Within Your Means

financial planning for hidden expensesCopyright 1999 by Michael Ham

Licensed to: namenamenamenamename emailemailemailemailemailemail da/te/date

IntroductionAll summer long the ant steadily accumulates a food storeseed by seed, leaf by leaf. The grasshopper spends the summer without a thought for the future, to perish miserably when winter comes. Being an ant means that you steadily put aside money that you know you will need in the future. The individual amounts are small, but they accumulate over time. And when winter arrivesin terms, say, of a month when the auto insurance, auto registration, and house insurance all come due and the hot water tank and dishwasher fail completelyyour daily living expenses are totally unaffected because you are financially ready. This workbook helps you plan your spending and see the effects of that spending on your income, both immediately (as when you spend the money) and long-term (as you set aside the money to maintain and replace your purchasesfor example, money set aside to replace the tires and battery for your car, the roof and carpeting for your house). By seeing exactly where your money must go, you have a better sense of the amount of money you actually have for discretionary use: you get a better sense of your current financial limitsyour means. Your happiness depends on on your living within those limits. As one of Dickens's characters put it:

Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.Many people are unaware of the implicit expenses they have committed to pay, and so they think they have more discretionary income than they in fact doand they spend it. They don't see the hidden part of the iceberg, which wrecks their financial ship just as it was coming in. When the time comes to pay the piper to replace some vital appliance or make an annual payment, they find themselves short. And miserable. This workbook will let you know just exactly how much you are free to spend. One benefit is that you don't have to record exactly where they money goes: you're perfectly free to spend it as you wantup to the limit that you've set. So long as you stay within that limit, you can be sure that you'll have the money you need for the future: to pay expenses and to buy those big-ticket items you have planned for.

Instructions for use1. To move within the workbook, use Ctrl-PgDn (to next page) and Ctrl-PgUp (to previous page). Or you can click on the appropriate tab at the bottom of the worksheet. 2. Review the Frequently Asked Questions (next page) 3. Go through the pages in order, filling in the blanks. You can make entries wherever you see a blue font. If you don't know exact amounts, use your best guess. Some entries are labeled to remind you of possible entries; you can overwrite irrelevant labels. Calculations are done for you. 4. When you get to the summary page, look at where you stand. You will probably make several passes through the workbook, refining and adjusting your entries, before you're satisfied. 5. In the initial few months, you will probably get some periodic bills that you've overlooked. Add them to the workbook in the appropriate location and adjust figures as needed.

Contents of the workbookFAQs Frequently asked questions, and their answers. Review this before you start.

140301469.xls.ms_office

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Your income Cash reserve Savings Fixed expenses Replacements Weekly allowance Periodic purchases Future purchases Summary QuickForm Tips Your worksheet WYM License

Just your take-home pay, which is what you control and spend. A reserve equal to 3-6 months of take-home pay. A portion of your income set aside to fund your retirement. Expenses that you must pay over the course of a year. You also must pay to replace things that eventually wear out. Partly discretionary, partly not; paid by cash from your pocket. Discretionary purchases paid by check periodically. Big-ticket discretionary purchases that you must save for. A summary of your income and where it goesand where you are. You can switch to this format once you're familiar with the method. Ideas to help pare your expenses. An unprotected worksheet for your own use; you can add others. You agreed to the terms of this license agreement.

Go on to the next page (press Ctrl-PgDn).


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FAQs

Frequently Asked Questions


1. Can you briefly summarize what this workbook is based on? In a nutshell, the method consists of 4 steps: a. Recognize that you have a limited amount of money that you can spend. Not only that, the limit is specific. It is very important for you to discover the exact amount that is your limit. b. Realize that some decisions and some possessions imply future expenditures. For example, if you decide to buy a house, you not only have taken on monthly mortgage and property tax payments, you have taken on: insurance, costs associated with upkeep (lawn equipment purchase, repair, replacement; replacement of appliances (furnace, washer, dryer, refrigerator, dishwasher, hot water tank, etc.) and of parts of the house (roof, exterior paint, interior paint, carpeting, draperies, etc.)), and so on. This is not to say that the house and the intangibles of owning a house (privacy, security, comfort, etc.) are not worth these expenses, but it is important to recognize your commitments to pay for these things when they fall due. c. Your paycheck arrives with some amounts deducted to cover some expenses: federal and state taxes, social security payments, medical insurance, perhaps a 401(k) plan. But additional deductions must be be made to cover lifestyle commitments that youve already made: auto insurance, auto registration, auto maintenance, auto parts (e.g., replacing tires, battery, brakes, etc.), and so on. Your employer won't make deductions for these, which are the result of your choices, but you know you must pay when the time comes. You must be the one to make these deductions so that you have the money ready when it is needed. d. Finally, balance and refine the list of deductions so that everything is covered and you know exactly how much you can spend without dipping into money thats already been committed to pay future expensesthat is, until you know exactly what you can spend and stay within your means. Note that using this spreadsheet lets you explore the implications of new purchaseswhether you can in fact afford the purchase and all the expenses that it implies. This method lets you clearly see the financial implications of your lifestyle and your desired lifestyle, the income you have compared to what you've already committed yourself to pay and what you want in the future. When you're able to look at the whole picture, you may decide that some planned purchases are not worth the change in your lifestyle that would be required to fund them and their implied expenses. 2. This workbook often asks me to provide monthly or annual amounts, and I simply don't know those amounts. What do I do? Wait to collect the information? Definitely not. Enter your best guessa glance through your checkbook and credit card bills will give you some idea. Start with that, and then you can refine the figures over time. Note that the weekly allowance does not require detailed itemization: you can spend that amount (but not more) each week with a free conscience. The things that will probably require some on-going work are the monthly and periodic billsin your first cut, you're likely to overlook some. But as the bills arrive and you pay them, add them to the appropriate category and adjust the overall budget accordingly. Within six months, your plan should be very solid. An example of estimation: Suppose you drive your car around 17,000 miles a year, and you get service every 7,500 miles. The service typically costs: 7,500 mile service: $90 15,000 mile service: $230 30,000 mile service: $400 So every 30,000 miles you have two 7,500 mile services, one 15,000 mile service, and one 30,000 mile service. The average cost for the 4 services is $202.50: two at $90, one at $230, and one at $400, a total of $810, which, divided by 4, gives the average service cost of $202.50. The average monthly mileage is 17,000 divided by 12: 1,417 miles. So you will expect to have a service every 5.3 months (7,500 mile service interval divided by 1,417 miles per month). You would enter the (average) cost of $202.50 and the number of months as 5.3 in the Fixed Expenses chart.


