New Financial Plan

3 Kids

Both 35 Years Old

Monthly Income:

Total Income:

$
$
$

700.00 (Work more hours) - @ 20 hours a week

4,800.00
5,500.00

401 K

150.00 (Removed before Net Income)

Food
Lessons
Laundry
Dry Cleaning
Gifts
Life Insurance
Medical Insurance
Car Insurance
Internet
Cable TV
Utilities
Home Phone Service
Cell Phone
Gas
Bowling League
Newspaper
Misc
Tithing
Charity

450.00

$
$
$

155.00
30.00
10.00 (Monthly not necessary)

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

15.00
70.00
200.00
120.00
25.00
275.00
85.00
80.00
30.00
570.00
-

Total Expenses:

2,115.00

Total After Expenses: $

3,385.00

*Considering he started Working for this company @ age 25 & continues for the next 30 years
401 K (per year) $
1,800.00
Years
40
Retirement:
$
72,000.00

Expenses:

$
$
$
$
$
$
$
$

Amount
6,000.00
12,619.08
19,225.00
49,612.40

119,412.57

206,869.05

APR % Current Payment

12.0%
15.0%
11.0%
6.0%
7.0%
12.0%
15.0%
9.5%
6.0%

$
$
$
$
$
$
$
$
$

158.00
274.37
280.85
582.82
1,149.00

2,445.04

(Only Internet)
(Unnecessary)
(Sell a car & they need to drive less, carpool, or use public transportation)
(Unnecessary)
(Can look up the news on internet)
(Were paying more than necessary, still giving generous donation)
(Not financial stably enough)

Payments
Remaining

48
0
60
84
0
0
0
142
147

Description
Credit Card #1
Credit Card #2
Credit Card #3
Credit Union Loan
Car Loan
Gas Credit Card
Medical Bill
2nd Mortgage
1st Mortgage

Total debt

Worth:

175,000.00

1st Month:
Sell Car for:
$10,000
(Pay off highest interest rates w/ lowest amounts)
Credit Card #2
Income After Expenses $
(Car)
$
Payment
$
$

Owe:

3,385.00
10,000.00
10,132.74
3,252.26

Rate:

Interest:

Total:
12.50 $

1,012.50

1,000.00

1.25% $

5,200.00

0.583% $

30.33 $

5,230.33

1,876.97

1.25% $

23.46 $

1,900.43

1,969.78

1.0% $

19.70 $

1,989.48

Total payments:

Leftover $$:

10,132.74

807.22

(use for roll over)

$
$
$
$
$

Payments
Remaining

APR % Current Payment

Amount
6,000.00
12,619.08
19,225.00
49,612.40
119,412.57

12.0%
11.0%
6.0%
9.5%
6.0%

$
$
$
$
$

Total Payments:

158.00
274.37
280.85
582.82
1,149.00

47
59
83
141
146

Description
Credit Card #1
Credit Card #3
Credit Union Loan
2nd Mortgage
1st Mortgage

Monthly Interest
$
60.00
$
115.67
$
96.13
$
392.76
$
597.06

Monthly Principle Payment

$
98.00
$
158.70
$
184.73
$
190.06
$
551.94

Roll Over
Principle left over
$
905.22 $
5,094.78
$
$
12,460.38
$
$
19,040.28
$
$
49,422.34
$
$
118,860.63

Description
Credit Card #1
Credit Card #3
Credit Union Loan
2nd Mortgage
1st Mortgage

Monthly Interest
$
50.95
$
114.22
$
95.20
$
391.26
$
594.30

Monthly Principle Payment

$
107.05
$
160.15
$
185.65
$
191.56
$
554.70

Roll Over
$
1,047.01
$
$
$
$
-

$2,445.04

2nd Month:
Income After Expenses $
Payments
$
$

3,385.00
2,445.04
939.96

$
$
$
$
$

Payments
Remaining

APR % Current Payment

Amount

5,094.78
12,460.38
19,040.28
49,422.34
118,860.63

12.0%
11.0%
6.0%
9.5%
6.0%
Total Payments:

$
$
$
$
$

158.00
274.37
280.85
582.82
1,149.00

2,445.04

46
58
82
140
145

3rd Month:
SELL HOME
(Move in w/ Parents)
Income After Expenses
(House)
Payments

180,000.00

$
$

3,385.00
5,682.97

$
$

6,533.29
2,534.69

Owe:

Fees:

