Financial Freedom
Notebook
Instructor: Bob Henry
Phone: 520-742-2635
Email: HenryBobD@yahoo,com
Financial Freedom
God’s Way
This Notebook Belongs To: ____________
Copyright 2002, 2007 R. D. Henry
Table Of Contents
Part 1 - Workshop Overheads
Part 2 - Workbook
SHORT RANGE PLANNING - SECTION A
Page
Financial Health Questionaire
A1, A2
Trustee Agreement
A3, A4
How To Have A Financial Planning Weekend
A5
GOALS - SECTION B
Goal Setting - How To’s
B1, B2
Goal Planning Sheet
B3
Goals Questionaire
B4, B5
The Life and Times Of (Your Name )
B4, B5
Life Objectives
B7, B8
NETWORTH - SECTON C
List Of Debts
C1
Net Worth Statement
C2
HOW I USED TO SPEND MY MONEY - SECTION D
How I Have Been Spending My Money
D1
BUDGET ANALYSIS - SECTION E
Spending Priorities
E1
Budget Guidelines For Budget Analysis
E2-E8
Budget Analysis Worksheet
E9
MY PLAN FOR THE NEXT 12 MONTHS - SECTION F
My Budget Plan For The Next Year
Section A - Pg i
F1
Table Of Contents
TIPS, TRICKS & TRAPS - SECTION G
Page
Impulse List
G1
Gift List
G2
Dream List
G3
MONTHLY SUMMARY - SECTION H
Sample Monthly Summary
H1
Monthly Summary
H2
ACCOUNT SHEETS - SECTION I
Be A New Creation
I1
Budget Account Form
I2
HOMEWORK - SECTION J
CAR OWNERSHIP COSTS - SECTION K
Appendix I
Homework
I1-I4
Bibliography
I-5
Workshop Evaluation Form
I-6
Part 3 - Scripture Memory Verses
Short Range Planning
Section A
Where does God want me to go?
How can I get there?
Section A
Financial Health Questionaire
Answer each question yes or no.
___ 1. Do you think your finances are well planned and
managed?
___ 2. Are you content with money matters?
___ 3. Do you have written personal, family, financial goals?
___ 4. Do you have long range plans for saving, investing and
retiring?
___ 5. Do you know how much money you owe, including all
debts and obligations of any kind?
___ 6. Do you never pay late charges, bounced check
charges, or interest on credit card charges?
___ 7. Do you have a written personal or family money
spending plan (ie a budget) and are you following it?
___ 8. Do you have an up to date will?
___ 9. Do you have a good understanding of what God's
word, the bible, has to say about finances?
___ 10. If you are married, do you feel the area of finances is
one of the best areas of communication in your
marriage?
Total Number Of Yes Answers _____
Section A - Pg A1
Financial Health Questionaire
Answer each question yes or no.
___ 1. Do you think your finances are well planned and
managed?
___ 2. Are you content with money matters?
___ 3. Do you have written personal, family, financial goals?
___ 4. Do you have long range plans for saving, investing and
retiring?
___ 5. Do you know how much money you owe, including all
debts and obligations of any kind?
___ 6. Do you never pay late charges, bounced check
charges, or interest on credit card charges?
___ 7. Do you have a written personal or family money
spending plan (ie a budget) and are you following it?
___ 8. Do you have an up to date will?
___ 9. Do you have a good understanding of what God's
word, the bible, has to say about finances?
___ 10. If you are married, do you feel the area of finances is
one of the best areas of communication in your
marriage?
Total Number Of Yes Answers _____
Section A - Pg A2
Trustee Agreement
This agreement serves notice that I agree from this
day forth to endeavor to follow God's plan for my
finances. I believe that His biblical plan for me is:
1. GOD OWNS
2. I MANAGE
3. GOD PROVIDES
I hereby recognize God as the owner of all my material
wealth including my money, my house, my car, my
belongings, my body, everything. I also recognize that
He has given me all my nonmaterial wealth such as my
talents, abilities, health, and even life itself.
I agree to be God's manager and I will faithfully
manage the resources He has entrusted to me. It is a
desire of my heart to learn His ways and to manage the
resources as He directs, not according to my own desires.
To do this I must study the bible and pray to learn His
ways and I must rely on God instead of myself.
God will provide me with what I need, including His
guidance, His peace, and His freedom. Because God is the
owner, I don't need to worry. My job is to be a faithful
manager and to rely on God's power, not my own.
I agree to the above plan and covenant with God to seek
His plan for my finances and with His help, to execute this
agreement to the best of my ability.
Signed this day of __________________
________________________________________
Section A - Pg A3
Trustee Agreement
This agreement serves notice that I agree from this
day forth to endeavor to follow God's plan for my
finances. I believe that His biblical plan for me is:
1. GOD OWNS
2. I MANAGE
3. GOD PROVIDES
I hereby recognize God as the owner of all my material
wealth including my money, my house, my car, my
belongings, my body, everything. I also recognize that
He has given me all my nonmaterial wealth such as my
talents, abilities, health, and even life itself.
I agree to be God's manager and I will faithfully
manage the resources He has entrusted to me. It is a
desire of my heart to learn His ways and to manage the
resources as He directs, not according to my own desires.
To do this I must study the bible and pray to learn His
ways and I must rely on God instead of myself.
God will provide me with what I need, including His
guidance, His peace, and His freedom. Because God is the
owner, I don't need to worry. My job is to be a faithful
manager and to rely on God's power, not my own.
I agree to the above plan and covenant with God to seek
His plan for my finances and with His help, to execute this
agreement to the best of my ability.
Signed this day of __________________
________________________________________
Section A - Pg A3
How To Have A Financial Planning Weekend
1. Schedule a weekend on your calendar. Look forward to this fun weekend.
2. Gather up records for the last twelve months, including your checkbook registers, tax return,
expense and income records.
3. Create a relatively undistracted environment.
A. Good night’s sleep.
B. Baby sitter for children.
C. No cooking of cleaning- eat out or prepare meals in advance.
D. No TV.
4. Start with prayer. Ask for God’s wisdom and guidance.
5. Establish a cooperative mindset. If married, be willing to really listen to your mate and
communicate in a loving way. If you are a single parent, consider including older children in
the planning process.
