Pre-work: Where I Stand

Understanding where we stand financially is a key element of setting our direction.  Companies use a balance sheet as a means of understanding their current financial position.  The attached form is a sort of balance sheet, with a table for “What I Owe” and a table for “What I Own”.

What I Owe

The “What I Owe” table is a list of debts and will figure prominently in the creation of the Spending Plan.  In the Amount column, enter the total balance due on each debt.  Use your most recent statements as a starting point.  You may have made some purchases, etc., since your most recent statement, but the number will be close enough.

The Minimum Monthly Payment column is perhaps the most important as far as the Spending Plan is concerned.  For credit card accounts, this can change every month depending on activity, but the minimum monthly payment from your most recent statement will be a good starting point.  If you know the interest rate, enter this in the right-hand column of the table; if you don’t know it, don’t worry – it’s not as important as the other two columns at this point.

What I Own

In the “What I Own” table, enter the value of each major item that you own.  For non-monetary assets (such as house or car), consider what you would likely get if you sold the item.  It’s not important to itemize details here, and you need focus only on those things with material values.  For example, you might have a line for Furniture, a line for a collection such as coins or stamps, etc.

Click on the link below for the form to fill in.

What I Owe and What I Own