Useful aid to define your personal financial goals by Rod Thomas FCA, Managing Director at http://www.avantiswealth.com

1. WWW.AVANTISWEALTH.COM
THE RICHER RETIREMENT SPECIALISTS
FINANCIAL GOALS
BUDGETING WORKSHEET
RODTHOMAS INVESTMENT

2. BUDGETING WORKSHEET
Regardless of what life stage you are in, you are likely
to have some short and long term personal financial
goals. Setting tangible and realistic goals, following
them, and tracking your progress is the key to success
in achieving all of your financial goals.
If you are married, it is absolutely essential that you
and your spouse both share the same financial goals.
Otherwise, achieving your personal goals is almost
impossible. Develop your financial plans together, and
review your progress together to make sure both of
you are contributing to the same goals.
Determining what your short-term, medium-term, and
long-term personal financial goals are is essential. Some
common financial goals are a dream holiday, a new
home, university savings, retirement savings, and an
emergency fund. Once you and your spouse have agreed
on your goals, you need to determine a good estimate
for how much money you’ll need for each of them.
Figuring out an accurate amount involves discussion
about the financial goals—for example, if you
are saving for university for your children, what
percentage do you want to pay? Also, do you want to
pay for a state school or a private school? Retirement
savings needs depend greatly on the lifestyle you plan
to lead once you are retired, as well as when you plan
to retire.
Prioritise each of your personal goals in order of
importance, and then determine how long you have to
save for each of them. Retirement could be many years
away, but your short-term goals could be in a year
or two. Next, estimate how much interest or capital
gains you’ll expect to see in the accounts where you
are saving your money. While capital gains are never
guaranteed, you can use an estimated average for
these purposes.
Finally, figure out how much you’ll need to save
per month to achieve your financial goals. Don’t be
discouraged if the amount is overwhelming. The
important thing is to have a set of tangible financial
goals to work toward. On a monthly or quarterly basis,
you and your spouse should review your progress,
and continue to refine your plan. If you aren’t meeting
your goals, revisit your financial budget to see if there
are any areas where you can cut expenses in order to
free up money for savings. In addition, use this plan to
allocate any windfall amounts you may receive – from
bonuses, inheritances, tax refunds, etc.
To help simplify the goal setting process, try using this
Budget Worksheet. First complete section 1 to see
what funds you have available. Next work on section
2 - setting your financial goals.

3. 33
INCOME
All figures should be net of tax. The “Future potential”
column provides space to consider options for
improvement
EXPENSES
SECTION 1
Source Amount now Future potential? Comment
Employment - basic £ £
Employment - overtime £ £
Employment – bonus £ £
Self-employment £ £
Savings £ £
Investments £ £
Family support £ £
Government support £ £
Pensions £ £
Other? £ £
Other? £ £
TOTAL - Income £ £
Utilities Amount now Future potential? Comment
Electricity £ £
Gas / Oil £ £
Telephone £ £
Internet £ £
Mobile Phone £ £
Cable/Satellite package £ £
Other? £ £
Total Utilities £ £
Home Amount now Future potential? Comment
Mortgage £ £
Second Mortgage £ £
Rent £ £
Insurance – Building £ £
Insurance – Content £ £
Council Tax £ £
Service Charges £ £
Ground Rent £ £
Repairs & Maintenance £ £
Other? £ £
TOTAL - Expenses £ £

4. Transport Amount now Future potential? Comment
Car payment 1 £ £
Car payment 2 £ £
Car payment 3 £ £
Vehicle Tax £ £
Repairs / Servicing £ £
Insurance – Car £ £
Fuel – for all cars £ £
MOT £ £
Train £ £
Bus/Coach £ £
Underground £ £
Parking costs £ £
Other? £ £
Total Transport £ £
Loan Payments Amount now Future potential? Comment
Credit Card 1 £ £
Credit Card 2 £ £
Credit Card 3 £ £
Credit Card 4 £ £
Credit Card 5 £ £
Personal Loan 1 £ £
Personal Loan 2 £ £
Personal Loan 3 £ £
Student Loan £ £
Other Loan £ £
Total Loan Payments £ £
Insurance Amount now Future potential? Comment
Life insurance £ £
Health insurance £ £
Other? £ £
Total Insurance £ £
Household Amount now Future potential? Comment
Food £ £
Cleaning supplies £ £
Repairs & Maintenance £ £
Total Household £ £
EXPENSES

5. 55
EXPENSES
Family Expenses Amount now Future potential? Comment
Day care £ £
Children’s activities £ £
Alimony – payments to
ex-partner
£ £
School tuition £ £
Exam fees £ £
Other? £ £
Total Family Expenses £ £
Pets Amount now Future potential? Comment
Food £ £
Grooming £ £
Veterinary bills £ £
Pet insurance £ £
Other £ £
Total Pet Expenses £ £
Personal Care Amount now Future potential? Comment
Haircuts / Waxing / £ £
Other treatments £ £
Toiletries / Makeup £ £
Prescription medicine £ £
Dental care £ £
Private medical care £ £
Clothing £ £
Other? £ £
Total Personal Care £ £