6. Set goals:
A. Nonfinancial goals- What is God’s plan for me? For my family? What new goals
should be added? Review progress towards achieving your current goals.
B. Short term financial goals for the next twelve months.
C. Long term financial goals for the next several years or longer. What needs to be done
during the next year towards achieving each goal?
7. Establish or review your current financial situation.
A. Fill out the net worth statement (assets and liabilities).
B. Figure out your projected income for the next year, including any windfall income.
C. Compile and review your expenses for the last twelve months.
D. Compile a prioritized list of major purchases to be made in the next twelve months
and fill out the Dream (purchase) list.
8. Analyze your current situation:
A. What were the symptoms of financial problems the last twelve months?
B. What were the real problems? How can the problems be solved?
9. Set specific goals and formulate your budget for the next twelve months:
A. Review your goals and how to achieve them.
B. Openly discuss each budget item with your spouse or a family member. Negotiate the
amount to be spent. Make sure that each family member is responsible for at least one
or more budget items (exclude very young children). Include older children in the
budgeting process as much as practical.
C. Questions to ask- What is working well? What needs improvement? Should this
expense be increased, decreased, or left the same?
10. Review the overall results when completed. Enjoy being a better steward. Pray for God’s
guidance and strength to accomplish the plan.
Section A - Pg A5
Goals
Section B
PHYSICAL
MENTAL
SPIRITUAL
SCHEDULING/
PLANNING
FAMILY
PERSONAL
MINISTRY
RECREATION
SOCIAL
FINANCIAL/
MATERIAL
CAREER
Section B
Goal Setting - How To’s
Goal setting is one of the most important things you can do for yourself and your
family. It has been said that "He who aims at nothing will surely hit it." Goal setting is
the simple, fun process of allowing your mind and imagination to dream of the future
and visualize what you want to do with your life. A simple thought such as: I want to
go on a vacation to Europe, or I want to get out of debt, will never become a reality
unless you take the time to develop a simple plan for how to get to Europe or to pay off
your debts. Surprisingly, goal setting is not time consuming or difficult even though it
is one of the most rewarding activities you can pursue. Sharing and setting goals with
your spouse is also one of the best ways you can foster excellent husband/wife
communications. You will be able to say : “I/We aim at goals, and I surely hit them.”
Goals can be categorized into major areas such as:
Spiritual
Intellectual
Physical
Family
Personal Ministries
Vocational
Financial/Material
Recreation
Social
Scheduling/Planning
You should set goals in each of these areas for both yourself (personal goals) and for
your family (family goals) if you are married. You can also help your children set and
achieve goals.
Four questions must be answered for each goal you set:
1. What is my objective? Briefly define your goal, including a measurable
objective such as: Go to Europe three years from now for three week vacation.
2. How can I do the objective? Break your goal into smaller, simple, measurable
steps. For example:
a. Study travel books on Europe. Research Europe tours
on the Internet.
b. Talk to friends that have been to Europe.
c. Plan itinerary with help of a travel agent.
d. Get passport, purchase tickets, get house sitter, pack.
Section 2 - Pg B1
Goal Setting - How To’s
3. Schedule each objective. For example:
a. Study travel books one Sunday/month for one hour for next 24 months
(total 24 hours). Do research on Internet over July 4th weekend.
b. Talk to my friend Howard next weekend.
c. Contact a travel agent first Saturday of next month to get brochures, costs. Get
suggestions from friends and travel agent.
d. Get passport tickets in Jan 2 years from now.
4. Budget any expenses. For example:
a. Save $150 per month from my new raise for the next 24-30
months.. Update the amount after I talk to travel agent about costs.
Goal setting should be done on a regular basis:
1. Annually - major goal setting for the year, update your long range goals (goals that will
take more than a year to achieve).
2. Monthly - Pick a time when you are rested. Sit down with your calendar and wife/family
(if married) and make plans for the month. Be sure to plan personal time, family time, time
for dates with your spouse and children, and time with friends. Update your goals monthly.
3. Weekly - Go over your weekly calendar (with spouse if married) and make sure events
are transposed from the family calendar to your personal calendar. Many couples find it
useful to have a dinner date (without the children) once a week at a predetermined day/time.
It is also fun to occasionally have a date with one or more of your sons or daughters. A
weekly family fun night is good for everyone, especially overworked mom and dad.
4. Daily - Each day write a short list of goals/tasks (prioritized) in your pocket calendar or
day timer. Refer to the list during the day to stay on track doing the important things instead
of the “urgent” unimportant things. Remember to include time to get away from the
busyness of our western culture, and to take time to "be still and know that I am God."
(Psalm 46:10, which in the original Hebrew language literally says: let go, relax.)
Remember, God's plan since the dawn of creation has been for us to follow a regular cycle of
work , then rest. Sunday is an important day to rest and worship God and to help keep life in
perspective. Every day you should try to spend some quiet time alone with God. Pick a
regular time and stick to it every day. A regular prayer time with your spouse is important.
There is nothing sacred about the goals you set. Feel free to change them, add to them, or
to delete goals. Goal setting is something you do for yourself so you can do the important
things in life instead of the trivial, but often urgent things. Be sure to include God in your
goal setting. This is easily done by setting family and personal goals such as praying,
worship, and studying the bible on a regular basis. To be a man or woman of God, it is
imperative that we set and strive to achieve Godly goals. You will be very satisfyied to look
back over a year and see you have achieved so much through such a simple process.
Section 2 - Pg B2
Goal Planning Sheet
Name Of Goal: _________________________________________
Category: ____________ (Spiritual, Intellectual, Physical, Family,
Social, Personal Ministries, Vocational, Financial/Material,
Recreation, Scheduling/Planning, Other
My Goal (one line description):
Detailed Description Of My Goal (short paragraph):
How I Will Achieve This Goal (list of steps):
1.
2.
3.
4.
5.
Schedule Of When I Will Do Each Step:
1.
2.
3.
4.
5.