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FAQs

If your first service happens to be the $400 30,000-mile service, you just go ahead and pay it. You will almost always have enough in that account, since you are accumulating money for many fixed expenses. This will in effect "borrow" the money from the other accounts, but you pay it back the next time your car is serviced (since you will have saved up $202.50 for the $90 7,500-mile service). It will all come out even in the long run. 3. My savings will accumulate not only the money I deposit, but also interest. How is that shown? Interest amounts are not shown. The interest will vary as amounts are added to and taken from the savings, but not showing the interest is an error in the conservative direction: the interest amounts will simply move you to your goals faster, or (equivalently) give you a slightly greater financial cushion. In most cases, the interest amounts are relatively small compared to your overall cash flow. The exception is when the money gathers interest (or capital appreciation if it is in stock) over a long periodas for retirement savings. Even here you might want to ignore the growth due to interest or capital appreciation and focus on the cash amounts you're saving, since you don't know what impact inflation might have on your long-term savings: you can treat the accumulated compound interest or the capital appreciation as a hedge against inflation, at least until the time to use the savings draws near. 4. How can I know how much I can afford to put in the cash reserve or savings when I start filling out the workbook? You don't. Just make your best guess, and then at the end, as you review the Summary, you'll probably find that you need to revisit your earlier worksheets and revise your estimates. This allows you to explore "what if?" questions as well as trim the amounts to match your income. In your first pass through the worksheets, enter what you think might work. You might also want to look at how much you probably should be saving for retirement. Take a look at the "Ballpark estimator" at http://www.asec.org (note: it is .org, not .com). 5. Some of the amounts turn out to be trivial. For example, a $10 pet license paid once a year comes out to $0.83 per month. Should I just ignore these expenses? No, enter all expenses that you can identify, regardless of how small the monthly amounts. Those monthly amounts add up, and the idea in any case is to identify the amount of money that you have already committed to future expenses. Saving for a hot-water tank that costs $250 comes out to only $1.04 per month, assuming a 20-year life. Very easy to save, and very nice to have the $250 in hand when the water heater finally diesas it will. This plan attempts to cover all your expenses, and one way of looking at the expenses is that there are two types: those that you pay from your weekly allowance and all others. If you don't put the annual pet license in the plan elsewhere, you'll have to pay it from your weekly allowance when the license fee is due. Why take the hit in your allowance? Move as many expenses as possible to the other categories. For example, if you pay a gym fee of $30 once a month, you can put it in as a periodic purchase, from which account it will be paid. Otherwise, once a month you have a $30 expense you have to pay from daily allowance. Unsatisfying. 6. How do I record and track the money I spend from my weekly allowance? There's no real need to record and track these expenses at all. The weekly allowance is the money you have to spend after accounting for all foreseeable expenses and prudent savings. You can spend it any way you want. You will, of course, want to spend some for food (unless you are on a unbelievably strict diet :) and other personal needs. All the tracking you need is to take the weekly allowance in cash at the beginning of the weekend (so that you have money for the weekend), go to the supermarket and buy the food you'll need for the coming week (so you don't go hungry), buy whatever you want from the list you accumulated during the previous week, and then count and keep track of how much cash you have leftwhich must last you the week. You get no more cash until the next weekly allowance day. In return, you don't have to record any of those expenses. In fact, as you work with this plan, you will realize that you don't have to track and record expenses at all, except for making sure that all regular and predictable expenses, including future purchases, are entered into the plan. Then, as you limit yourself to spending your allowance on routine weekly things, your money automatically accumulates to cover the other expenses. Sometimes, though, it is very helpful to know how much is on hand for replacements, or for fixed expenses, or in the cash reserve, or for future purchases. As you accumulate a larger total, you may want to open separate


