses? £ £ What percentage of total expenses is this number? £ £ This gives you a sense of the scale of the problem, if indeed there is one
  7. 7. 7 Personal Care Amount now Future potential? Comment Work pension £ £ Private pension £ £ Savings £ £ ISA’s £ £ Share portfolio £ £ Other investments £ £ Other? £ £ Total Retirement Contribitions £ £ RETIREMENT CONTRIBITIONS All figures should be net of tax. The “Future potential” column provides space to consider options for improvement 7 If you’re not making any provision for your retirement, then now is a good time to start. In the next section, set your financial goals - starting with making provision for your retirement as your number one goal.
  8. 8. 8 THE FIVE STAGES OF RETIREMENT SECURITY If you have completed the income, the expense and the retirement contribution section of this budget worksheet then we now have the full picture to review where we are. You will find yourself in one of these key categories. In a perfect world you need to be at Level 4! Level What’s happening Comment and priorities Level 1 Your expenditure is greater than your income, and that’s without any retirement savings. Very challenging situation. You must work hard on increasing income, reducing expenditure or both to at least break even situation. Can be very tough. Level 2 Expenditure is roughly equal to income, without any provision for retirement savings. You are at ‘break even’ and not likely to get into financial difficulty right now. But you are not creating a financial buffer and you are not building for your retirement. Level 3 Your income exceeds your expenditure and you are making some retirement provision, but you know it’s not enough. On your way now. You are in monthly surplus and now need to focus on increasing that surplus to contribute the amount you need to your retirement fund. Level 4 Income exceeds expenditure and you are contributing on target to your retirement fund. Extremely well done. Relatively few people achieve Level 4. The only thing missing is a ‘security buffer’ in case something goes wrong with the plan (eg being made redundant). Level 5 Nirvana. Income exceeds expenditure by a large amount. You are making a full contribution to your retirement and you still have cash left over which you are using to build a reserve, in case of disasters. This is a great place to be in. We’d all like to be here but few achieve it. Keep going as you are is the message.
  9. 9. 9 CREATING A SMART PLAN Now it’s time to create a personalised spending plan that will help you commit to making sound money management decisions. Create a SMART plan, one that is Specific, Measurable, Achievable, Realistic, and Trackable. SECTION 2 1 2 I commit to making a spending plan each month. I commit to following my plan each month. YES YES NO NO Personal notes: Personal notes:
  10. 10. 10 SET SMART FINANCIAL GOALS List three of your financial goals you hope to achieve. Be sure that they are: Specific, Measurable, Achievable, Rewarding, and Trackable (SMART). These are my goals as of this date: Example: I will set up an emergency savings account of £1,500 within six months. Short-term Goals: Target Date: Cost Estimate Amount Already Saved/Paid Amount Needed/ Month to Reach Goal 1. Pay down debt DD/MM/YYYY £ £ £ 2. Please enter text DD/MM/YYYY £ £ £ 3. Please enter text DD/MM/YYYY £ £ £ 4. Please enter text DD/MM/YYYY £ £ £ Medium-term Goals: Target Date: Cost Estimate Amount Already Saved/Paid Amount Needed/ Month to Reach Goal 1. Establish emergency savings DD/MM/YYYY £ £ £ 2. Please enter text DD/MM/YYYY £ £ £ 3. Please enter text DD/MM/YYYY £ £ £ 4. Please enter text DD/MM/YYYY £ £ £ Long-term Goals: Target Date: Cost Estimate Amount Already Saved/Paid Amount Needed/ Month to Reach Goal 1. Prepare for retirement DD/MM/YYYY £ £ £ 2. Please enter text DD/MM/YYYY £ £ £ 3. Please enter text DD/MM/YYYY £ £ £ 4. Please enter text DD/MM/YYYY £ £ £
  11. 11. 11 Next Steps Thank you for using this Special Report. We hope you have found it useful. Gemini Business Centre 136-140 Old Shoreham Rd Hove BN3 7BD United Kingdom 01273 447 299 0800 612 0880 invest@avantiswealth.com www.avantiswealth.com Contact details Want to invest for income now? Do you have poorly performing investments and need to generate the best possible income right now? Then consider investments within our portfolio which offer: • Up to 15% annual income • Payable quarterly, six monthly or annually • Investment starts at £2,500 Want to build your fund for the future, achieving maximum growth? Whether you wish to invest directly or through a pension scheme, our investment portfolio offers a wide choice of investment type, location and timescale: • Investments typically from 1 to 5 years • Returning up to 15% annually, or 60% over 5 years • Investment starts at £2,500 Do you have a frozen or underperforming pension? Then request a complimentary pension review. This will show you: • Value of your fund • Performance over the last 5-8 years • Fees and charges you are incurring • Expected income in retirement Armed with this information you can explore options to do better. If you have any questions or comments and suggestions for improvement for the next edition please email: marketing@avantiswealth.com It’s time to take action and implement your financial goals. CALL OR EMAIL US NOW! CALL OR EMAIL US NOW! CALL OR EMAIL US NOW!
  12. 12. 12 DISCLAIMER Avantis Wealth Ltd is not authorised or regulated by the Financial Conduct Authority (FCA). This is not a financial promotion or an invitation to invest. Avantis Wealth Ltd does not provide any financial or investment advice. We provide a referral to a regulated advisor who will offer appropriate advice, or to the company offering an investment who will determine your suitability for the investment prior to any offer being made. We strongly recommend that you seek appropriate professional advice before entering into any contract. The value of any investments can go down as well as up and you might not get back what you put in. You may have difficulty selling any investment at a reasonable price and in some circumstances it might be difficult to sell at any price. Do not invest unless you have carefully thought about whether you can afford it and whether it is right for you and if necessary consult with a professional adviser in accordance with the Financial Services and Markets Act 2000. These products are not regulated by the FCA or covered by the Financial Services Compensation Scheme and you will not have access to the financial ombudsman service. This document does not constitute an offer to invest but is for information only. Persons expressing an interest in the bond will receive an invitation document, which they should read and ensure they fully understand prior to making any decision to subscribe. Persons in any doubt regarding the risks associated with investments of this nature should consult a suitable qualified and authorised advisor. THE RICHER RETIREMENT SPECIALISTS

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