Financial Planning Worksheet For Career PDF Details

Planning for a career transition requires meticulous financial preparation. The Financial Planning Worksheet for Career Transition is an invaluable tool designed to guide individuals through this complex process. By meticulously outlining necessary information such as current pay stubs, sources of income, credit report details, living expenses, and statements from bank, mortgage, and investment accounts, it helps create a comprehensive overview of one’s financial health. Moreover, the form delves into monthly income, savings, expenses, and indebtedness, assisting in the calculation of net worth by comparing total assets against total liabilities. It doesn't stop there; the worksheet encourages planning for future goals by including sections for projected income and expenses, allowing individuals to foresee their financial situation in various scenarios. Additionally, it addresses the crucial aspect of managing and reducing debt, offering a structure to prioritize debt payments effectively. Noteworthy too is the action plan section, prompting individuals to brainstorm strategies for increasing income, decreasing living expenses, and lowering indebtedness. This targeted approach not only aids in navigating the financial aspects of a career change but also in laying down a robust foundation for financial stability and growth in the transition phase.

QuestionAnswer
Form NameFinancial Planning Worksheet For Career
Form Length5 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 15 sec
Other namesturbotap financial planning worksheet, turbotap 12 month budget pdf, turbotap org search, turbotap org on youtube com

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Financial Planning Worksheet for Career Transition

Name: 

You’ll need the following items to fully prepare this worksheet: PP Current LES (http://mypay.dfas.mil)

PP Other paycheck stubs or a listing of other sources of income PP Current Credit Report (www.annualcreditreport.com)

PP Listing of current living expenses (mortgage or rent amount, food, childcare, entertainment, personal care, subscriptions, etc.)

PP Current bank and mortgage statements

PP Investment and retirement account statements PP Pencil and Calculator

  Date: 

PP Current Bills (Monthly Amount and Total Balances Due)

OO Utility Bills

OO Phone Bills (Home/Cell) OO Cable/Satellite

OO Internet

OO Credit cards OO Car loans

OO Insurance payments OO Personal loans

OO Student loans OO Other debts

STATEMENT OF NET WORTH

ASSETS (Total Value)

 

Cash on hand

$ 

Checking Accounts

$ 

Savings Accounts

$ 

Certificates of Deposit

$ 

Cash Value of Life Insurance

$ 

U.S. Savings Bonds

$ 

Mutual Funds/Money Market

$ 

Stocks/Bonds

$ 

College Funds

$ 

401(k)/403(b)/TSP

$ 

Other (IRAs, etc.)

$ 

Real Estate (Market Value)

$ 

Home

$ 

Rental Property

$ 

Other (Vac Home/Trailer/Time Share)

$ 

Personal Property

 

Vehicles/Motorcycles/Boats

$ 

Furniture

$ 

Jewelry

$ 

Other (Collectibles, etc.)

$ 

TOTAL ASSETS

$ 

LIABILITIES (Total Balance Due)

 

Signature Loans

$ 

Auto Loans or Leases

$ 

Consolidation Loans

$ 

Student Loans

$ 

Military Exchange Credit Cards

$ 

Department Store Credit Cards

$ 

Other Credit Cards

$ 

Aid Organization Loans (NMCRS ACS, AFAS, etc.)$

Other (Friends, Relatives, etc.)

$ 

Advance/Over Payments

$ 

Mortgage (Home)

$ 

Home Equity Line of Credit (HELOC)

$ 

Mortgage (Rental Property)

$ 

TOTAL LIABILITIES

$ 

NET WORTH

 

Total Assets – Total Liabilities

$ 

MONTHLY INCOME

ENTITLEMENTS

 

ACTUAL

PROJECTED 1

PROJECTED 2

 

 

 

 

 

 

*

Base Pay

 

 

 

 

 

Basic Allowance for Housing

 

 

 

 

 

 

 

 

 

 

 

Overseas Housing Allowance

 

 

 

 

 

 

 

 

 

 

 

Basic Allowance for Subsistence (BAS)

 

 

 

 

 

 

 

 

 

 

 