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FAQs

savings accounts by category and transfer the appropriate amount into each account monthly. Then, when one of those expenses comes due, you can withdraw the money from the appropriate account. 7. I work two jobs, but the workbook assumes that I'm working only one job. How do I handle that? All the income figures are in fact taken from the annual income, so you can actually enter any amounts you want in the take-home pay and the number of paychecks a year. The simplest way is to figure out for each income the total annual take-home pay, add those amounts, and enter that in the "take-home pay from check" box and then enter just a "1" in the "number of paychecks per year" box. The annual total will then be correct, and all the other figures follow from that. Example: in one job you get a weekly paycheck of $425 in take-home, and in the other you are paid twice a month with take-home of $725 per paycheck. The annual take-home income for the first is 52 (weeks) times $425, or $22,100, and the annual take-home from the other is 24 (twice a month) times $725, or $17,400. So enter $39,500 ($22,100 plus $17,400) as your take-home from the paycheck, and 1 as the number of paychecks per year. 8. My children get an allowance. How do I account for that? You can do it a couple of ways. One way is to increase your own weekly allowance by the amount of the children's allowances, and pay them from your weekly allowance. This is probably simplest. The other way is to include the children's allowance in the Fixed Expenses. Suppose they each get $10 per week. This amounts to a monthly amount of 2 x $10 x 4.33 (4.33 weeks per month), or $86.60 per month. By setting aside the $86.60 per month for the Fixed Expense, you'll have enough to cover their allowance from this account. If you have other questions, email [email protected]. Go on to the next page (press Ctrl-PgDn).


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Your income

Your income

Balance available: $0.00


This workbook is aimed at those whose paychecks vary little from check to check. It can also be used by those (such as people paid on commission or who work paid overtime occasionally) whose pay varies from check to check; these people will enter their average take-home pay. Start by entering your take-home pay (or your average take-home pay if the pay varies) from a recent paycheck. If youre a couple, you may have two incomes; if you have only one income, use only the Income 1 column.Income 1 Income 2

Take-home amount from check: How many paychecks per year?

$0.00 0Income 1

$0.00 Paid weekly = 52 checks per year Paid every 2 weeks = 26 0 Paid twice a month = 24 Paid monthly = 12Income 2

Annual take-home pay Monthly take-home pay Available Monthly pay

$0.00 $0.00 $0.00

$0.00 $0.00 $0.00 Only 95% of your take-home will be allocated. $0.00 $0.00

Total Annual take-home pay: Total Available Monthly Pay:

You must not allocate every penny of whats coming in, especially at first. There will be surprises, unforeseen or forgotten expenses, variations from the average, etc. Base your planning on 95% of your take-home pay; the 5% remaining is a safety net. This plan focuses on monthly amounts because many payments (rent/mortgage, utilities, credit cards, auto loans, etc.) are made monthly. But the plan will also take care of your daily expenses. Wait and see. Go on to the next page (press Ctrl-PgDn).


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Cash reserve

Cash Reserve



The first step in allocating your income is to figure out how much you need in your cash reserve. The cash reserve is increasingly important as employers become more accustomed to downsizings and layoffs as a way of protecting their profit line. Dont be scared, be prepared. The expense categories are in order of importance, from most imperative to most discretionary. The Cash Reserve is first because it preserves your independence and gives you a choice. Humphrey Bogart called his cash reserve the FY Fund because with it he had the choice of refusing roles he didnt want. Without a cash reserve, your company may force you to do things with which you have profound moral and ethical disagreements simply in order to keep your job. Such actions do terrible damage to your self-respect and your comfort with who you are. In extreme cases, ones distaste with what he has done can result in shutting down feelings and self-knowledge simply to avoid the pain of knowing. With a cash reserve, you can walk if you feel you should. A common rule of thumb is to have ready at least 3 months take-home pay in an account from which you can withdraw money with no prior noticefor example, a passbook savings account (which unfortunately pays low interest) or a money-market account (better interest). Depending on your situation, you might want 4, 5, or even 6 months of take-home in reserve. Your degree of caution will be influenced by the economy, the demand for people in your line of work, the volatility of your industry, your level (those at a higher level usually must look longer to find a new job), whether you would likely have to move, etc. To give you an idea of the range: Three-month reserve = Six-month reserve = How big a cash reserve do you want? How much cash reserve do you now have? Difference You can leave this box blank $0.00 $0.00 Great! $0.00 $0.00

Obviously, once you have achieved your cash reserve goal, you no longer include this monthly payment in your plan, which frees up money for other purposes, such as retirement savings, savings for a house, etc. Go on to the next page (press Ctrl-PgDn).


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Savings

Savings



The cash reserve is a ready reserve. It cant be invested in any long-time investments, such as a mutual fund or stocks, because you may have to call on it at an inopportune time. So it is in a money market account, a passbook savings, or some other account where you can get to it at any time. In addition to your cash reserve, you need some regular savings that can be invested to growyour own retirement plan. I certainly recommend (highly) that you participate in any 401(k) or similar plan offered by your employer, but you may want to save more than that, or you may want to have a long-term savings plan where you have more control and can, for example, withdraw money from the savings if needed. In that case, you will want to be routinely putting money aside to grow, long-term, in a mutual fund, common stocks, or other such investments that will appreciate over time. Also, you should take a look at the "Ballpark estimator" at http://www.asec.org (note: .org, not .com) to get a ballpark estimate of the retirement savings you'll need. The typical rule is to save 10% of take-home pay, or Amount you will save/invest for the future each month: $0.00 per month in your case. $0.00