$
$

49,422.34 $
118,860.63 $

4,047.77 $

Rate:
1,482.67
3,565.82

Interest:
0.79% $
0.5% $

1.00% $

Total:
391.26 $
594.30 $
$
40.48 $

Total Payments:

51,296.27
123,020.75
174,317.03
4,088.25
178,405.27

Principle left over

$
4,047.77
$
12,300.24
$
18,854.63
$
49,230.79
$
118,305.94

APR % Current Payment

Amount

$
$
$
$
$

12,300.24
18,854.63
-

12.0%
11.0%
6.0%
9.5%
6.0%
Total Payments:

$
$
$
$
$

274.37
280.85
-

555.22

Payments
Remaining

0
57
81
0
0

Description
Credit Card #1
Credit Card #3
Credit Union Loan
2nd Mortgage
1st Mortgage

Monthly Interest
$
$
112.75
$
94.27
$
$
-

Monthly Principle Payment

$
$
161.62
$
186.58
$
$
-

Roll Over
$
$
2,696.30
$
$
$
-

Principle left over

$
$
9,603.93
$
18,668.05
$
$
-

Description
Credit Card #3
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
88.04 $
186.33 $
3,016.11 $
6,587.82
$
93.34 $
187.51 $
$
18,480.54

Description
Credit Card #3
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
60.39 $
213.98 $
3,043.76 $
3,544.06
$
92.40 $
188.45 $
$
18,292.09

Description
Credit Card #3
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
32.49 $
241.88 $
3,071.66 $
472.39
$
91.46 $
189.39 $
$
18,102.70

4th Month:
Income After Expenses $
Payments
$
$

3,385.00
555.22
2,829.78

APR % Current Payment

Amount

$
$

9,603.93
18,668.05

11.0% $
6.0% $

274.37
280.85

555.22

Total Payments:

Payments
Remaining

56
80

5th Month:
Income After Expenses $
Payments
$
$

3,385.00
555.22
2,829.78
APR % Current Payment

Amount

$
$

6,587.82
18,480.54

11.0% $
6.0% $

274.37
280.85

555.22

Total Payments:

Payments
Remaining

55
79

6th Month:
Income After Expenses $
Payments
$
$

3,385.00
555.22
2,829.78
APR % Current Payment

Amount

$
$

3,544.06
18,292.09

11.0% $
6.0% $

274.37
280.85

555.22

Total Payments:

7th Month:
Income After Expenses $
-

3,385.00

Payments
Remaining

54
78

Payments

$
$
$
$

Rollover
Extra Rollover

555.22
2,829.78
472.39
2,357.39

APR % Current Payment

Amount

$
$

18,102.70

11.0% $
6.0% $

280.85

280.85

Total Payments:

Payments
Remaining

0
77

Description
Credit Card #3
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
4.33 $
270.04 $
472.39 $
0.00
$
90.51 $
190.34 $
2,357.39 $
15,745.31

Description
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
78.73 $
202.12 $
3,306.27 $
12,439.04

Description
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
62.20 $
218.65 $
3,322.80 $
9,116.23

Description
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
45.58 $
235.27 $
3,339.42 $
5,776.82

8th Month:
Income After Expenses $
Payments
$
$

Amount

15,745.31

3,385.00
280.85
3,104.15

APR % Current Payment

6.0% $

280.85

Payments
Remaining

76

9th Month:
Income After Expenses $
Payments
$
$

Amount

12,439.04

3,385.00
280.85
3,104.15

APR % Current Payment

6.0% $

280.85

Payments
Remaining

75

10th Month:
Income After Expenses $
Payments
$
$

Amount

9,116.23

3,385.00
280.85
3,104.15

APR % Current Payment

6.0% $

11th Month:
Income After Expenses $
Payments
$
$

3,385.00
280.85
3,104.15

280.85

Payments
Remaining

74

APR % Current Payment

Amount

5,776.82

6.0% $

280.85

Payments
Remaining

74

Description
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
28.88 $
251.97 $
3,356.12 $
2,420.70

Description
Credit Union Loan

Monthly Interest Monthly Principle Payment Roll Over

Principle left over
$
12.10 $
268.75 $
2,420.70 $
0.00

12th Month:
Income After Expenses $
Payments
$
$

Leftover $$:

280.85
3,104.15

APR % Current Payment

Amount

3,385.00

2,420.70

6.0% $
$

280.85

Payments
Remaining

74

952.20

AFTER A YEAR THEY WILL BE OUT OF DEBT

*At this point they can start saving and investing. They can start making better financial decisions. They can add to their retirement fund.
They can move into an apartment or a house in their price range. They can be smarter this time.