Family Separation Allowance (FSA)

 

 

 

 

 

 

 

 

 

 

*

Special Pay

 

 

 

 

*

Special Pay

 

 

 

 

*

Special Pay

 

 

 

 

*

Special Pay

 

 

 

 

 

*Other Taxable Pay

 

 

 

 

 

 

 

 

 

 

 

Other Non-taxable Pay (allowance)

 

 

 

 

 

 

 

 

 

 

 

TOTAL MILITARY COMPENSATION

(A)

 

 

 

 

 

 

 

 

 

DEDUCTIONS

 

ACTUAL

PROJECTED 1

PROJECTED 2

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

Family SGLI (For Spouses)

 

 

 

 

 

 

 

 

 

 

 

Servicemembers’ Group Life Insurance (SGLI)

 

 

 

 

 

 

 

 

 

 

 

Uniform Services TSP

 

 

 

 

 

 

 

 

 

 

 

MGIB

 

 

 

 

 

 

 

 

 

 

 

FITW Filing Status Actual

 

 

 

 

 

 

 

 

 

 

 

FICA (Social Security)

 

 

 

 

 

 

 

 

 

 

 

FICA (Medicare)

 

 

 

 

 

 

 

 

 

 

 

State Income Tax

 

 

 

 

 

 

 

 

 

 

 

AFRH (Armed Forces Retirement Home)

 

 

 

 

 

 

 

 

 

 

 

TRICARE Dental Plan (TDP)

 

 

 

 

 

 

 

 

 

 

 

Advance Payments

 

 

 

 

 

 

 

 

 

 

 

Overpayments

 

 

 

 

 

 

 

 

 

 

 

TOTAL DEDUCTIONS

(B)

$

$

 

 

 

 

 

 

 

CALCULATE NET INCOME

 

ACTUAL

PROJECTED 2

PROJECTED 2

 

 

 

 

 

 

 

Service Member’s Take Home Pay

(A-B)

$

$

 

 

 

 

 

 

 

 

Service Member’s Other Earnings (less taxes)

 

 

 

 

 

 

 

 

 

 

 

Spouse’s Earnings (less taxes)

 

 

 

 

 

 

 

 

 

 

 

Child Support/Alimony (Received/Income)

 

 

 

 

 

 

 

 

 

 

 

Other Income (e.g., SSI, Rental Income)

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

ALLOTMENT

 

 

 

 

 

 

 

 

 

 

 

Family SGLI (For Spouses)

 

 

 

 

 

 

 

 

 

 

 

Servicemembers' Group Life Insurance (SGLI)

 

 

 

 

 

 

 

 

 

 

 

Uniform Services TSP

 

 

 

 

 

 

 

 

 

 

 

MGIB

 

 

 

 

 

 

 

 

 

 

 

TRICARE Dental Plan (TDP)

 

 

 

 

 

 

 

 

 

 

 

Advance Payments

 

 

 

 

 

 

 

 

 

 

 

Overpayments

 

 

 

 

 

 

 

 

 

 

 

MONTHLY NET INCOME

 

$

$

$

*Note: Pay Entitlements are taxable. Allowance Entitlements are non-taxable.

MONTHLY SAVINGS AND LIVING EXPENSES

SAVINGS

 

ACTUAL

PROJECTED 1

PROJECTED 2

 

 

 

 

 

 

 

Emergency Fund (1-3 months)

 

 

 

 

 

Reserve Fund

 

 

 

 

 

"Goal-Getter" Fund

 

 

 

 

 

Investments/IRAs/TSP/etc.