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Fixed expenses

Fixed expenses



Fixed expenses are predictable expenses that occur with unfailing regularity and must be paid. They can be: Monthly: utilities, rent/mortgage, credit cards, phone, auto loan, etc. Every other month: water bills, perhaps Quarterly: Some auto insurance Twice a year: Other auto insurance Annually: auto registration, home/renters insurance, license fees, etc. But all fixed expenses must be paid when they are due. They are not discretionary. With this plan you will spend the appropriate amount from EACH paycheck toward these expenses. That way, when bills arrive, the money to pay them is in your account and you simply write the check and mail itno sweat. Total of detail below: Your monthly fixed expenses: $0.00 of your total monthly $0.00

Bills paid each monthFirst, lets look at the bills that arrive monthly. For some of these, you will have to estimate the amount. If you have a choice (for example, with your gas and electric bill), elect a budget plan in which the company bills you the same amount each month. It makes things simpler. Modify the following columns to match your own situation. In some cases, you must estimate the amount. If you have records for the past year, you can just use the average. If you have some bills that you pay weekly and that are not optionalyou must pay themlist them and include the MONTHLY amount. Multiply the weekly amount by 4.33 to get the monthly amount. Average monthly amount $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Bill Rent/Mortgage Gas & Electric Auto loan Phone Cell phone VISA MasterCard AmEx Discover other other other other other other other

All other fixed expensesThese are all the other non-discretionary bills. Estimate the amount of each payment, then tell how frequently you pay it. Think of every bill that you get during the year that you must payfor example, your auto registration would be included here, but not your subscription to Pen Worldthat's discretionary and will be taken care of later.


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Fixed expenses

In your first year of using the plan, you will probably discover some oversightsbills that you get every six months or every year that you forgot to include. When that happens, add them to the table and update the total weekly amount. Paid every Each how many? payment months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 Average monthly amount

Bill Auto insurance Home/renter's ins Water/sewage Long-term care ins Auto registration Auto maintenance Dental visit Routine physical Prescription drugs Tuition Professional assn dues Pet checkup Other license fees Auto club Other annual dues other other other other other other other other



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Fixed expenses


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Fixed expenses

pdate the total


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Replacements

Replacement expenses



This is where many people go astray. Everyone has things that must be replaced when they wear out. Most people will spend the replacement cost over the life of the thing (car, refrigerator, suit, tires) on other things and thus not have the money at hand when the day of reckoning comeswhen, for example, the mechanic says You need to replace the brakes right now, or when the plumber comes up out of the basement with a grim expression, or when you realize that you can no longer find programs that run on your old IBM PC-XT. By spending the money that will inevitably be needed for replacements, people have a (temporary) feeling of prosperity. But eventually the piper must be paid. Spending the replacement money is like sawing off the limb youre sitting on. A renter might have little on the list beyond typical auto replacements (tires, auto battery, and the auto itself) and perhaps furniture (for example, replacing a couch every 10 or 15 years) and electronic equipment (for example, replacing a stereo every 7 years, a computer every 4 years). A home owner will have a long list: roof, exterior paint, carpeting, hot water tank, range, refrigerator, washer, dryer. The nice thing is that most of these things have a long lifea roof is good for 15 or 20 years, a hot water tank for 10 to 15 years. The result is that the monthly set-aside for these items is not muchbut when the time eventually comes, as it will, the money is there. This is not to say that being a renter is preferable to owning a home. Much is a matter of individual preference, and owning a home has its own advantages: the ability to have a garden, the freedom to customize or remodel as one wants, the increased sense of privacy and control, the building up of equity, and so on. This plan, however, focuses on planning for predictable expenses, and the homeowner's replacement list is part of those predictable expenses. Note that you enter only the replacement cost (out-of-pocket dollars). If youre going to trade in your current car, enter only the cash amount you think youll need beyond the trade-in. Youll have to make a judgment call on some items. For example, what about an expensive business suit? Does this come out of the personal allowance as clothing, or is it a true mandatory replacement? If you actually must have a suit to make your living, then I would think it should be in Replacementsits not a discretionary purchase. But its up to you: its your plan. The total monthly amount being set aside for replacements is Item Tires Battery Misc auto parts Next car Couch Chair Mattress TV Computer Printer Roof Carpeting Refrigerator Range Hot water tank Furnace Vacuum cleaner Glasses Exterior paint other $0.00 of your monthly total: Cost per month $0.00

Cost to Est. Life Replace (in months) $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0


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Replacements

other other other other other other other other other other other other other other other other other other other other other other other other other other other other other other other

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0



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Weekly allowance

Weekly allowance



Weekly 1

Weekly 2

Weekly allowance from lists below: This amount from each allowance: The average per month is $0.00

$0 $0 from your

& &

$0 $0 $0.00

a week. (Forget cents in the weekly allowance.) goes to pay the shared household expenses. (There are 4.3333 weeks per month: 52/12.)