My Plan To Get Money To Fund This Goal:
Section 2 - Pg B3
Goals Questionaire
1. The purpose for my life is:
2. The highest priorities for my life are:
3. The life purposes for my family are:
4. My greatest life achievements are:
5. The best things that happened last year are:
6. The worst things that happened last year are:
7. Some things I want to do differently are:
8. God’s goals for me next year are:
9. Three most important goals for me in the next year are:
10. I spend too much/little time doing the following:
Section 2 - Pg B4
Goals Questionaire
1. The purpose for my life is:
2. The highest priorities for my life are:
3. The life purposes for my family are:
4. My greatest life achievements are:
5. The best things that happened last year are:
6. The worst things that happened last year are:
7. Some things I want to do differently are:
8. God’s goals for me next year are:
9. Three most important goals for me in the next year are:
10. I spend too much/little time doing the following:
Section 2 - Pg B5
The Life & Times Of _______________
Birth
Eph 1:11,12 In him we were also chosen, having been predestined according to the plan of
him who works out everything in conformity with the purpose of his will, in order that we,
who were the first to hope in Christ, might be for the praise of his glory.
Phil 2:12 Therefore, my dear friends, as you have always obeyed--not only in my presence,
but now much more in my absence--continue to work out your salvation with fear and
trembling, for it is God who works in you to will and to act according to his good purpose.
Phil 4:13 I can do everything through him who gives me strength.
Assume the above line represents a timeline of your life.
1. At the left write the year of your birth.
2. At the right jot the approximate year you expect your life on earth to end.
3. Place a large “X” on the line to represent “now” and annotate today’s date.
Looking back into the past, add the following symbols
/
Divide your life into three or four major periods. For example childhood, early adult,
middle age, senior.
-- Below your timeline identify each period with a key word. The words may relate to
people, geography, health, births, marriage, deaths, education, etc.
To identify when you met Christ as your Savior (If you have).
D To represent when being his disciple became a vital part of your life.
T To pinpoint som other major turning points in your life.
Add the landscape to your lifeline to indicate the highs and lows in your life.
Section 2 - Pg B6
The Life & Times Of _______________
Birth
Eph 1:11,12 In him we were also chosen, having been predestined according to the plan of
him who works out everything in conformity with the purpose of his will, in order that we,
who were the first to hope in Christ, might be for the praise of his glory.
Phil 2:12 Therefore, my dear friends, as you have always obeyed--not only in my presence,
but now much more in my absence--continue to work out your salvation with fear and
trembling, for it is God who works in you to will and to act according to his good purpose.
Phil 4:13 I can do everything through him who gives me strength.
Assume the above line represents a timeline of your life.
1. At the left write the year of your birth.
2. At the right jot the approximate year you expect your life on earth to end.
3. Place a large “X” on the line to represent “now” and annotate today’s date.
Looking back into the past, add the following symbols
/
Divide your life into three or four major periods. For example childhood, early adult,
middle age, senior.
-- Below your timeline identify each period with a key word. The words may relate to
people, geography, health, births, marriage, deaths, education, etc.
To identify when you met Christ as your Savior (If you have).
D To represent when being his disciple became a vital part of your life.
T To pinpoint som other major turning points in your life.
Add the landscape to your lifeline to indicate the highs and lows in your life.
Section 2 - Pg B6
Life Objectives
Area
What
(Objectives)
How
(Methods)
Section 2 - Pg B9
When
Begin End
Budget
Needed
Life Objectives
Area
What
(Objectives)
How
(Methods)
Section 2 - Pg B9
When
Begin End
Budget
Needed
Net Worth
Section C
Net Worth
Statement
What
You Own
What
You Owe
Assets
Liabilities
Section C
List Of Debts
Name: ________________
List Debts In Order Of Smallest To Largest
Owed
To
Owed
For
Total Left
To Pay
Monthly
Payment
Date: ______________
%
Interest
Amount Of
Balloon
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Column Totals
$ __________ $ ________
Total Debt Total Payment
Monthly
Section C Pg C1
Net Worth Statement
What I Can Owe + Sell
Sell It For Exp + Tax
Date: ________
Net
% Of
Worth
Total Net
Cash, currency, coins, uncashed checks
Checking accounts
Savings accounts: banks, credit union, etc.
Money market accounts
Certificates of deposit
Treasury bills, bonds, notes, savings bonds
Other assets to be received (tax refund, etc)
Personal property: furniture, appliances, etc.
Jewelry, furs, collectibles, antiques, etc.
Vehicles: autos, boats, motorhomes, trailer, etc.
Other miscellaneous personal property
Personal residence (current market value)
Vacation homes, recreational property, etc.
Investment real estate: rentals, land, etc.
a. Property 1 _________________________
b. Property 2 _________________________
c. Property 3 _________________________
d. Property 4 _________________________
e. Property 5 _________________________
Stocks
Mutual funds
Bonds
Options, Warrants, etc.
Other (eg annuities)
Pensions plans, retirement plans, etc.
Individual retirement accounts
401K, 403B, etc. plans
Keoughs
Life insurance cash value
Businesses owned
Partnerships
Mortgages, loans, notes owed to me
Other _______________________________
Other _______________________________
Other _______________________________
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Column Totals
$ ___________ $ __________ $ __________
1
Subtract total consumer debt (total from debt list minus debts from lines 1 - 30 above. $ __________
2
What I Own
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
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30.