 

 

 

 

TOTAL SAVINGS AND

INVESTMENTS

$

 

$

 

 

LIVING EXPENSES

 

ACTUAL

PROJECTED 1

PROJECTED 2

 

 

 

 

 

 

 

 

HOUSING

Furnishings

 

 

 

 

 

 

Maintenance/Repairs

 

 

 

 

 

 

Mortgage/Rent

 

 

 

 

 

 

Taxes/Fees

 

 

 

 

 

FOOD

Dining Out

 

 

 

 

 

 

Groceries

 

 

 

 

 

 

Lunches

 

 

 

 

 

 

Vending Machines

 

 

 

 

 

 

Meal Deductions from military pay

 

 

 

 

 

UTILITIES

Cable/Satellite TV

 

 

 

 

 

 

Cellular/Pagers/Phone Cards

 

 

 

 

 

 

Electricity

 

 

 

 

 

 

Internet Service

 

 

 

 

 

 

Natural Gas/Propane

 

 

 

 

 

 

Telephone

 

 

 

 

 

 

Water/Garbage/Sewage

 

 

 

 

 

CHILD CARE

Allowances

 

 

 

 

 

 

Daycare

 

 

 

 

 

 

Child Support/Other Dependent Care

 

 

 

 

 

AUTOMOBILE

Gasoline

 

 

 

 

 

 

Maintenance/Repairs

 

 

 

 

 

 

Other

 

 

 

 

 

CLOTHING

Laundry/Dry Cleaning

 

 

 

 

 

 

Purchases ($50 monthly per person)

 

 

 

 

 

INSURANCE

Automobile

 

 

 

 

 

 

Health

 

 

 

 

 

 

Life

 

 

 

 

 

 

Homeowners/Renters

 

 

 

 

 

 

SGLI/FSGLI

 

 

 

 

 

 

Dental Insurance

 

 

 

 

 

HEALTHCARE

Dental Expenses

 

 

 

 

 

 

Eye Care

 

 

 

 

 

 

Hospital/Physician

 

 

 

 

 

 

Prescriptions

 

 

 

 

 

EDUCATION

Books

 

 

 

 

 

 

Fees (Other/Room & Board)

 

 

 

 

 

 

Tuition

 

 

 

 

 

 

MGIB

 

 

 

 

 

CONTRIBUTIONS

Charities

 

 

 

 

 

 

Club Dues/Association Fees

 

 

 

 

 

 

Religious

 

 

 

 

 

LEISURE

Athletic Events/Sporting Goods

 

 

 

 

 

 

Books/Magazines

 

 

 

 

 

 

Computer Products (Software/Hardware)

 

 

 

 

 

 

DVD/VHS & Video Games Rentals

 

 

 

 

 

 

DVD’s & CD’s

 

 

 

 

 

 

Entertainment

 

 

 

 

 

 

Lessons

 

 

 

 

 

 

Toys & Games

 

 

 

 

 

 

Travel/Lodging

 

 

 

 

 

PERSONAL

Beauty Shop/Nails

 

 

 

 

 

 

Barber Shop

 

 

 

 

 

 

Cigarettes/Other Tobacco

 

 

 

 

 

 

Vending Machines

 

 

 

 

 

 

Liquor/Beer/Wine

 

 

 

 

 

 

Other (Toiletries, Supplements, etc.)

 

 

 

 

 

GIFTS

Holidays

 

 

 

 

 

 

Birthdays/Anniversaries

 

 

 

 

 

PET CARE

Food/Supplies

 

 

 

 

 

 

Veterinarian/Service (Boarding/Grooming)

 

 

 

 

 

MISCELLANEOUS

ATM Fees/Stamps/etc.

 

 

 

 

 

 

Other

 

 

 

 

 

TOTAL MONTHLY LIVING EXPENSES

$

$

$

 

 

 

 

 

 

 

 

INDEBTEDNESS

 

 

 

BALANCE

CURRENT

 

 

CREDITOR

PURPOSE

APR %

(From Page

MONTHLY

PROJECTED 1

PROJECTED 2

 

 

 

One)

PAYMENT

 

 

1. US Govt.

Advance Pay

 

 

 

 

 

 

 

 

 

 

 

 

2. US Govt.

Over Payments

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

 

 

 

 

 

 

 

 

 

 

 

 

 

7.

 

 

 

 

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

 

 

 

11.

 

 

 

 

 

 

 

 

 

 

 

 

 

12.

 

 

 

 

 

 

 

 

 

 

 

 

 

13.

 

 

 

 

 

 

 

 

 

 

 

 

 

14.