Every Friday you take your weekly allowance in cash from the bank. The amount you take will last you until the following Fridayor else you go without and make do. (Its a good idea to have a jar of quarters for things like parking for those times you run out of cash during the week, and to have a cupboard of basics like spaghetti and canned foods to tide you over.) You spend your weekly allowance however you want, but thats it: once spent, you wait until the following week to get more money. If you want to blow it all on books or a fine wine one week, so be itbut wait until the following Friday to replenish your pocket money. Your feelings of prosperity or poverty depend to a large degree on how comfortable you are in this category. And note the weekly allowance amount is not strictly discretionaryyou do have to have groceries, gasoline, and the like. But you still have a lot of discretion in how you actually spend your allowance. Its important that you deal in cash, not in checks, credit cards, or ATM cards. Cash is real in a way that the others are not. You can see it dwindle, and you quickly become aware that buying this means that you wont be able to buy that . You will learn to start listing for next week the things you want but were not able to get this weekor did not want to buy this week, so you could use the money for other things. Thats fineyou are bumping up against the limits of your income, but in a way that is not damagingbecause all the other surprise expenses are covered by the amounts you're setting aside in the other categories.. To give you an idea of what you should cover with your weekly allowance, estimate your monthly expenses in the following. This is set up for two people. If you live alone, ignore the second column.Weekly 1 Weekly 2 income 1 income 2

Shared expenses--indicate split:

50% - 50%

Split based on pay is:

Shared expenses are divided between two allowances according to the split indicated above. You may not have any shared expenses, even if you are a couplesee next section. Shared household expenses Item Pet food Home supplies other other other other other other other other other Approx. monthly amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Weekly amount

Separate expenses


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Weekly allowance

The next expenses to be covered by the weekly allowance are the personal and (for couples) separate expenses. It is not unlikely that the weekly allowances will differone person might have to pay parking daily, the other not; one might have an expensive hobby, the other an inexpensive hobby. Many couples divide the financial responsibilities, so that one, for example, is responsible for buying the gas and the other buys the groceries. These couples will have no shared expenses, since all the expenses are covered by one or the other's allowance. Settling the appropriate amounts for the individual expenses will be a matter of negotiating and seeing the others needs as clearly as one sees ones own. If you have not read the excellent (and short) paperback book, Getting to Yes , by Roger Fisher and William Ury, I highly recommend it. It describes a clear and fair method of negotiation that makes it much easier for the two parties in any negotiation to reach a fair agreement when agreement is possible. This book is widely available. Allowance 1 Approx. monthly Item amount Groceries $0 Lunches $0 Parking $0 Books, CDs $0 Restaurant meals $0 Clothing $0 Laundry/cleaning $0 Personal care/cosmetic $0 Gasoline $0 Tobacco $0 Alcohol $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 other $0 Allowance 2 Weekly amount Item other other other other other other other other other other other other other other other other other other other other other other other other Approx. monthly amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Weekly amount



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Weekly allowance


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Weekly allowance

sponsibilities,


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Periodic purchases

Periodic purchases



$0.00

which comes out of your monthly

$0.00

Periodic purchases are discretionaryyou can skip them if you want. Periodic purchases are usually paid by check to the vendor, rather than out of your pocket money (weekly allowance). Some examples: Monthly: gym fee, club fees, etc. Annually: magazine subscriptions, birthday presents, club dues, etc. In the following table, list the item, estimate the amount of the payment, then tell how frequently you pay it. In some cases, you may want to estimate the average annual amountas with book clubs. Note that with most magazine subscriptions, you can save substantially by renewing for more than a year at a timefor example, look at the three-year renewal rate and enter that amount with a 36-month frequency rather than paying the one-year rate. Paid every Each how many? payment months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 Average monthly amount

Bill Gym fee Birthday 1 Birthday 2 Birthday 3 Birthday 4 Birthday 5 Birthday 6 Christmas 1 Christmas 2 Christmas 3 Christmas 4 Christmas 5 Christmas 6 Anniversary 1 Anniversary 2 Anniversary 3 Magazine 1 Magazine 2 Magazine 3 Magazine 4 other other other other other other other other other other other other other other


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Periodic purchases

other other

$0.00 $0.00

0 0



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Future purchases

Future purchases



The purchases listed below will take

$0.00

from your monthly pay of

$0.00

This wouldn't be much of a plan if it didn't allow you to plan (and set aside money) for those things you've always wanted. If "you" are a couple, you will have to establish a way to set prioritiesperhaps flip a coin to decide who picks the first priority, and then take turns after that. Or perhaps set an amount (say, $500) and take turns putting the amount toward the purchases nearest the heart of each. But however you do it, you can find how how much to set aside with this worksheet and have it part of your monthly spending plan. You can enter today's date by holding down the Ctrl key and pressing the ; key. When you set the date for the purchase, the worksheet computes the number of months and figures the cost per month. You need the date to buy because before that date you will not have accumulated enough money for this item and you can't take money from the other accounts without running into trouble. That money is already earmarked to pay specific upcoming expenses. Today's date Cost (use Ctrl-;) $0.00 20-Feb-99 $0.00 3-Mar-99 $0.00 17-Mar-99 $0.00 $0.00 $0.00 Number of months away 20 11 23

Item Trip to Paris New reading chair College for Pat House down payment Oriental rug Vacation in Aruba Orthodontia etc. etc.