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True Net Worth (after taxes, sale expenses, debt payof) $ __________
Section C Pg C2
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3
How I Used To Spend My $
Section D
• What I Have Earned, Saved And Spent The
Last Twelve Months
What
You Saved, Spent
What
You Earned
Where
You Are
Financially
Section D
How I’ve Been Spending My Money
Instructions - Review your records for the last 12 months and compute the average amount
earned and spent per month averaged over the last 12 months. Use these figures to fill out the
form below. Make the numbers as accurate as possible
20__ MONTHLY BUDGET
Wages, Tips
Overtime
Bonuses
Commissions
Other _______
$_____
$_____
$_____
$_____
$_____
Interest
Dividends
Pensions
Social Security
Disability
$$$ GROSS INCOME $$$
$_____ Rents
$_____ Loans & Notes
$_____ Child Support
$_____ Alimony
$_____ Other _______
TOTAL GROSS INCOME (1)
$_____
$_____
$_____
$_____
$_____
Tax Refunds
Inheritance
Gifts
Items Sold
Other _______
$_____
$_____
$_____
$_____
$_____
$ ________
$$$ GIVING & TAXES $$$
$ CHARITABLE GIVING $
Local Church $_____
Missions
$_____
Other _______ $_____
Other _______ $_____
TOTAL
GIVING (2) $_____
$ TAXES $
Federal Income
State Income
Social Security
Unemployment
TOTAL
TAXES
(3)
$ HOUSING $
Rent
Mortgage
2nd Mortgage
Extra Principal
Taxes
Insurance
Homeowners
Cable TV
Cleaning
Electricity
Natural Gas
Gardening
Pest Control
Pool
Telephone
Trash
Water/Sewer
Home Fixup
Furniture
Appliances
Other _______
Other _______
TOTAL
HOUSING
$ FOOD $
Groceries
Board
Lunches Out
Coffee Pool
Other _______
Other _______
TOTAL
FOOD
$$$ EXPENSES $$$
$ TRANSPORTATION $
$ ENTERTAINMENT $
Gas, Oil
$_____ Restaurants, Enter.
Licenses
$_____ Babysitters
Maintenance
$_____ Vacations, Trips
Loan Payments
$_____ Classes, Lessons
Insurance
$_____ Man's Hobbies
Parking
$_____ Woman's "
Busses, Etc.
$_____ Nongift Toys
Car Replacement $_____ Recreation Vehicles
$100-$200 per
Vacation Homes
1,000 miles/yr
Other _______
Other _______
$_____ Other _______
Other _______
$_____ Other _______
TOTAL
TOTAL
TRANSPORTATION $_____
ENTERTAINMENT
$ MEDICAL $
$ INSURANCE $
Doctors
$_____ Medical
Dentists
$_____ Disability
Eye Care
$_____ Life
Therapy
$_____ Umbrella
Drugs, Presc.
$_____ Other _______
Other _______
$_____ Other _______
Other _______
$_____
TOTAL
TOTAL
INSURANCE
MEDICAL
$_____ $ SAVINGS $
$ CLOTHING $
Emergencies
Man
$_____ Retirement
Woman
$_____ IRA'S
Child ________
$_____ KEOUGH
Child ________
$_____ 401K Plan
Child ________
$_____ Stock Plan
Other _______
$_____ Other _______
TOTAL
TOTAL
CLOTHING
$_____
SAVINGS
TOTAL EXPENSES (SUM OF SUBTOTALS)
(5)
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
NET SPENDABLE
INCOME COMPUTATION
GROSS INCOME
(1)
MINUS GIVING
(2)
MINUS TAXES
(3)
$_____
$_____
$_____
$_____
NET SPENDABLE INCOME (4)
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$ DEBTS $
Credit Cards
Rec. Vehicle Loans
Personal Loans
Medical Debts
Dept Stores
Other _______
Other _______
Other _______
TOTAL
DEBTS
$ MISCELLANEOUS $
Toiletries
Cosmetics
Beauty
Barber
Laundry,Cleaning
Lunches- Man
Lunches- Woman
Lunches- Children
Books, Subscr.
Gifts
Christmas
Mad $- Man
Mad $- Woman
Allowances
Film. Photo
Pets
Christian Schools
Child Daycare
Other _______
Other _______
TOTAL
MISCELLANEOUS
Net Spendable Income (5) Minus Total Expenses (4) = $ ________
Section D Pg D1
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
Budget Analysis & My Plan
For The Next 12 Months
Section E
You’re right, there are definitely
some changes we must make.
Section E
Spending Priorities
Assign priorities ( H = high, M = medium, L = Low) to the following budget items.
Note: If married, fill out separate columns for each person.
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
____
Charitable Giving
____ ____
Taxes
____ ____
Savings
____ ____
Housing
____ ____
Food
____ ____
Transportation
____ ____
Medical
____ ____
Clothing
____ ____
Entertainment
____ ____
Medical Insurance
____ ____
Debt Payoff
____ ____
Miscellaneous
____ ____
Pool Service
____ ____
Investments
____ ____
Retirement
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
________________
____ ____
E Pg ____
E1
________________ Section____
House Mortgage Payoff
New Or Newer Car
New Appliance (eg TV set)
Vacation
Hobbies
Gifts
Eating Out
Gardener
House Cleaner
Life Insurance
House Fixup
Classes
Disability Insurance
Private School
Babysitter
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
____________________
Ballpark Budget Guidelines
Family Of 4
Annual Gross Income
Charitable Giving
Taxes
Up to $40,000
Range
Avg.
10-12%
10%
10-18%
18%
Net Spendable
Income = 100%
70-80%
72%
Savings
Housing
Food
Transportation
Medical
Clothing
Entertainment
Insurance
Miscellaneous
Debts
Investments
Retirement
5-8%
28-40%
15-18%
10-15%
2-5%
3-5%
4-6%
4-5%
4-8%
0-6%
0-6%
5-10%
5%
36%
12%
14%
4%
4%
5%
5%
5%
2%
3%
5%
TOTAL
School/Childcare
80-132%
$40,000 to $60,000 $60,000 and Up
Range
Avg.
Avg.
Range
10-15%
10%
10-25+% 10%
10-25%
19%
10-30%
21%
70-80%
71%
70-80%
69%
5-10%
25-35%
10-14%
10-14%
2-5%
3-6%
4-7%
4-6%
4-8%
4-9%
4-10%
510%
100% 83-135%
5%
26%
11%
12%
4%
5%
7%
6%
7%
6%
5%
6%
5-10%
20-30%
8-15%
8-15%
2-5%
3-6%
5-8%
4-7%
8-10%
5-10%
7-10%
5-10%
5%
24%
9%
9%
3%
5%
7%
5%
8%
8%
10%
7%
100% 80-136%
100%
8%
Section E Pg E2
6%
5%
Section E Pg E3
Section E Pg E4
Section E Pg E5
Section E Pg E6
Section E Pg E7
Section E Pg E8
Budget Analysis Worksheet
(1) OLD
CATEGORY
(2)
BUDGET GUIDELINE
NEW
DIFFERENCE
(1) - (2)
Monthly Gross Income $
BUDGET
% NET
$
Charitable Giving
$
%$
$
$
Taxes
$
%$
$
$
Income =100%
$
%$
$
$
100 %
Savings
$
%$
$
$
%
Housing
$
%$
$
$
%
Food
$
%$
$
$
%
Transportation
$
%$
$
$
%
Medical
$
%$
$
$
%
Clothing
$
%$
$
$
%
Entertainment
$
%$
$
$
%
Insurance
$
%$
$
$
%
Miscellaneous
$
%$
$
$
%
Debts
$
%$
$
$
%
Investments
$
%$
$
$
%
Retirement
$
%$
$
$
%
Net Spendable
TOTAL
Section E Pg E9
My Plans For The
Next 12 Months
Section F
Networth
Budget Plan
For Next 12
Months
Section F
My Budget Plan For The Next Year
Instructions - Finish your budget analysis, determine your spending priorities, and now decide
your plan for earning, spending, saving, and investing your money for the next twelve months.
