Financial planning project

Creating Your
Personal Financial

Plan

Amy White – Daily Successful Living 1

Copyright © 2017 by Amy White. All rights reserved.

No part of this publication may be reproduced, stored, or transmitted in any
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Limitation of liability/disclaimer of warranty: While the publisher and author
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The advice and strategies contained herein may not be suitable for your
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the publisher nor author shall be liable for any loss of profit or any other
commercial damages, including but not limited to special, incidental,
consequential, or other damages.

Amy White
www.DailySuccessfulLiving.com

[email protected]

Amy White – Daily Successful Living 2

http://www.DailySuccessfulLiving.com

mailto:[email protected]

mailto:[email protected]

 
 

 

 

How To Set Up Your
Personal Financial

Plan
I used to do these long-complicated life plans that included every single aspect of my financial life. I
quickly realized that it was overkill. When they are too complicated you lose focus and quite frankly,
they just don’t happen.

Now my personal financial plan is super simple. I focus on these
5 areas:

• Personal Net Worth
• Debt Reduction
• Emergency Savings
• Retirement Savings
• Short-Term Savings goals

Every year, I sit down and calculate my current value in each area and then set goals as to where I want
to be in 1 year, 5 years, 10 years and 30 years. For the emergency fund and short-term savings, I spread-
out my goals over a 12 month time period.

Simple huh!

Here is a sample of what I do for each of the 5 areas mentioned above:

Current Value of Emergency Fund 9,500
Future Goals 15,000
Value of emergency Fund in 3 months 10,874
Value of emergency Fund in 6 months 12,248

Value of emergency Fund in 9 months 13,622

Value of emergency Fund in 12 months 14,966
Value of emergency Fund in 5 years 15,000

Amy White – Daily Successful Living 3

 
 

I’m currently underfunded and only have $9,500 in my emergency fund. My goal is to be at $15,000 by
the end of the year. The difference is $5,500 which means I need to save $1,374 per quarter to hit my
end of year goal.

I go through the same process for my net worth goals, debt reduction, retirement and whatever
short-term goals I’m working on.

My personal financial plan template makes it easy for me to quickly visualize the changes I’ll need to
incorporate into my budget to hit my goals.

To make my debt reduction goals, I have to calculate my current debt. Use the “My Current Debt” form
to list all of your debt. You will then use this form to make your debt reduction goals.

My Current Debt
Total Current Debt 197,652
Mortgage On Home 155,555
Car Loan #1 14,547

Car Loan #2 3,200

Credit Card #1 1,556
Credit Card #2 575
Student Loan #1 16,787

Student Loan #2 5,432

Personal Loan 0
Medical Debt 0
Other 0

Other 0

Amy White – Daily Successful Living 4

 
   

 

 
   

 

One of the most important parts to your personal financial plan is working towards a positive and
continually growing Net Worth.

Your Net Worth is your current value in financial terms.

Your personal net worth is calculated by adding up all of your assets and then subtracting your
liabilities. (see the next page for an example)

To calculate your net worth, write down all of your current assets. I include anything that is valued at
over $3,000. I don’t stress about the small things in my home. For example, I personally don’t include
computers, jewelry, guns, camera’s and other medium priced items when I create a personal financial
plan. It isn’t worth the time.

The important thing is to make sure that you correctly value your assets. Just because you love your car
doesn’t mean that it is in excellent condition on Kelly Bluebook. Be realistic. Your goal is to get an
accurate value of your net worth, not an inflated valuation based on the original price of an item.

Once you have determined your net worth it is time to set some personal financial goals.

If you have a negative net worth, I would focus on debt reduction to get the most bang for your buck.

If you have a positive net worth, then review your assets to see where you have holes. For example, if
you have a lean emergency fund, you may want to prioritize your emergency fund this year and then
next year focus on retirement planning and short-term saving goals.

Creating a Personal Financial Plan doesn’t need to be hard!

I go through this process every year and it really helps me stay on track with my budget, spending and
saving.

If you have any questions on these forms please reach out to me via my website. I’d love to hear from
you.

