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 additional information, please visit the following links:
Checklist for First Business Advisory Session | Do You Have What It Takes to Succeed in Business? | Preventure Considerations | Develop a Personal Budget | Guidelines for a Business Plan | Business Plan/Financing Proposal | Financial Resources | Business Obligations | How to Convince a Banker | Marketing Plan Outline | Frequently Asked Questions | SBDC Request for Counseling