______ MONTHLY BUDGET
Wages, Tips
Overtime
Bonuses
Commissions
Other _______
$_____
$_____
$_____
$_____
$_____
Interest
Dividends
Pensions
Social Security
Disability
$$$ GROSS INCOME $$$
$_____ Rents
$_____ Loans & Notes
$_____ Child Support
$_____ Alimony
$_____ Other _______
$_____
$_____
$_____
$_____
$_____
Tax Refunds
Inheritance
Gifts
Items Sold
Other _______
$_____
$_____
$_____
$_____
$_____
TOTAL GROSS INCOME (1) $ ________
$$$ GIVING & TAXES $$$
$ CHARITABLE GIVING $$ TAXES $
Local Church $_____ Federal Income
Missions
$_____ State Income
Other _______ $_____ Social Security
Other _______ $_____ Unemployment
TOTAL
TOTAL
GIVING (2) $_____ TAXES
(3)
$ HOUSING $
Rent
Mortgage
2nd Mortgage
Extra Principal
Taxes
Insurance
Homeowners
Cable TV
Cleaning
Electricity
Natural Gas
Gardening
Pest Control
Pool
Telephone
Trash
Water/Sewer
Home Fixup
Furniture
Appliances
Other _______
Other _______
TOTAL
HOUSING
$ FOOD $
Groceries
Board
Lunches Out
Coffee Pool
Other _______
Other _______
TOTAL
FOOD
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
NET SPENDABLE
INCOME COMPUTATION
GROSS INCOME
(1) $_____
MINUS GIVING
(2)$_____
MINUS TAXES
(3)$_____
$_____
NET SPENDABLE INCOME (4) $_____
$$$ EXPENSES $$$
$ TRANSPORTATION $
$ ENTERTAINMENT $
Gas, Oil
$_____ Restaurants, Enter.
Licenses
$_____ Babysitters
Maintenance
$_____ Vacations, Trips
Loan Payments
$_____ Classes, Lessons
Insurance
$_____ Man's Hobbies
Parking
$_____ Woman's "
Busses, Etc.
$_____ Nongift Toys
Car Replacement $_____ Recreation Vehicles
$100-$200 per
Vacation Homes
1,000 miles/yr
Other _______
Other _______
$_____ Other _______
Other _______
$_____ Other _______
TOTAL
TOTAL
TRANSPORTATION$_____
ENTERTAINMENT
$ MEDICAL $
$ INSURANCE $
Doctors
$_____ Medical
Dentists
$_____ Disability
Eye Care
$_____ Life
Therapy
$_____ Umbrella
Drugs, Presc.
$_____ Other _______
Other _______
$_____ Other _______
Other _______
$_____
TOTAL
TOTAL
INSURANCE
MEDICAL
$_____ $ SAVINGS $
$ CLOTHING $
Emergencies
Man
$_____ Retirement
Woman
$_____ IRA'S
Child ________
$_____ KEOUGH
Child ________
$_____ 401K Plan
Child ________
$_____ Stock Plan
Other _______
$_____ Other _______
TOTAL
TOTAL
CLOTHING
$_____
SAVINGS
TOTAL EXPENSES (SUM OF SUBTOTALS)
(5)
$$$ BOTTOM LINE $$$
BUDGET SURPLUS OR DEFICIT (4) minus (5)
Section F Pg F1
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$ DEBTS $
Credit Cards
Rec. Vehicle Loans
Personal Loans
Medical Debts
Dept Stores
Other _______
Other _______
Other _______
TOTAL
DEBTS
$ MISCELLANEOUS $
Toiletries
Cosmetics
Beauty
Barber
Laundry,Cleaning
Lunches- Man
Lunches- Woman
Lunches- Children
Books, Subscr.
Gifts
Christmas
Mad $- Man
Mad $- Woman
Allowances
Film. Photo
Pets
Christian Schools
Child Daycare
Other _______
Other _______
TOTAL
MISCELLANEOUS
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
$_____
Tips, Tricks, And Traps
Section G
DISCLAIMER: No Magic Solutions
Section G
Impulse Buying List
Date
•
•
•
•
•
•
Item
Cost # 1 Cost # 2 Cost # 3
Use An Impulse List To Control Impulse Buying
Get At Least 3 Prices Before Buying
Wait A Day, A Week, A Month
Only One Item On The List At A Time
Married - Two Lists, His & Hers
Questions To Ask Yourself
• Can I Afford This? Is It In My Budget?
• Is This A Need, A Want, Or A Desire?
