Page 2. ExpEnsEs (please enter monthly amount). Housing. Mortgage/rent payments. $. Utilities (gas/electric/water). $. P
Take the budget challenge It’s time to find balance in your budget
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very good financial plan needs a budget. No matter how much you earn it’s important to know where you are spending your money. Budgeting is about building a plan to help guide you to make good decisions when it comes to saving, spending and investing. The challenge is to find balance. Balancing a budget means figuring out how to spend less than you make and therefore breaking the debt cycle. This worksheet will help you better understand your current situation, identify spending habits and reduce debt. l
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Solut!ons for financial planning
Personal budget worksheet After-tax net income (Please enter monthly amount) Wages, salary, commissions & bonuses
Pension
$______________
$______________
Other income
$______________
Rental property Income
$______________
Total monthly income $______________
Investment income (RRIFs, annuities, dividends, interest)
$______________
A Total annual income (above x 12) $______________
Government benefits (CPP, OAS)
$______________
Expenses (Please enter monthly amount) Housing
Financial obligations
Mortgage/rent payments
$______________
Registered contributions
$______________
Utilities (gas/electric/water)
$______________
Non-registered contributions
$______________
Phone/cell/internet/cable $______________
Pension contributions
$______________
Homeowner’s/content Insurance
$______________
Loans & lines of credit payment
$______________
Property taxes/condo Fees
$______________
Credit card payments (all cards)
$______________
Home repairs/maintenance
$______________
Health insurance
$______________
Transportation
Life Insurance (Life/LTC/Disability/CI) $______________
Gas $______________
Discretionary expenses
Car insurance
$______________
Fitness $______________
Loan/lease payments
$______________
Travel/vacation $______________
Public transit
$______________
Hobbies $______________
Maintenance/repairs $______________
Pets
$______________
Parking $______________
Entertainment
$______________
Daily living
Restaurants
$______________
Groceries
$______________
Gifts (birthdays/anniversary)
$______________
Childcare/support payments
$______________
Tuition, student loan payment
$______________
Subscriptions (newspapers/magazines)
$______________
Clothing/haircuts
$______________
Charities
$______________
Services (dry cleaning/ housekeeping/landscaping)
$______________
Other ________________________
$______________
Health care
Total monthly expenses $______________
Medical (prescriptions/ dental/eye/chiro/massage) $______________
B Total annual expenses (above x 12) $______________
Assisted living, nursing care
$______________
Total dollars available to invest or save A Total annual income – B Total annual expenses = Total dollars available
$______________
Looking at your spending patterns, are you surprised? Pleased? Frightened? If you don’t like what you see, work with your advisor to develop a budget and plan.
Assets Primary residence
Current value $______________
GICs
$______________
Pension (company/individual)
$______________
Vacation home, commercial/rental property
$______________
Other assets
$______________
Black book value of automobiles
$______________
A Total assets
$______________
Trucks, boats, other transportation $______________ Chequing accounts
$______________
Liabilities
Savings accounts
$______________
Balance on home mortgage
$______________
TFSAs $______________
Tuition loans
$______________
RESPs
Credit card balances
$______________
RRSPs/RRIFs $______________
Home equity loans
$______________
Individual stocks
$______________
Lines of credit
$______________
Individual bonds
$______________
Medical expenses
$______________
Segregated funds
$______________
Car loans
$______________
Mutual funds
$______________
Other long-term debt
$______________
Money market accounts
$______________
Miscellaneous money owed
$______________
$______________
Current debt
B Total liabilities $______________ Total net worth A Total assets – B Total liabilities = Total net worth
$______________
Are you happy with your assets-to-liabilities ratio? If you think there’s room for improvement, talk with your advisor about reducing debt or making your investments work harder for you.
© 2012 Manulife Financial. The persons and situations depicted are fictional and their resemblance to anyone living or dead is purely coincidental. This media is for information purposes only and is not intended to provide specific financial, tax, legal, accounting or other advice and should not be relied upon in that regard. Many of the issues discussed will vary by province. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. E & O E. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Any amount that is allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. Statistics Canada information is used with the permission of Statistics Canada. Users are forbidden to copy the data and redisseminate, in an original or modified form, for commercial purposes, without permission from Statistics Canada. Information on the availability of the wide range of data from Statistics Canada can be obtained from Statistics Canada’s Regional Offices, its World Wide Web site at www.statcan.gc.ca, and its toll-free access number: 1 800 263 1136. Manulife, Manulife Investments, the Manulife Investments For Your Future logo, the Block Design, the Four Cubes Design and Strong Reliable Trustworthy Forwardthinking are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license. Tmk1333E 04/12