Date to buy 1-Oct-00 1-Feb-00 1-Feb-01

Cost per month $0.00 $0.00 $0.00



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Summary

Summary


And here's your plan. Revise your entries on the earlier pages as needed to make expenses total less than Monthly Available, or to accommodate changes in your income or expenses. Once you begin using QuickForm, use that page exclusively for your work. The summary information below is based on the detailed worksheets (with text) on the pages preceding this one. The QuickForm Summary is based on the information in the QuickForm sheet. A picture of where your money goes

0%Cash reserve payments Savings

Fixed expenses Replacement expenses Weekly allowance Periodic purchases Future purchases

Monthly available Total of outflow Cash reserve payments Savings Fixed expenses Replacement expenses Weekly allowance Periodic purchases Future purchases

$0.00 (Your spending plan should leave 5% of monthly pay untouched in case of errors, surprise expenses, upswings of averages, etc.) $0.00 Wonderful!! You made it with this much to spare: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

You must save this much until you reach your cash reserve goal. Not much you can do about thisyou must invest for your future. Not much you can do about theseyou must pay them. Not much you can do about thesethese things must be replaced. You can elect to spend less for some things to reduce this amount. You can drop items from the list to reduce this amount. You can take items off the list or wait longer to buy to reduce total.

The benefit, with the income and outgo balanced, is that you can spend freely within your limits, knowing that future needs will be taken care of. You will not have an uneasy feeling that you may be spending too much and getting into trouble later. Instead, youll know exactly how much you can spend in safety. You will know how to live within your means by knowing the limits of your means. Let us know your experience with this plan: [email protected] If your experience is positive, tell your friends about our Web site: http://www.withinyourmeans.com Thanks. Done!


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QuickForm

QuickForm


Once you have become familiar with the method, you may wish to use these worksheets since the text on the previous pages will be familiar.

0%Cash reserve paymentsSavings Fixed expenses

Replacement expensesWeekly allowance

Periodic purchases Future purchases

Initially, the table entries below are simply copied from the tables on the previous pages. Once you start making new entries on this page, you'll have to continue to use the QuickForm versions, since the previous worksheets will not reflect the data you enter here. The summary on this page is built from the data on this page. Monthly available Total of expenses Cash reserve payments Savings Fixed expenses Replacement expenses Weekly allowance Periodic purchases Future purchases $0.00 (Your spending plan should leave 5% of monthly pay untouched in case of errors, surprise expenses, upswings of averages, etc.) $0.00 Wonderful! You made it with this much to spare: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Not much you can do about this--you must invest for your future. Not much you can do about these--you must pay them. Not much you can do about these--these things must be replaced. You can elect to spend less for some things to reduce this amount. You can drop items from the list to reduce this amount. You can take items off the list or wait longer to buy to reduce total.Income 1 Income 2

IncomeTake-home amount from check: How many paychecks per year? Annual take-home pay Available Monthly pay

$0.00 0 $0.00 $0.00

$0.00 0 $0.00 $0.00 $0.00 $0.00 $0.00 0 months

Total Available Monthly Pay:

Cash reserveHow big a cash reserve do you want? How much cash reserve do you now have? When do you want to reach your goal? In Per month $0.00

SavingsAmount you will save/invest each month: $0.00 Per month $0.00

Fixed ExpensesBill Average monthly


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QuickForm

Rent/Mortgage Gas & Electric Auto loan Phone Cell phone VISA MasterCard AmEx Discover other other other other other other other

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Paid every Each how many? payment months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 Average monthly amount

Per month

$0.00

Bill Auto insurance Home/renter's ins Water/sewage Long-term care ins Auto registration Auto maintenance Dental visit Routine physical Prescription drugs Tuition Professional assn dues Pet checkup Other license fees Auto club Other annual dues other other other other other other other other

ReplacementsItem Tires Battery Misc auto parts Next car Couch Chair Mattress TV Computer Printer Roof Cost to Est. Life Replace (in months) $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 Cost per month Per month $0.00


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QuickForm

Carpeting Refrigerator Range Hot water tank Furnace Vacuum cleaner Glasses Exterior paint other other other other other other other other other other other other other other other other other other other other other other other other other other other other other other other other

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weekly AllowancesWeekly 1 Weekly 2

Weekly allowance from lists below: Of which, this to shared expenses: Shared expenses--indicate split: Based on income:

$0 $0Weekly 1

$0 $0Weekly 2

Per month

$0.00

50%income 1

50%income 2

Shared expenses are divided between two allowances according to the split indicated above. Shared household expenses Item Pet food Home supplies other Approx. monthly amount $0 $0 $0 Weekly amount


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QuickForm

other other other other other other other other Allowance 1 Item Groceries Lunches Parking Books, CDs Restaurant meals Clothing Laundry/cleaning Personal care/cosmetic Gasoline Tobacco Alcohol other other other other other other other other other other other other other

$0 $0 $0 $0 $0 $0 $0 $0 Approx. monthly amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Allowance 2 Weekly amount Item other other other other other other other other other other other other other other other other other other other other other other other other Approx. monthly amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Weekly amount

Periodic purchasesPaid every Each how many? payment months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 Average monthly amount Per month $0.00

Bill Gym fee Birthday 1 Birthday 2 Birthday 3 Birthday 4 Birthday 5 Birthday 6 Christmas 1 Christmas 2 Christmas 3 Christmas 4 Christmas 5 Christmas 6 Anniversary 1 Anniversary 2 Anniversary 3


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QuickForm

Magazine 1 Magazine 2 Magazine 3 Magazine 4 other other other other other other other other other other other other other other other other

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Future purchasesPer month: Today's date (use Ctrl-;) 20-Feb-99 3-Mar-99 17-Mar-99 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 Date to buy 1-Oct-00 1-Feb-00 1-Feb-01 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 Number of months away 20 11 23 Cost per month $0.00 $0.00 $0.00 $0.00