Section G Pg G1
Gift List
• Make A Gift Spending Plan And Stick To It
• No Credit Buying, Make Gifts To Save
Money
• Allocate $ For Christmas, Birthdays,
Anniversaries, Wedings, Love Tokens, Etc
Event
Date Person
Total Per Year
Total Per Month
Section G Pg G2
$ Allocated
$ _______
$ _______
Dream List
Cadidate Item I / We Might Buy
Date
Priority Price # 1 Price # 2 Price # 3
Section G Pg G3
Year 20____
Comment
Monthly Summary
Section H
Section H
Monthly Summary
Budget Account
Allocated Jan
Feb
Mar
Apr
May
Jun
Year _________
Jul
Aug
Sep
Oct
Nov
Dec
Total All Accounts $ ____
$ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____
Checking Balance $ ____
$ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____
Savings Balance $ ____
$ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____ $ ____
Section H Pg H1
Budget Account Sheets
Section I
Food
Housing
Section I
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Budget Account ______________
Yearly Allocation $ _______________
Date
Year ______
Monthly Allocation $ __________
Transaction
Deposit
Section I Pg I1
Withdraw
Balance
Homework Assignments
Section J
Luke 14:28, Prov 24:3
Section J
Homework Week 1
• Your Money Counts Pg 1 - 40
• Financial Planning Notebook Sections A, B, And C
• Goals Questionaire & Personal Goals
• Family Goals- If You Are A Single Parent
Or Married
• List Of Debts
• Net Worth Statement
• 30 Day Expense Diary
• Bring Your Calculator And Planning Notebook
• Pray
Homework Week 2
• Your Money Counts Pages 40 - 80
• Financial Planning Notebook- Complete
Sections D &E. Fill Out Forms D1, E5, E9
• Continue 30 Day Expense Diary
• Bring Your Calculator And Planning Notebook
• Pray
Section J Pg J1
Homework Week 3
• Your Money Counts Pages 80 - 120
• Study Giving And Sharing Principles, Pray,
And Decide On Your Commitment For The Next
12 Months
• Balance Your Budget Plan For The Next 12
Months
• Financial Planning Notebook- Complete
Remaining Sections
• Continue 30 Day Expense Diary
• Bring Your Calculator And Planning Notebook
• Pray
Homework Week 4
• Complete Dayton’s Book
• Finish Financial Freedom Notebook
• Follow Your Plan, Change It As Necessary
• Schedule & Have Your Financial Planning
Weekend
• Trust & Obey God
• Be A Good Steward
• Enjoy The Generous Heart Of God
Section J Pg J2
Car Ownership Costs
Section K
Data Source: Edmonds True Cost To Own Website (Oct 2007)
http://www.edmunds.com/apps/cto/CTOintroController
Section J
True Cost to Own (TCO)
SM
About True Cost to Own
SM
SM
Edmunds.com's True Cost to Own is a proprietary tool that helps you estimate the total five-year cost of
buying and owning a vehicle - including some items you may not have taken into consideration. A benefit of
using this tool is that you can easily compare the five-year totals for different vehicles and make a more
informed choice.
The costs that we estimate include depreciation, interest on financing, taxes and fees, insurance premiums,
fuel, maintenance and repairs. In order to estimate certain mileage-dependent costs, we assume that
vehicles have been driven an average of 15,000 miles per year. For used vehicles, we calculate mileage
using the nominal difference between the current calendar year and the vehicle's model year.
Note that TCO is a comparative tool, not a predictive tool - your actual five-year cost of owning a particular
vehicle will vary depending on your personal circumstances, such as your driving history and the number of
miles you drive.
How We Calculate True Cost to Own
The True Cost to Own
SM
SM
calculations use the following set of assumptions:

Ownership expenses are considered over a five-year time span

You will drive an average of 15,000 miles per year

You are financing the vehicle using traditional financing, not lease financing

You are in the Gold credit tier for the purpose of determining your finance rate

You are putting a 10% down payment on the vehicle at purchase

Your retail contract term is 60 months

You represent the average demographic for insurance rate consideration
Using proprietary formulas, we calculate the five-year costs for the seven cost categories that make up the
TCO (depreciation, insurance, financing, taxes & fees, fuel, maintenance and repairs). We take into account
widely available manufacturer to customer cash rebates on new cars, which may result in a lower net cost of
ownership. However, we do not account for other types of cash rebates or incentives due to the variability in
the offers as well as the eligibility rules for such offers.
Explanation of True Cost to Own
SM
Terms
Depreciation
This is the amount by which the value of a vehicle declines from its purchase price. The purchase price
®
employed for new cars is the vehicle's True Market Value price in your state (including typical equipment
and destination charge). The purchase price employed for used cars is the vehicle's Private Party True
®
Market Value price in your state. The resale value assumes the vehicle will be in "clean" condition, will be
driven an average of 15,000 miles per year, and will be sold to a private party. Close Window
Insurance
This is the estimated average annual insurance premium being charged by insurers in your state. The
premium has been determined based on annual premium data for defined driver profiles and coverages
(liability, comprehensive and collision) from the four largest insurers in each state (except Massachusetts,
which is based on premium data from one large insurer).
While this information is specific to vehicle make, model, model year and body type, your personal
Car Cost Comparison
Source: www.Edmunds.com Oct 2007
Year
2008
2008
2008
2008
Type
Subcompact
Subcompact
Subcompact
Subcompact
Manuf.