Love,

Amy

www.DailySuccessfulLiving.com

Amy White – Daily Successful Living 5

http://www.DailySuccessfulLiving.com

http://www.DailySuccessfulLiving.com

Current Estimated Net Worth
Assets
Personal Residence (Estimated Full Value) 210,000
Vehicles 21,000
Savings Accounts 6,000

Stocks/Bonds/Mutual Funds/ETF’s 12,000

Retirement Accounts 125,000
Other Assets 15,000
Other Assets

Other Assets

Total Assets 389,000

Liabilities
Mortgage Loan Balance 155,555

Vehicle Loan Balance 17,747

Student Loans 22,219
Credit Card Balance 2,131
Personal Loans 0

Medical Debt 0

Other Liabilities 0
Other Liabilities 0
Other Liabilities 0

Total Liabilities 197,652

Net Worth (Assets – Liabilities) 191,348

Amy White – Daily Successful Living 6

Personal Financial Plan
Date: ________

Current Net Worth
Future Goals
Net Worth In 1 year
Net Worth in 5 years
Net Worth in 10 years

Net Worth in 10 Years

Current Value of Emergency Fund
Future Goals
Value of emergency Fund in 3 months
Value of emergency Fund in 6 months
Value of emergency Fund in 9 months

Value of emergency Fund in 12 months
Value of emergency Fund in 5 years

Current Total Debt
Future Goals
Total Debt in 1 year
Total Debt in 5 years
Total Debt in 10 years

Total Debt in 30 years

Amy White – Daily Successful Living 8

My Current Debt
Total Current Debt
Mortgage On Home

Car Loan #1
Car Loan #2
Credit Card #1
Credit Card #2

Student Loan #1
Student Loan #2
Personal Loan
Medical Debt

Other
Other

Current Retirement Savings
Future Goals
Total Retirement Savings in 1 year

Total Retirement Savings in 5 years
Total Retirement Savings in 10 years
Total Retirement Savings in 30 years

Amy White – Daily Successful Living 9

Current Short Term Savings
Saving For:
Future Goals
Total Short Term Savings in 3 months

Total Short Term Savings in 6 months
Total Short Term Savings in 9 months
Total Short Term Savings in 12 months
Total Short Term Savings in 24 months

Current Retirement Savings – Spouse
Future Goals
Total Retirement Savings in 1 year
Total Retirement Savings in 5 years
Total Retirement Savings in 10 years

Total Retirement Savings in 30 years

Current Short Term Savings
Saving For:
Future Goals
Total Short Term Savings in 3 months

Total Short Term Savings in 6 months
Total Short Term Savings in 9 months
Total Short Term Savings in 12 months
Total Short Term Savings in 24 months

Current Short Term Savings
Saving For:
Future Goals
Total Short Term Savings in 3 months
Total Short Term Savings in 6 months

Total Short Term Savings in 9 months
Total Short Term Savings in 12 months
Total Short Term Savings in 24 months

Amy White – Daily Successful Living 10

Current Estimated Net Worth
Assets
Personal Residence (Estimated Full Value)
Vehicles

Savings Accounts
Stocks/Bonds/Mutual Funds/ETF’s
Total Short Term Savings in 24 months
Other Assets

Other Assets
Other Assets

Liabilities
Mortgage Loan Balance
Vehicle Loan Balance
Student Loans
Credit Card Balance

Personal Loans
Medical Debt
Other Liabilities
Other Liabilities

Other Liabilities

Total Assets

Total Liabilities

Net Worth (Assets – Liabilities)

Current Estimated Net Worth
Assets
Personal Residence (Estimated Full Value)
Vehicles

Savings Accounts
Stocks/Bonds/Mutual Funds/ETF’s
Total Short Term Savings in 24 months
Other Assets

Other Assets
Other Assets

Total Assets
Liabilities
Mortgage Loan Balance
Vehicle Loan Balance
Student Loans
Credit Card Balance

Personal Loans
Medical Debt
Other Liabilities
Other Liabilities

Other Liabilities

Total Liabilities

Net Worth (Assets – Liabilities)

www.DailySuccessfulLiving.com

Amy White – Daily Successful Living 11

http://www.DailySuccessfulLiving.com

http://www.DailySuccessfulLiving.com

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