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2.2 ASSESS FINANCIAL NEEDS |
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Transition Budget Worksheet Instructions |
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- Complete the transition budget worksheets.
- When completing the worksheets make sure your estimates are realistic.
Contact the transition assistance center, real estate agencies and/or local libraries in the general area you anticipate moving to. Ask them for detailed estimates on the cost of living in that area. Also, look over your checkbook register for the past several months to get an idea of how much and where you spend your money.
- This worksheet will be instrumental in helping you determine a target salary for your employment search.
- Keep in mind sources of income such as retirement and spouse’s income.
- Consider part-time employment to help until you find a permanent position.
- Be certain you evaluate where you can save money (i.e., grocery store vs. commissary, insurance, number of times you eat out, etc.). Also, remember the benefits you currently receive will change and you need to see these as a future expense.
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Remember: Employment searches may take longer than you anticipate. |
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When you prepare your household budget, be conservative and thrifty. Plan for all of your necessary expenses and add a “cushion” amount. Spend carefully based on what you need during this time of transition. Wait until you are employed to commit to new or extravagant purchases. |
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Preparing a budget will help you avoid financial problems during your transition. |