Honda
Kia
Chevrolet
Nissan
Model
Fit
Rio
Aveo
Versa
2008 Compact
2004 Compact
Toyota
Toyota
Prius
Prius
2008 Compact
2004 Compact
2008
2008
2008
2008
2008
2007
2007
2007
2007
2007
2004
Purchase
Price
$15,896
$11,568
$14,283
$15,518
Cost To
Own 5
Cost Per
Years
Mile
$32,122
$0.43
$32,418
$0.43
$33,473
$0.45
$32,880
$0.44
$23,485
$17,248
$38,534
$31,756
$0.51
$0.42
Chevrolet Malibu
Chevrolet Malibu
$17,964
$8,617
$38,163
$28,366
$0.51
$0.38
Mid Size
Mid Size
Mid Size
Mid Size
Mid Size
Honda
Hyundai
Toyota
Ford
Nissan
Accord
Sonata
Camry
Fusion
Altima
$23,745
$19,933
$21,527
$20,439
$20,433
$39,404
$40,691
$39,414
$39,652
$37,199
$0.53
$0.54
$0.53
$0.53
$0.50
Minivan
Minivan
Minivan
Minivan
Minivan
Minivan
Chevrolet
Nissan
Dodge
Toyota
Kia
Chevrolet
Uplander
Quest
Grand Caravan
Sienna
Sedona
Venture
$24,385
$23,293
$23,267
$24,854
$21,796
$9,774
$45,686
$45,840
$44,497
$45,469
$44,989
$32,416
$0.61
$0.61
$0.59
$0.61
$0.60
$0.43
2008 SUV
2004 SUV
Lincoln
Lincoln
Navigator
Navigator
$44,220
$25,364
$62,955
$60,768
$0.84
$0.81
2008
2004
2008
2008
Chevrolet
Chevrolet
Porsche
BMW
Corvette Z06
Corvette Z06
911
650i
$80,630 $112,139
$32,154 $60,938
$94,717 $112,805
$91,284 $112,068
$1.50
$0.81
$1.50
$1.49
Sports
Sports
Sports
Sports
• Subcompact Car Ownership Cost
2008 Honda Fit
4dr Hatchback (1.5L
4cyl 5M)
2007 Kia Rio
2008 Chevrolet Aveo
4dr Sedan (1.6L 4cyl 5 LS 4dr Hatchback
5M)
(1.6L 4cyl 5M)
2008 Nissan Versa
1.8 S 4dr Hatchback
(1.8L 4cyl 6M)
True Cost to Own 5 Years @ 15,000 Miles Per Year
$32,122
$32,418
$33,473
$32,880
$11,568
$14,283
$15,518
$0.43
$0.45
$0.44
Total Purchase Price
$15,896
Average Cost per Mile*
$0.43
Operating Cost more
lo
hi
lo
hi
lo
hi
lo
hi
hi
lo
hi
lo
hi
Depreciation Cost more
lo
hi
lo
Expected Resale Value
Year 1:
Year 1:
Year 1:
$11,206
$6,146
$9,243
Year 2:
Year 2:
Year 2:
$9,670
$5,008
$7,847
Year 3:
Year 3:
Year 3:
$8,318
$4,007
$6,618
Year 4:
Year 4:
Year 4:
$7,120
$3,119
$5,529
Year 5:
Year 5:
Year 5:
$6,045
$2,323
$4,552
* This is a 5-year estimate (based on 15,000 miles per year).
Year 1:
$10,823
Year 2:
$9,281
Year 3:
$7,924
Year 4:
$6,721
Year 5:
$5,642
• Compact Car Operating Costs
2008 Honda Accord
LX 4dr Sedan (2.4L
4cyl 5A)
2008 Hyundai
Sonata
GLS 4dr Sedan (2.4L
4cyl 4A)
2008 Toyota Camry
CE 4dr Sedan (2.4L
4cyl 5A)
2008 Ford Fusion
I-4 S 4dr Sedan
(2.3L 4cyl 5M)
2008 Nissan Altima
2.5 4dr Sedan (2.5L
4cyl 6M)
True Cost to Own 5 Years @ 15,000 Miles Per Year
$39,404
$40,691
$39,414
$39,652
$37,199
$19,933
$21,527
$20,439
$20,433
$0.54
$0.53
$0.53
$0.50
Total Cash Price
$23,745
Average Cost per Mile*
$0.53
Operating Cost more
lo
hi
lo
hi
lo
hi
lo
hi
lo
hi
hi
lo
hi
lo
hi
lo
hi
Depreciation Cost more
lo
hi
lo
Expected Resale Value
Year 1:
$17,436
Year 2:
$15,199
Year 3:
$13,229
Year 4:
$11,483
Year 5:
$9,917
Year 1:
$12,259
Year 2:
$10,505
Year 3:
$8,961
Year 4:
$7,592
Year 5:
$6,364
Year 1:
$15,885
Year 2:
$13,912
Year 3:
$12,176
Year 4:
$10,637
Year 5:
$9,255
Year 1:
$13,677
Year 2:
$11,847
Year 3:
$10,236
Year 4:
$8,808
Year 5:
$7,526
Year 1:
$14,330
Year 2:
$12,590
Year 3:
$11,059
Year 4:
$9,702
Year 5:
$8,484
• Minivan Ownership Costs
2007 Chevrolet
Uplander
LS 4dr Ext Minivan
(3.9L 6cyl 4A)
2007 Nissan Quest
3.5 4dr Minivan
(3.5L 6cyl 5A)
2007 Dodge Grand
Caravan
SE 4dr Ext Minivan
(3.3L 6cyl 4A)
2007 Toyota Sienna
CE 7-Passenger 4dr
Minivan (3.5L 6cyl
5A)
2007 Kia Sedona
4dr Minivan (3.8L
6cyl 5A)
$45,840
$44,497
$45,469
$44,989
$23,293
$23,167
$24,854
$21,796
$0.61
$0.59
$0.61
$0.60
True Cost to Own
$45,686
Total Cash Price
$24,385
Average Cost per Mile*
$0.61
Operating Cost more
lo
hi
lo
hi
lo
hi
lo
hi
lo
hi
hi
lo
hi
lo
hi
lo
hi
Depreciation Cost more
lo
hi
lo
Expected Resale Value
Year 1:
$14,211
Year 2:
$12,106
Year 3:
$10,254
Year 4:
$8,612
Year 5:
$7,138

Year 1:
$16,698
Year 2:
$14,395
Year 3:
$12,370
Year 4:
$10,574
Year 5:
$8,963
Year 1:
$14,172
Year 2:
$11,946
Year 3:
$9,987
Year 4:
$8,250
Year 5:
$6,692
This is a 5-year estimate (based on 15,000 miles per year).
