Help using Fastfa Money Tracker
Money Tracker
![[Bullet]](images/bullet.gif) Add Transactions - Enter your
transaction information and choose a description that accurately
describes it from the pull-down list.- View/Edit Transactions - Here
you can View, Edit or Delete the transactions that you entered in the
Add Transactions page. Also you can choose the date range of
transactions to view from the pull-down lists.
- Money Tracker Report -
Here you can view how your spending compares to your budget over a
chosen range of dates. Each item shows the (Budgeted Amount) - (Actual Spending)
= (Remaining Balance).
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Help using Fastfa Financial Analysis
Things to Note: Whenever
the exact numbers are unavailable feel free to use estimates
rather than leaving any fields empty also you can move your
pointer over almost all the graphs on the report to see their
values. Click Here to view a sample report.
To begin filling out the
Financial Information Input Form you will need your:
- life expectancy
- paycheck stubs
- information on your total retirement savings
- information on your investment portfolio
- your pension information
- your mortgage information
- recent credit card bills
- other loan information
- your insurance policies
- all your avalible monthly bills (or an estimate)
Personal Information
- You - the person who is filling out the
form
- Spouse - leave blank if single
- Life Expectancy -
this can be calculated using
our life expectancy calculator
(all calculations are based on
either your estimated remaining life span or the life
span of your spouse, whichever is longer)
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Income & Assets
- Gross Monthly Income
- Enter the corresponding
income (before taxes) per month in each category
- Total Monthly Tax
- Enter your corresponding
monthly taxes in each category
- Total Retirement
Assets - IRA, 401K,
savings accounts, etc... money saved explicitly for
retirement
- Total Non-retirement
Assets - All other
assets. Do not include any assets that quickly depreciate
in value such as cars or computers
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Financial Goals
- Your age at
Retirement - the age
when you want to retire
- Monthly Retirement
income goal - how much
money do you want to receive (per month) before taxes in
today's dollars (this is later corrected for inflation
and calculated at different rates of return on
investments). Please note you should plan to have enough money
to finish paying off any mortgages you may have at the beginning
of your retirement.
- Annual Pension - how much money will you receive
(per year) from any pensions or defined benefit plans at
your goal retirement age
- Monthly Social
Security Benefits - how
much money do you expect to receive from social security
(per month) if you are not sure and / or under 50 you may
want to leave this blank (If you have not asked Social
Security for a print out of income projections for you
and your spouse, call the Social Security Administration
at 1-800-772-1213)
- Company Match for
Retirement Savings - how
much your employer contributes to a retirement plan per month
- Education - do not include any children
currently in college
- Years till College
- feel free to include
fractions of years (example 12.5 years equals 12 years
six months)
- Annual Cost - the present total annual cost of
the school you think your child will attend
- % Expected to pay
- If you receive any child
support or additional help to pay for your children's
college enter the percent that you will have to pay, if
you do not expect to receive any additional support enter
100
- Emergency Fund - extra savings to be used in an
emergency, usually 2-5 times your net monthly income
- Other Financial Goals
- Savings for a house, car,
vacations, etc... for a house we recommend you save for a
down payment of 20% of the total cost
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Debts
- Payment
Frequency - how often you pay this debt; once a month
(12 times per year), twice a month (24 times per year) or
once every two weeks (26 times per year)
- Current Balance -
total amount you owe on each
debt
- Monthly Payment -
this is the typical amount
you pay per month, not your minimum monthly payment
- Interest - APR (Annual Percentage Rate)
- Average Monthly
Charges - Average
additional charges made to your credit card each month
- Average Annual
Interest Rate - Average
interest rate on additional charges made each month
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Insurance & Estate Planning
- Policy Face Amount
- how much the policy will
pay under normal conditions
- Final Expenses - how much it will cost for a
funeral and related expenses, typically around
$6,000
- Payoff Debt - how much your survivors would need
to payoff your current debt
- Payoff Mortgage - how much your survivors would
need to payoff your mortgage
- Education - money for your survivors future or
current educational expenses
- Survivor Income -
how much money you want your
survivors to receive per month and how long do you want
them to receive this income
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- Estimate how much you spend
monthly on each item (not including savings)
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Custom Financial Plan Options
- This is where you set the rate of return (ROR)
on non-retirement savings (typically 2-4 % after taxes).
Please note that you will be taxed for any
interest earned on savings (typically around 15-30 %).
You can also set a cost of living increase rate
(typically 0-2 %), an annual inflation rate (typically
2-4 %), the rate on college inflation (typically 5-6 %)
and the number of years that you plan to pay for college
and professional school for each child.
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