November 2005 Planning and Budgeting Instructor: xxxx.

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Presentation transcript:

November 2005 Planning and Budgeting Instructor: xxxx

November 2005 Objectives Explore the use of budgets, goals and financial statements. Identify the essential elements of a budget. Recognize financial aspects unique to the military lifestyle.

November 2005 Setting Goals Critical Steps towards Planning Goals Types of Goals Characteristics of Effective Goals The Balance Sheet (defined) Assets Liabilities Net Worth Income and Expense Statement Income Sources Types of Expenses Net Gain or Loss Where Do You Want to Go?

November 2005 Developing a Cash-Flow Budget What is the purpose of a budget? How do I start? Using Your Cash Flow Calendar Housing Expenses Optimum Level of Housing Expense How much can you afford? Can you afford to buy?

November 2005 Example of Cash Flow Budget Sheet

November 2005 Family Financial Issues Money is an Emotional Issue. Spending Styles and Expectations Money Management Questionnaire Fairness and Compromise The Three C’s Sharing Financial Responsibilities One Earner vs. Two Earner Household Setting Priorities Together Power of Attorney

November 2005 Family Financial Issues, continued Finances and Children Cost of Raising Children Average Cost: $200,000 Loss of Two-Earner Income Average Cost of College: $25,000 per year Importance of a Will Continually Update Your Will Living Will Appointing a Guardian Your Choice vs. Court’s Choice of Guardian Must Be in Writing

November 2005 Military Specific Issues Moving Costs Temporary Living Expenses Hidden Costs Set Up Costs Overseas Expenses Moving Allowances Dislocation Allowance (DLA) Mileage in Lieu of Transportation (MALT) Per Diem Allowance Temporary Living Expenses (TLE) Advance Pay and Allowances

November 2005 Overseas Moving Allowances Temporary Lodging Allowance (TLA) Move-In Housing Allowance (MIHA) Cost of Living Deployments Covering Bills at Home Single and Married Assigning Power of Attorney Military Specific Issues, continued

November 2005 Military Specific Issues, continued Transition to Civilian Life Installation Support Services Available Transition Office ACAP Employment Opportunities Retirement Pay Save at least 3 months of Base Pay before transition Seek out Job Assistance Services

November 2005 Reviewing Objectives Explore the use of budgets, goals and financial statements. Identify the essential elements of a budget. Recognize financial aspects unique to the military lifestyle.