6. Entertainment Amount now Future potential? Comment
Holidays £ £
Eating Out £ £
Pub / Alcohol £ £
Smoking £ £
Film / Concerts £ £
Music £ £
Hobbies £ £
Sports £ £
Other? £ £
Other? £ £
Total Entertainment £ £
Other Amount now Future potential? Comment
Charitable donations £ £
Other? £ £
Other? £ £
Other? £ £
Total Other Expenses £ £
Grand Total Expenses Amount now Future potential? Comment
GRAND TOTAL INCOME £ £ Bring figures down from
Income section above
What % of income are
your expenses?
£ £ The formula is expenses/
income x 100.
If expenses are greater
than income, by how
much a month do you
need to increase income
or reduce expenses?
£ £
What percentage of total
expenses is this number?
£ £ This gives you a sense of
the scale of the problem,
if indeed there is one

7. 7
Personal Care Amount now Future potential? Comment
Work pension £ £
Private pension £ £
Savings £ £
ISA’s £ £
Share portfolio £ £
Other investments £ £
Other? £ £
Total Retirement
Contribitions
£ £
RETIREMENT CONTRIBITIONS
All figures should be net of tax. The “Future potential”
column provides space to consider options for
improvement
7
If you’re not making any provision for your retirement,
then now is a good time to start. In the next section,
set your financial goals - starting with making provision
for your retirement as your number one goal.

8. 8
THE FIVE STAGES OF RETIREMENT SECURITY
If you have completed the income, the expense and
the retirement contribution section of this budget
worksheet then we now have the full picture to review
where we are.
You will find yourself in one of these key categories. In
a perfect world you need to be at Level 4!
Level What’s happening Comment and priorities
Level 1 Your expenditure is greater than
your income, and that’s without any
retirement savings.
Very challenging situation. You
must work hard on increasing
income, reducing expenditure
or both to at least break even
situation. Can be very tough.
Level 2 Expenditure is roughly equal to
income, without any provision for
retirement savings.
You are at ‘break even’ and not
likely to get into financial difficulty
right now. But you are not creating
a financial buffer and you are not
building for your retirement.
Level 3 Your income exceeds your
expenditure and you are making
some retirement provision, but you
know it’s not enough.
On your way now. You are in
monthly surplus and now need to
focus on increasing that surplus to
contribute the amount you need to
your retirement fund.
Level 4 Income exceeds expenditure and
you are contributing on target to
your retirement fund.
Extremely well done. Relatively
few people achieve Level 4. The
only thing missing is a ‘security
buffer’ in case something goes
wrong with the plan (eg being made
redundant).
Level 5 Nirvana. Income exceeds
expenditure by a large amount.
You are making a full contribution
to your retirement and you still
have cash left over which you are
using to build a reserve, in case of
disasters.
This is a great place to be in. We’d
all like to be here but few achieve
it. Keep going as you are is the
message.

9. 9
CREATING A SMART PLAN
Now it’s time to create a personalised spending plan
that will help you commit to making sound money
management decisions.
Create a SMART plan, one that is Specific, Measurable,
Achievable, Realistic, and Trackable.
SECTION 2
1
2
I commit to making a spending plan each month.
I commit to following my plan each month.
YES
YES
NO
NO
Personal notes:
Personal notes:

10. 10
SET SMART FINANCIAL GOALS
List three of your financial goals you hope to achieve.
Be sure that they are:
Specific, Measurable, Achievable, Rewarding, and
Trackable (SMART).
These are my goals as of this date:
Example: I will set up an emergency savings account of
£1,500 within six months.
Short-term Goals: Target Date: Cost Estimate
Amount Already
Saved/Paid
Amount Needed/
Month to Reach
Goal
1. Pay down debt DD/MM/YYYY £ £ £
2. Please enter text DD/MM/YYYY £ £ £
3. Please enter text DD/MM/YYYY £ £ £
4. Please enter text DD/MM/YYYY £ £ £
Medium-term
Goals:
Target Date: Cost Estimate
Amount Already
Saved/Paid
Amount Needed/
Month to Reach
Goal
1. Establish
emergency savings
DD/MM/YYYY
£ £ £
2. Please enter text DD/MM/YYYY £ £ £
3. Please enter text DD/MM/YYYY £ £ £
4. Please enter text DD/MM/YYYY £ £ £
Long-term Goals: Target Date: Cost Estimate
Amount Already
Saved/Paid
Amount Needed/
Month to Reach
Goal
1. Prepare for
retirement
DD/MM/YYYY
£ £ £
2. Please enter text DD/MM/YYYY £ £ £
3. Please enter text DD/MM/YYYY £ £ £
4. Please enter text DD/MM/YYYY £ £ £

11. 11
Next Steps
Thank you for using this
Special Report. We hope you
have found it useful.
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12. 12
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THE RICHER RETIREMENT SPECIALISTS