Develop
a Personal Budget
At this point in the development of your strategies, you should take the time to do a personal analysis of your fiscal needs. Develop the budget even if you have other income or support and do not need the profits of the business to support you.
Below is a form to use to calculate your
projected personal budget.
|
Annual
Household Expenses |
| Rent/mortgage |
$ |
| Taxes |
|
| Household insurance |
|
| Groceries |
|
| Heat |
|
| Electricity |
|
| Repairs/maintenance |
|
| Furniture/fixtures |
|
| |
|
Annual
Personal Expenses |
| Clothing |
$ |
| Entertainment |
|
| Dues/subscriptions/clubs |
|
| Health/life insurance |
|
| Taxes |
|
| IRA/retirement |
|
| Savings |
|
| Vacations |
|
| Automobile payments |
|
| Auto insurance |
|
| Gas, oil, repairs |
|
| Gifts |
|
| Loan payments |
|
| |
|
Other
Miscellaneous Expenses |
| List other expenses |
$ |
| |
|
| |
|
| |
|
|
Total
Annual Expenditures |
$ |
(To
determine monthly take home pay needed,
divide total by 12) |
| |
|
Personal
Worth |
|
Assets |
|
Cash |
$ |
|
Stocks/bonds |
|
|
Cash value-insurance |
|
|
Real estate |
|
|
Furniture |
|
|
Jewelry |
|
|
Vehicles |
|
|
Collectibles |
|
|
Other Assets: |
|
|
Total-
Assets |
$ |
|
|
|
Liabilities |
|
Mortgages |
$ |
|
Notes payable |
|
|
Credit cards payable |
|
|
Retail credit payable |
|
|
Other payables |
|
|
Total
- Liabilities |
$ |
| |
|
NET
WORTH* |
$ |
|
*
Total assets minus total liabilities equals net worth. |
If you have no net worth, it is doubtful that anyone will lend you any money.
Collateral is required to borrow from a bank.
For further information, visit the
following links:
 |
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