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.