Sylvia comes to you for advice in organizing her financial affairs. She is 29 years old and makes $50,000 per year, 30% of which goes to payroll deductions and taxes. Sylvia also receives $400 per year in interest from miscellaneous investments and savings accounts. Sylvia has tracked her expenses for the last six months and provides you with the following estimates for the year:

Mortgage payments, including property taxes and interest  $5,886  ($3,094 is interest)

Groceries  $3,600

Holidays  $3,500

Car payments, including interest  $4778 ($958 is interest)

Utilities  $3,000

House and car insurance  $1,600

Gas for auto  $2,200

Auto maintenance  $600
Life and disability insurance premiums  $400

House maintenance  $1,500

Household expenses  $600

Medical and dental expenses  $400

Entertainment and lunches  $5,500

Gifts  $1,400

Clothing  $3,400

Miscellaneous expense  $3,200

Sylvia has the following assets:

House value  $100,000

Cash in the bank  $1,800

Canada Savings Bonds  $8,000

Furnishings and personal assets  $18,000

Auto  $20,000

RRSP  $28,500

Sylvia has the following debt:

Credit card balances owing  $2,800

Line of credit owing  $5,000

Mortgage  $62,000

Car loan  $18,500

 
What would the net worth statement and an annual cash flow statement for Sylvia be?

Sylvia also has plans for saving and investing, and wants to find a way to "pay herself first." She is willing to make adjustments to her spending habits and would like to see the effect of putting away 10% of her net pay for investing. What is the best future cash flow budget that will incorporate her ideas.