Year 1:
$19,036
Year 2:
$16,512
Year 3:
$14,291
Year 4:
$12,323
Year 5:
$10,557
Year 1:
$13,461
Year 2:
$11,435
Year 3:
$9,652
Year 4:
$8,072
Year 5:
$6,655
• Toyota Prius Ownership Costs
2008 Toyota Prius - $23,485 Purchase Price, Standard 4 door hatchback, 1.4L 4 cyl hybrid CVT
True Cost to Own 5 Years - $38,534
Average Cost Per Mile (15,000 miles/Year) - $0.51
Year 1
Year 2
Year 3
Year 4
Year 5
5-yr Total
Depreciation
$4,052
$2,379
$2,095
$1,855
$1,666
$12,047
Financing
$1,619
$1,313
$980
$618
$225
$4,755
Insurance
$1,553
$1,607
$1,664
$1,722
$1,747
$8,293
Taxes & Fees
$1,929
$304
$254
$213
$179
$2,879
Fuel
$903
$930
$958
$987
$1,017
$4,795
Maintenance
$616
$877
$783
$1,186
$1,561
$5,023
$0
$0
$105
$254
$373
$732
$10,672
$7,410
$6,839
$6,835
$6,768
Repairs
Yearly Totals
$38,524
2004 Toyota Prius - $17,248 Purchase Price, Standard 4 door hatchback, 1.4L 4 cyl hybrid CVT
True Cost to Own 5 Years - $31,756
Average Cost Per Mile (15,000 miles/Year) - $0.42
Year 1
Year 2
Year 3
Year 4
Year 5
5-yr Total
Depreciation
$1,863
$1,635
$1,439
$1,275
$1,144
$7,356
Financing
$1,256
$1,021
$763
$483
$176
$3,699
Insurance
$1,387
$1,436
$1,486
$1,538
$1,561
$7,408
Taxes &
Fees
$1,421
$223
$187
$157
$131
$2,119
Fuel
$773
$796
$820
$845
$870
$4,104
Maintenanc
e
$955
$1,598
$882
$492
$1,124
$5,051
Repairs
$240
$349
$404
$473
$553
$2,019
$7,895
$7,058
$5,981
$5,263
$5,559
$31,756
Yearly
Totals
• Chevrolet Malibu Ownership Costs
2008 Chevrolet Malibu - $17,964 Purchase Price, 4 Door Sedan, 2.2L 4 Cyl 4A
True Cost to Own 5 Years - $38,163
Average Cost Per Mile (15,000 miles/Year) - $0.51
Year 1
Year 2
Year 3
Year 4
Year 5
5-yr Total
Depreciation
$5,627
$1,883
$1,656
$1,468
$1,317
$11,951
Financing
$1,239
$1,004
$749
$473
$172
$3,637
Insurance
$1,358
$1,406
$1,455
$1,476
$1,558
$7,253
Taxes & Fees
$1,581
$249
$208
$175
$146
$2,359
Fuel
$1,391
$1,433
$1,476
$1,520
$1,566
$7,386
$516
$741
$622
$1,384
$1,481
$4,744
$0
$0
$121
$289
$423
$833
$11,712
$6,716
$6,287
$6,785
$6,663
Maintenance
Repairs
Yearly Totals
$38,163
2004 Chevrolet Malibu - $8,617 Purchase Price, 4 Door Sedan, 2.2L 4 Cyl 4A
True Cost to Own 5 Years - $28,366
Average Cost Per Mile (15,000 miles/Year) - $0.38
Year 1
Year 2
Year 3
Year 4
Year 5
5-yr Total
$1,066
$935
$822
$729
$654
$4,206
Financing
$628
$510
$381
$241
$88
$1,848
Insurance
$1,268
$1,312
$1,358
$1,406
$1,427
$6,771
$718
$111
$93
$78
$66
$1,066
Fuel
$1,391
$1,433
$1,476
$1,520
$1,566
$7,386
Maintenance
$1,066
$1,259
$702
$635
$969
$4,631
$295
$428
$495
$577
$674
$2,469
$6,432
$5,988
$5,327
$5,186
$5,444
Depreciation
Taxes & Fees
Repairs
Yearly Totals
$28,377
• Honda Accord Ownership Costs
2008 Honda Accord - $23,745 Purchase Price, LX 4 Door Sedan, 2.4L 4 Cyl 5A
True Cost to Own 5 Years - $39,404
Average Cost Per Mile (15,000 miles/Year) - $0.53
Year 1
Year 2
Year 3
Year 4
Year 5
Depreciation
$4,359
$2,237
$1,970
$1,746
$1,566
$11,878
Financing
$1,637
$1,327
$991
$625
$228
$4,808
Insurance
$1,420
$1,470
$1,521
$1,574
$1,598
$7,583
Taxes &
Fees
$1,950
$307
$257
$216
$181
$2,911
Fuel
$1,554
$1,601
$1,649
$1,698
$1,749
$8,251
$288
$540
$405
$1,168
$840
$3,241
$0
$0
$105
$254
$373
$732
$11,208
$7,482
$6,898
$7,281
$6,535
$39,404
Maintenance
Repairs
Yearly
Totals
5-yr Tota
2004 Honda Accord - $13,897 Purchase Price, LX 4 Door Sedan, 2.4L 4 Cyl 5A
True Cost to Own 5 Years - $32937
Average Cost Per Mile (15,000 miles/Year) - $0.44
Year 1
Year 2
Year 3
Year 4
Year 5
5-yr Total
Depreciation
$1,535
$1,346
$1,184
$1,050
$942
$6,057
Financing
$1,012
$822
$615
$389
$142
$2,980
Insurance
$1,362
$1,410
$1,459
$1,510
$1,533
$7,274
Taxes & Fees
$1,148
$180
$150
$126
$106
$1,710
Fuel
$1,346
$1,386
$1,428
$1,471
$1,515
$7,146
Maintenance
$998
$1,274
$775
$1,454
$1,185
$5,686
Repairs
$247
$360
$418
$488
$571
$2,084
$7,648
$6,778
$6,029
$6,488
$5,994
Yearly Totals
$32,937
5-Year Loan (60 mo)
AUTO vs. LOAN VALUES
100%
90%
80%
Car Life Expectancy
70%
Value Remaining
60-month Loan @ 5.9%
60%
50%
60-month Loan @0.00%
40%
American Car Value
30%
20%
Underwater 3 Years !!!
(Owe More Than Car
10%
Is Worth)
0%
0
7
1
2
3
4
Years
Life Expectancy
Loan Bal@0%/60 mo
American Car Value
LoanBal@5.9%/60 mo
5
6
Surety
Definition - Taking on
an obligation to pay
for something without
an absolutely certain
way to pay for it
Proverbs 22:26 says--
“Do not be among those
who give pledges,
among those who
become guarantors
(surety) for debts.”
To Avoid Surety----
1. Best Policy – Don’t
borrow-use the “100%
Down Plan”
2. If you must borrow, make
sure the car is the total
collateral for the entire
term of the loan
3. Do not become liable for
any deficiency