Do-It-Yourself
It’s your money. Nobody cares about it as much as you do. That’s why even when you have a professional’s advice, you’re still your own chief money manager. So how well are you
performing? Do your spending habits need a makeover? Are your savings goals adequate? Our tool kit of printable worksheets and online calculators can help you decide.
Get Started with Worksheets
Any financial self-assessment should begin with you recording how you really spend your money. After that, it’s good to categorize where you need or want your money to go in the future. That’s the essence
of good budgeting. To help you on your way, check out the following questions for printable worksheets from Sheryl Garrett’s Personal Finance Workbook for Dummies:
- How Much Disposable Income Do You Have?
- It’s not such a simple question for wage earners trying to take into account not just the deductions they see on their pay stub—for taxes, insurance, and retirement saving—but also the less-visible
costs of holding a job, such as commuting, clothing, and child care.
- How Much Do You Need to Spend?
- Food, clothing, and shelter aren’t life’s only necessities. Insurance, transportation, and medications can be put in this category, as can saving to create those cushions that get you through leaner times
or into retirement. Then there are the expenses that other people won’t let you forget: debt from school loans, auto loans, and credit cards.
- How Much Do You Want to Spend?
- Do you want to remodel your home or buy a new car? How often do you want to go out to eat? Prioritizing your desired monthly spending will help you decide what you can afford and what you can live without.
- How Much Money Do You Need to Retire?
What Factors Need to Be Considered?
- How many years do you have to work until you retire? Have you considered inflation and interest rates? What type of health and long-term care will you need? All of these factors need to be considered when
determining how much you’ll need to save for a comfortable retirement.
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