Item Trip to Paris New reading chair College for Pat House down payment Oriental rug Vacation in Aruba Orthodontia etc. etc. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 End of tables

Cost $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00


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Tips

Tips (unprotected worksheet)Include your own tips as you learn more about your financial patterns. Password for each protected sheet is 123 General When thinking of a purchase, decide whether the attraction is external or internal. External purchases are purchases you would not have thought of making if you hadn't seen the item. Internal purchases are purchases you're being pushed toward because of a neede.g., a filing cabinet. If you walk through a department store and your eye is caught by a sweater, that is external. If you're out looking for something that will keep you warmer in the apartment and you see the sweater, that's internal. Don't buy external purchases. Whenever you have an expense that's not covered in the spreadsheet somewhere, think about how you can include it so that the next time you'll have the money on hand to pay it. In general, buy only things that you actually need in the coming week. If you can, put off a purchase until the following week. The more you postpone a purchase, the longer you'll have the money that would have gone for the purchaseand the more likely it is that you don't have to buy it at all. And if you actually forget about the item during the wait before buying--well, that's a good sign that it was an "external" item. Buying something you don't need because it's on sale does not save you money. Beware collecting: if you have a collection, you always have a ready-made reason to spend money. If you do collect, think of natural ways to limit the size of collection. Examples: Books about railroadsonly as many as will fit into the "railroad" bookcase. Pensonly as many as will fit into your pen cabinet. Silverwareonly x place settings. Figurinesonly as many as will fit on the figurine shelf. A predetermined limit makes those collected more precious and makes you a more discerning collector. Buying a lottery ticket is not making an investment. It purchasing an experience: hope, then disappointment. Goals Your expenses and your future purchases should be informed by your goals. Rather than letting your money dissipate itself in all directions, you will find it has much more power if you direct it toward a goal. The problem for many is that their goals are vague and unformulated. Your local library has books on personal goal-setting. Check the catalog for the subject "goal-setting" and you will find their titles and location. Take a look at them and see if you find one that you can work with. You'll get more satisfaction from the money you earn if you see that it is advancing you toward the goals you have chosen as important to yourself. As mentioned on earlier pages, http://www.asec.org gives you a way to estimate goals for retirement savings. Groceries Groceries don't amount to a lot of your overall income, but they amount to a lot of your weekly allowance. For that reason, it's worth giving thought to ways to minimize your grocery bill: the less you spend at the grocery store, the more money you'll have each week to feel prosperous and comfortable. Here are some tips: Thirty minutes before you go grocery shopping, eat a sandwich or some other substantial snack. Use a list to minimize your time in the store and to avoid looking randomly for something to buy. Look for inexpensive and filling foods that are easy to cookbeans, grains, vegetables, pasta. Consider taking a cooking class to learn to enjoy cooking. Don't buy ready-to-eat meals or already-prepared foods (e.g., pasta sauce, frozen dinners). It's cheaper and more healthful to make your own.


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Tips

Catalogs Throw out mail-order catalogs as they arrive, before looking at them. Money By minimizing your contact with any money except your weekly allowance, you make it possible for the overall plan to proceed, steadily moving you into the black. Here are some ideas to keep from spending: Put your credit cards in your suitcase. That way, you'll have them for a trip but they won't be convenient when you see a book or CD or other impulse ("external") purchase item. Have a box into which you put current bills as they arrive. Have another box for paid bills, and a third box for the miscellaneous stuff that would otherwise be put into the bill boxes. Avoid contact with the checkbook. Take it out every other Saturday just to pay bills. Have your payroll checks direct deposited. Some companies allow you to direct deposit portions of your paycheck in different accounts. Once you've determined the amounts for your cash reserve and savings, you can have this amount deposited directly into a separate savings account. As your balance builds up, you might want to have separate accounts for Cash Reserve, Savings, Fixed expenses (that are paid less frequently than monthly), Replacements, and Future purchases. This more clearly earmarks the money with its purpose, so that you are not tempted to spend the growing (but already committed) balance. Gambling If you have a compulsion to gamble and gambling is disrupting your finances and/or your life, this workbook is not likely to help, any more than a book on good nutritional practices would help a person with an eating disorder. Compulsive gamblers must seek out help that can address the compulsion directly, such as Gamblers Anonymous (http://www.gamblersanonymous.org/). And, of course, they must decide that they want to regain control of their lives. Peer Group Be careful in how you compare your lifestyle (clothes, car, domicile, etc.) with that of others. First, those others may be incredibly overextended financially. Second, if you are comparing with characters in a TV show (Friends , etc.) or a movie, you are comparing yourself with a fiction. Those characters are costumed and situated to be ultimately appealing and to encourage consumption. Don't fall into the trap of keeping up with the fictional Joneses who can get any item with a sentence in the script. Insurance Your insurance should cover expenses you can in no way afford. Thus the medical and liability coverage of your car insurance should be set to the highest limitsit's cheaper than you think, and if you do get in a catastrophic accident, you're covered. Also look at the expected payoff for other coverage: for example, rental car payments when your car is in for repair after an accident. This is about $20/year. One day of car rental is around $40. If you have any serious car damage, you can expect your car to be in the shop for at least a week, which would pay for 14 years of this coverage. In addition, sometimes this coverage will cover the deductible you would pay on rental car insurance, so that you have no need at all to buy insurance offered by the car rental agency. Life insurance should be at an amount to cover your needed contribution. If you have a non-working spouse and young children you hope to send through college, the total amount of life insurance can be high. Look at term insurance. If you live alone with no dependents, your life insurance needs can be quite low. Sooner or later, many people need long-term care insurance. The problem is that this insurance becomes unavailable the minute you know for sure you'll need ite.g., you or your partner is diagnosed with a long-


