Financial Planning Worksheet
for Career Transition
STATEMENT OF NET WORTH
ASSETS (Total Value)
Cash on hand $
Checking Accounts $
Savings Accounts $
Certicates of Deposit $
Cash Value of Life Insurance $
U.S. Savings Bonds $
Mutual Funds/Money Market $
Stocks/Bonds $
College Funds $
401(k)/403(b)/TSP $
Other (IRAs, etc.) $
Real Estate (Market Value) $
Home $
Rental Property $
Other (Vac Home/Trailer/Time Share) $
Personal Property
Vehicles/Motorcycles/Boats $
Furniture $
Jewelry $
Other (Collectibles, etc.) $
TOTAL ASSETS $
LIABILITIES (Total Balance Due)
Signature Loans $
Auto Loans or Leases $
Consolidation Loans $
Student Loans $
Military Exchange Credit Cards $
Department Store Credit Cards $
Other Credit Cards $
Aid Organization Loans (NMCRS ACS, AFAS, etc.) $
Other (Friends, Relatives, etc.) $
Advance/Over Payments $
Mortgage (Home) $
Home Equity Line of Credit (HELOC) $
Mortgage (Rental Property) $
TOTAL LIABILITIES $
NET WORTH
Total Assets – Total Liabilities $
Name: Date:
You’ll need the following items to fully prepare this worksheet:
P Current LES (http://mypay.dfas.mil)
P Other paycheck stubs or a listing of other sources of income
P Current Credit Report (www.annualcreditreport.com)
P Listing of current living expenses (mortgage or rent amount, food,
childcare, entertainment, personal care, subscriptions, etc.)
P Current bank and mortgage statements
P Investment and retirement account statements
P Pencil and Calculator
P Current Bills (Monthly Amount and Total Balances Due)
O Utility Bills
O Phone Bills (Home/Cell)
O Cable/Satellite
O Internet
O Credit cards
O Car loans
O Insurance payments
O Personal loans
O Student loans
O Other debts
*Note: Pay Entitlements are taxable. Allowance Entitlements are non-taxable.
MONTHLY INCOME
ENTITLEMENTS ACTUAL PROJECTED 1 PROJECTED 2
*
Base Pay
Basic Allowance for Housing
Overseas Housing Allowance
Basic Allowance for Subsistence (BAS)
Family Separation Allowance (FSA)
*
Special Pay
*
Special Pay
*
Special Pay
*
Special Pay
*Other Taxable Pay
Other Non-taxable Pay (allowance)
TOTAL MILITARY COMPENSATION (
A)
DEDUCTIONS ACTUAL PROJECTED 1 PROJECTED 2
ALLOTMENT
ALLOTMENT
ALLOTMENT
ALLOTMENT
ALLOTMENT
Family SGLI (For Spouses)
Servicemembers’ Group Life Insurance (SGLI)
Uniform Services TSP
MGIB
FITW Filing Status Actual
FICA (Social Security)
FICA (Medicare)
State Income Tax
AFRH (Armed Forces Retirement Home)
TRICARE Dental Plan (TDP)
Advance Payments
Overpayments
TOTAL DEDUCTIONS (B) $ $
CALCULATE NET INCOME ACTUAL PROJECTED 2 PROJECTED 2
Service Members Take Home Pay (A-B) $ $
Service Members Other Earnings (less taxes)
Spouse’s Earnings (less taxes)
Child Support/Alimony (Received/Income)
Other Income (e.g., SSI, Rental Income)
ALLOTMENT
ALLOTMENT
ALLOTMENT
ALLOTMENT
ALLOTMENT
Family SGLI (For Spouses)
Servicemembers' Group Life Insurance (SGLI)
Uniform Services TSP
MGIB
TRICARE Dental Plan (TDP)
Advance Payments
Overpayments
MONTHLY NET INCOME
$ $ $
MONTHLY SAVINGS AND LIVING EXPENSES
SAVINGS ACTUAL PROJECTED 1 PROJECTED 2
Emergency Fund (1-3 months)
Reserve Fund
"Goal-Getter" Fund
Investments/IRAs/TSP/etc.
TOTAL SAVINGS AND INVESTMENTS
$ $
LIVING EXPENSES ACTUAL PROJECTED 1 PROJECTED 2
HOUSING
Furnishings
Maintenance/Repairs
Mortgage/Rent
Taxes/Fees
FOOD
Dining Out
Groceries
Lunches
Vending Machines
Meal Deductions from military pay
UTILITIES
Cable/Satellite TV
Cellular/Pagers/Phone Cards
Electricity
Internet Service
Natural Gas/Propane
Telephone
Water/Garbage/Sewage
CHILD CARE
Allowances
Daycare
Child Support/Other Dependent Care
AUTOMOBILE
Gasoline
Maintenance/Repairs
Other
CLOTHING
Laundry/Dry Cleaning
Purchases ($50 monthly per person)
INSURANCE
Automobile
Health
Life
Homeowners/Renters
SGLI/FSGLI
Dental Insurance
HEALTHCARE
Dental Expenses
Eye Care
Hospital/Physician
Prescriptions
EDUCATION
Books
Fees (Other/Room & Board)
Tuition
MGIB
CONTRIBUTIONS
Charities
Club Dues/Association Fees
Religious
LEISURE
Athletic Events/Sporting Goods
Books/Magazines
Computer Products (Software/Hardware)
DVD/VHS & Video Games Rentals
DVD’s & CDs
Entertainment
Lessons
Toys & Games
Travel/Lodging
PERSONAL
Beauty Shop/Nails
Barber Shop
Cigarettes/Other Tobacco
Vending Machines
Liquor/Beer/Wine
Other (Toiletries, Supplements, etc.)
GIFTS
Holidays
Birthdays/Anniversaries
PET CARE
Food/Supplies
Veterinarian/Service (Boarding/Grooming)
MISCELLANEOUS
ATM Fees/Stamps/etc.
Other
TOTAL MONTHLY LIVING EXPENSES
$ $ $
SUMMARY
ACTUAL PROJECTED 1 PROJECTED 2
NET INCOME (Bottom of Page 2)
SAVINGS & INVESTMENTS (Page 3)
LIVING EXPENSES (Page 3)
AMOUNT LEFT TO PAY DEBTS
=
TOTAL MONTHLY DEBT PAYMENTS (Page 4)
SURPLUS OR DEFICIT
=
DEBT-TO-INCOME RATIO
(Total Monthly Debt Payments ÷ Net Income x 100 = Debt-to-Income Ratio)
INDEBTEDNESS
CREDITOR
PURPOSE APR %
BALANCE
(From Page
One)
CURRENT
MONTHLY
PAYMENT
PROJECTED 1 PROJECTED 2
1. US Govt. Advance Pay
2. US Govt. Over Payments
3.
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25.
TOTAL
ACTION PLAN
INCREASE INCOME
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DECREASE LIVING EXPENSES
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DECREASE INDEBTEDNESS
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ADDITIONAL INFORMATION NEEDED
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TRANSITION GOALS
GOAL COST DATE WANTED MONTHLY SAVINGS TO REACH GOAL
1.
2.
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