Goals Work Sheet
1--Rank goals
List a few short- and long-term goals for you or your family. Then, within each category, rank them (1 to 4) in order of importance to you.
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Short-Term Goals (less than one year) |
Ranking |
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Long-Term Goals (more than one year) |
Ranking |
2--Identify first goal
Which goal will you tackle first?
Goal statement: _______________________________________________
Goal $ amount: $ ___________________
Goal deadline: ______________________
To achieve this goal by the stated date, I want to save $ ______ week.
3--Create a trading plan
Identify changes you are willing to make to achieve this goal. The amount you save each week should equal the weekly amount you need for this goal. If you don't have enough, consider a less expensive goal or give yourself more time to achieve it. If you opt to buy it on a credit card and make payments, add one-third to the purchase price ($107 including tax becomes $142) and save for at least four weeks to ensure you'll be able to stick with your plan and make the payments.
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Instead of… |
I will… |
Saving $___ weekly |
Tally Sheet
Carry this tally sheet with you, and record all your spending for at least a week. At the end of the week, grade your purchases. If an expense was necessary, and your cost was reasonable, enter a "+" (plus sign). If it was a necessary expense, but you overpaid, enter a "-" (minus sign). If the expense was not out of necessity, enter a "?" (question mark).
Your greatest opportunities for reducing spending are for those items you marked "?." Perhaps you'll be willing to reduce or eliminate similar purchases in the future in exchange for reaching your top goal. Spending graded "-" is another opportunity. Look for ways to trade convenience for a better price on these types of purchases.
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Date |
Description |
Cost |
Grade |
Budget Blueprint
Gather your checkbook register, credit card statements, and receipts to fill in the first three columns. Then rate each category. If an expense was necessary, and your cost was reasonable, enter a "+" (plus sign). If it was a necessary expense, but you overpaid, enter a "-" (minus sign). If the expense was not out of necessity, enter a "?" (question mark).
Your greatest opportunities for reducing spending are for those items you marked "?." Perhaps you'll be willing to reduce or eliminate similar purchases in the future in exchange for reaching your top goal. Spending rated "-" is another opportunity. Look for ways to trade convenience for a better price on these types of purchases and jot these ideas in the "Changes" column.
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Category/description |
Weekly |
Monthly |
Annually |
Rating |
Changes |
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Income |
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Paycheck |
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Dividends |
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Interest |
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Social Security |
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Pension |
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Gifts |
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Other |
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Total |
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Housing |
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Rent or mortgage |
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Electric/gas |
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Water |
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Garbage collection |
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Telephone/cell phone |
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Condo/association fees |
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Property taxes |
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Property insurance |
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Maintenance |
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Transportation |
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Car payments |
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Gas |
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Maintenance/repairs |
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License |
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Insurance |
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Parking/toll fees |
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Public transportation |
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Bicycle |
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Education |
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Student loan payments |
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Tuition |
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Lessons |
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Books & supplies |
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Category/description |
Weekly |
Monthly |
Annually |
Rating |
Changes |
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Food |
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Groceries |
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Work/school lunches |
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Clothing |
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Adults |
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Children |
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Dry cleaning |
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Health |
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Insurance |
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Dentist |
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Vision |
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Medications & copays |
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Fitness/exercise memberships |
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Family |
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Life insurance |
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Child care |
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Allowances |
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Pets (food & medical) |
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Savings |
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Education |
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Retirement |
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Other |
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Personal |
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Hair cuts & styling |
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Toiletries |
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Tobacco |
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Alcohol |
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Entertainment |
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Meals/snacks out |
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Movies/plays/concerts |
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Sports equipment |
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Cable/satellite TV |
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Vacations |
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Miscellaneous |
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Charitable contributions |
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Credit card debt payments |
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Union/membership dues |
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Federal income tax |
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State/city income tax |
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Social Security |
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Other |
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Ways to Reduce Spending
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If you… |
Consider… |
Or… |
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Subscribe to cable TV movie channels |
Convert to basic cable |
Cancel cable and borrow movies and books from the public library |
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Eat out lunch each workday |
Bring a lunch from home every other day |
Bring lunch from home every day |
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Dine out with friends |
Invite friends over for dinner |
Host a potluck dinner |
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See movies in the evening |
Taking in a matinee |
Catching second-run shows at a bargain theater |
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Hang out at the mall for entertainment (and spend) |
Read a book |
Volunteer |
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Cruise the Internet with high-speed access |
Use dial-up access |
Use free access at library |
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Own two cars for your family's transportation |
One-car family + public transportation |
Use public transportation or bike |
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Buy a new outfit each month |
Buy a new outfit every other month |
Shop at garage sales and second-hand shops |
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Buy two cups of coffee each day |
Buy one cup of coffee each day |
Bring a thermos of coffee from home |
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Buy expensive birthday and holiday gifts |
Plan ahead and buy gifts on sale or off-0season |
Make gifts or give gifts of your time |
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Smoke two packs of cigarettes a day |
Smoke one pack a day |
Quit |
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Drive a luxury car |
Drive a simple sedan |
Ride a bike |
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Attend a concert each month |
Go once a quarter |
Buy the CD |
Credit Card Comparison Work Sheet
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Feature |
Priority |
Issuer No.1 |
Issuer No. 2 |
Issuer No. 3 |
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No annual fee |
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Low APR (annual percentage rate) |
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Grace period |
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Low late-payment fee |
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Rewards program |