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Tips

term disabling disease such as Alzheimer's, Parkinson's, Lou Gehrig's, or the like. If you've known of elderly people being moved to successively lower quality care facilities as they exhaust their savings, you understand the importance of this type of insurance. Home ownership Home ownership is considered a goal by many. It's true that one builds up equity in the residence over time, and the value of the home can appreciate as a capital investment (or not). But be aware of the number and amount of implicit expenses that come with the purchase of a home: the upkeep of the structure, the eventual replacements (carpet, furnace, hot water tank, dishwasher, etc.), and the payments that persist even after the mortgage is paid (property tax, insurance, etc.). On the other hand, don't lose sight of the non-monetary values: privacy, control, ability to customize, etc. Commuting Commuting involves many expenses beyond the cost of gas and time. Take a look at the book by Joe Dominguez and Vicki Robin titled Your Money or Your Life to analyze the overall costs associated not only with your commute but also with your job. Incidentally, their financial plan is similar in some respects to this, except that I have set up this plan to minimize the daily recordkeeping of expenses: so long as you stay within your weekly allowance for all your daily spending, you don't need to keep records and you know that you're putting aside enough money to put you in the black overall. Life enjoyment Look for free entertainment. The local library is not only a source of CDs, videos, books, and magazines, it also offers much informationabout local events (free and low-cost), classes and discussion groups, and ways to save money. Make the library a regular weekly stop. Outdoor activities at local parks and state parks are a great way to burn off steam and get exercise that's different from your routine activities in the workplace. And these are free or very low cost. Volunteer work can bring great enjoyment as well as doing a social goodbig brother/sister programs, tutoring schoolchildren, adult literacy programs: all these benefit both you and the participants.


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Your worksheet

Your worksheet (unprotected worksheet)This worksheet is not protected, so you can use it as you will--tracking credit card balances as they decrease, working out projections of balances by taking compounded interest into account, etc. You can, of course, add additional worksheets as you wish using Insert, Worksheet.


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Within Your Means end-user license agreement single-userLicensed to: namenamenamenamename emailemailemailemailemailemail da/te/date THIS IS THE LICENSE YOU AGREED TO BEFORE DOWNLOADING THIS SPREADSHEET. By clicking the "YES" button, you indicated your acceptance of these terms. This is a legal agreement between you, the user, and Within Your Means. BY CLICKING ON THE "YES" BUTTON, YOU AGREED TO BE BOUND BY THE TERMS OF THIS AGREEMENT Within Your Means SPREADSHEET LICENSE 1. GRANT OF LICENSE. Within Your Means ("WYM") grants you a limited license to use one copy of the WYM Excel spreadsheet (the "Software") on a single, single-user CPU. 2. COPYRIGHT. The Software copyright is owned by WYM, protected by United States copyright laws and international treaty provisions, and licensed, not sold, to you the end user. WYM does not transfer title to the Software to you, but retains the rights to make and license the use of all copies. Therefore, you may make no copies of the Software, or reproduce it in any way, except that you may either (a) make one copy of the Software solely for back-up or archival purposes, or (b) copy the Software to a single hard disk, provided you keep the original and any copies solely for back-up or archival purposes. You may make a second copy for a second computer (e.g., a laptop) so long as they do not both run simultaneously. 3. OTHER RESTRICTIONS. You may not rent or lease the Software, but you may transfer the Software on a permanent basis, provided you retain no copies and the recipient agrees to the terms of this Agreement. 4. TERM. The term of this license is for the same period of time as copyright protection inheres in software. You may terminate it at any time by destroying the Software, together with all copies thereof. It will also terminate if you fail to comply with any term or condition of this license. Upon such termination, you agree to destroy the Software and accompanying materials. 5. IMPLIED WARRANTIES. WYM OFFERS NO WARRANTIES AND NO IMPLIED WARRANTIES COVERING THE SOFTWARE, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 6. NO LIABILITY FOR CONSEQUENTIAL DAMAGES. IN NO EVENT SHALL WYM OR ITS SUPPLIERS BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFITS, BUSINESS INTERRUPTION, LOSS OF BUSINESS INFORMATION, OR OTHER PECUNIARY LOSS) WHETHER BASED ON CONTRACT, TORT, OR OTHER LEGAL THEORY, ARISING OUT OF THE USE OR INABILITY TO USE THIS WYM PRODUCT, EVEN IF WYM HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 7. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding between the parties and supersedes any proposals, discussions, or negotiations between them related to the subject matter of this Agreement. This Agreement may be amended,


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altered, or modified only by a writing dated subsequent to this Agreement and signed by WYM. This Agreement shall in all respects be interpreted, construed in accordance with, and governed by the internal laws of the State of California, without regard to the rules on conflict of laws. Should you have any questions concerning this Agreement, please contact WYM through email at [email protected].


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Within Your Means

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Transcript of Within Your Means