 

 

 

 

 

 

 

 

 

 

 

 

 

15.

 

 

 

 

 

 

 

 

 

 

 

 

 

16.

 

 

 

 

 

 

 

 

 

 

 

 

 

17.

 

 

 

 

 

 

 

 

 

 

 

 

 

18.

 

 

 

 

 

 

 

 

 

 

 

 

 

19.

 

 

 

 

 

 

 

 

 

 

 

 

 

20.

 

 

 

 

 

 

 

 

 

 

 

 

 

21.

 

 

 

 

 

 

 

 

 

 

 

 

 

22.

 

 

 

 

 

 

 

 

 

 

 

 

 

23.

 

 

 

 

 

 

 

 

 

 

 

 

 

24.

 

 

 

 

 

 

 

 

 

 

 

 

 

25.

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

SUMMARY

ACTUAL

PROJECTED 1

PROJECTED 2

NET INCOME (Bottom of Page 2)

SAVINGS & INVESTMENTS (Page 3)

 

 

 

 

 

LIVING EXPENSES (Page 3)

 

 

 

 

 

AMOUNT LEFT TO PAY DEBTS

=

 

 

 

 

 

 

 

 

TOTAL MONTHLY DEBT PAYMENTS (Page 4)

 

 

 

 

 

SURPLUS OR DEFICIT

=

 

 

 

 

 

 

 

 

 

 

 

 

 

DEBT-TO-INCOME RATIO

 

 

 

 

 

 

 

 

 

(Total Monthly Debt Payments ÷ Net Income x 100 = Debt-to-Income Ratio)

ACTION PLAN

INCREASE INCOME

1. �����������������������������������������������������������������������

2. �����������������������������������������������������������������������

3. �����������������������������������������������������������������������

4. �����������������������������������������������������������������������

DECREASE LIVING EXPENSES

1. �����������������������������������������������������������������������

2. �����������������������������������������������������������������������

3. �����������������������������������������������������������������������

4. �����������������������������������������������������������������������

DECREASE INDEBTEDNESS

1. �����������������������������������������������������������������������

2. �����������������������������������������������������������������������

3. �����������������������������������������������������������������������

4. �����������������������������������������������������������������������

ADDITIONAL INFORMATION NEEDED

1. �����������������������������������������������������������������������

2. �����������������������������������������������������������������������

3. �����������������������������������������������������������������������

4. �����������������������������������������������������������������������

TRANSITION GOALS

GOAL

COST

DATE WANTED

MONTHLY SAVINGS TO REACH GOAL

1.

2.

3.

4.

5.

6.

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Write down the data in Certificates of Deposit, Cash Value of Life Insurance, US Savings Bonds, Mutual FundsMoney Market, StocksBonds, College Funds, kbTSP, Other IRAs etc, Real Estate Market Value, Home, Rental Property, Other Vac HomeTrailerTime Share, Personal Property, VehiclesMotorcyclesBoats, and Furniture.

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In the ACTUAL, PROJECTED, PROJECTED, ACTUAL, PROJECTED, PROJECTED, ENTITLEMENTS, Base Pay, Basic Allowance for Housing, Overseas Housing Allowance, Basic Allowance for Subsistence BAS, Family Separation Allowance FSA, Special Pay, Special Pay, and Special Pay area, identify the significant particulars.

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You will need to spell out the rights and responsibilities of both sides in section Family SGLI For Spouses, Servicemembers Group Life, Uniform Services TSP, MGIB, FITW Filing Status Actual, FICA Social Security, FICA Medicare, State Income Tax, AFRH Armed Forces Retirement Home, TRICARE Dental Plan TDP, Advance Payments, Overpayments, TOTAL DEDUCTIONS, CALCULATE NET INCOME, and ACTUAL.

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Check the areas ALLOTMENT, Family SGLI For Spouses, Servicemembers Group Life, Uniform Services TSP, MGIB, TRICARE Dental Plan TDP, Advance Payments, Overpayments, MONTHLY NET INCOME, and Note Pay Entitlements are taxable and next fill them in.

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