个人理财 个人财务报表
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1，Balance Sheet and Cash Flow Statement
Xu Weizhen
Personal Balance Sheet as of October 31, 2013
Assets
Liquid Assets
1350
753
55
2158 Checking accounting balance
Cash
Money in student card of BLCU
Total liquid assets
Real Estate
0 Null
Personal Possessions
955
4845
500
853
1020
1015
9188 Market value of mobile phone
Market value of personal computer
Market value of electric dictionary
Market value of stereo and video equipment
Durable clothes
Jewelry
Total Personal Assets
Investment Asset
0 Null
Total Assets 11346
Liabilities
Current liabilities
3297
85
300
3680 Tuition fee
Dormitory rent
Text books bills
Total current liabilities
Long term liabilities
0
3680 Null
Total Liabilities
Net worth
7666
Xu Weizhen
Cash Flow Statement for the Month Ended October
31, 2013
Income (Cash Inflows)
Income from family
Government subsidies
Interest earned on savings
Scholarship
Salaries from part-time jobs 4080
64
6
500
200
Total income 4850
Cash Outflows
Fixed Expenses
Tuition fee
Dormitory rent
Utilities
3297
85
300
Total fixed outflows 3682
Variable Expenses
Food in school
Food away from school
Clothing
Daily use stuffs
Mobile phone service
540
144
363
333
52
Entertainment
Medical expenses
Gifts
Donations 50
16
31
5
Total variable outflows 1534
Total outflows 5216
Cash deficit -366
Allocation of surplus
Null
0
2, Creating and implementing a budget
(1), Assessing my current situation
Current financial position: having a high net worth but still have a financial
difficulties, because of deficit cash flows.
In personal balance sheet we can see that there is a high net worth, which
means the amount of total asset is greatly higher than the amount of total liabilities.
But this result can be deceiving because a large part of the total asset is personal
possessions such as personal computer, mobile phone and jewellery; such
possessions are not liquid so that they can hardly be converted into cash when
needed. In another word, the high net worth in personal balance sheet cannot
authentically show a good financial position.
Another statement, Cash Flow Statement for the Month Ended October 31, has
more actual meaning. There is a deficit outcome in the cash flow statement, which
means that the cash outflows has exceeded the cash inflows in the nearest month.
The cash flow statement indicates that the monthly income is very limited; large part
of the income comes from family which is limited and stable but this also indicates
that the owner of this statement is not financially independent. In another aspect,
the cash outflow is relatively large in compared with the inflow. In fixed expenses,
the tuition fee is a large part, but this situation could be changed in the following
months because October’s tuition fee included an education expenses which only occurred in October and would not again occur in other months so that the tuition
fee in October is a lot higher than other months. The high variable expense is also a
reason for the deficit situation in cash flow statement.
(2),Setting financial goals
Short-term goals: Getting out of deficit cash flow, achieving cash surplus.
Because long term deficit situation leads to serious financial problem, deficit
situation is not very good. So, I planned to get rid of cash deficit in cash flow
statement as soon as possible and try my best to achieve the cash surplus in this
aspect, because only if I have surplus can I arrange the allocation of cash surplus.
Mid-term goals: Saving at least 200 RMB per month. Once the problem of deficit
situation has been solved and started to have surplus, I would save at least 200 RMB
every month. This can be done by getting more part time jobs to add income,
studying harder to get higher scholarship, and cutting variable expenses like food
away from school, daily use stuffs and entertainment. The saved 200 Yuan could be
put in common bank account, when more and more 200 Yuan accumulated to a large
amount, the savings could be invested in more profitable financial products.
Long-term goals: Providing for a trip to Pakistan. This is a long term plan for
several years. By using the money saved per month added the investment incomes I
hope I could afford for a trip to our neighbor country by myself.
3, My monthly budget
Monthly Budget
Projected Inflows(Income) Budgeted(Dollars) Amount(Percent)
Income from family
Salary
Total incomes 1500
500 75
25
2000 100
