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Example of a Completed Savings & Debt Reduction Budget

(Click Here for a Template for Your Savings & Debt Reduction Budget)

 

 

Description of Savings/debt Reduction Goal

 

Targeted
Balance

 

Amount
Saved/Owed

 

Desired
Completion Date

(1)
Minimum/
Automatic
Monthly Payments

(2)
Extra
Monthly
Payments

Short-term savings:

Vacation

5,000

3,150

1 yr left on 3 yrs

-0-

131

Down payment on 2nd home

30,000

11,850

8 yrs left on 15 yrs

-0-

123

Emergency savings

4,000

4,000

Completed

-0-

-0-

Long-term non-retirement savings:

Education funding

260,000

35,000

15 yrs left

-0-

442

Unallocated savings

AMAP

50,000

Ongoing

-0-

300

Retirement savings:

401(k) plan

AMAP

75,000

25 yrs left

500

-0-

403(b) plan

AMAP

50,000

25 yrs left

500

-0-

Roth IRA

AMAP

5,000

25 yrs left

-0-

166

Mortgages, student loans, credit cards, and other debts:

Mortgage

-0-

175,000

15 yrs

1,500

180

Equity loan

-0-

25,000

8 yrs

250

117

Student loan

-0-

35,000

ASAP

350

590

Credit card

-0-

5,000

1 yr 

200

244

TOTAL EXPENDITURES ALLOCATED TO SAVINGS AND/OR DEBT REDUCTION

 
3,300

 
2,293

===========

===========

(1) Amounts in this column should equal amounts reflected on the Monthly Cash Flow Budget

(2) The total of this column should equal the projected surplus per the Monthly Cash Flow Budget

AMAP stands for "as much as possible"

 

 

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