Fillable Green Path Aligning Priorities Workbook (GreenPath Financial Wellness)

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Green Path Aligning Priorities Workbook (GreenPath Financial Wellness)

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ALIGNING
PRIORITIES
THIS ACTIVITY BOOK MAY BE HELPFUL FOR THOSE WHO:
• Have experienced a sudden change, such as loss of income
• Desire more clarity on their short term financial plan
• Feel motivated to take action, but aren’t quite sure where to start
A way to prioritize your
most important expenses
and build a short term plan
for your cash flow.
Changes to our financial lives can often result in stress and mental fatigue,
making decisions even more challenging. We have a natural tendency to avoid
choices that feel like we are giving something up. Instead, we may try our best
to take each day as it comes without a plan.
This guide aims to give a greater sense of ease and control when making
choices of how you will spend the money you have. Our hope is that you
gain confidence over your money choices as you reflect on what has the
most meaning to you.
This activity book features
7 activities that are
designed to build
on each other.
You can expect to:
PRIORITIZE YOUR EXPENSES BASED ON YOUR VALUES.
1. Review an example of expense prioritization.
2. Build your personal expense prioritization.
3. Reflect on the importance of each expense.
CREATE A SHORT TERM ACTION PLAN BASED ON YOUR PRIORITIES.
4. Take an inventory of your upcoming income and expenses.
5. Review and select ideas to find flexibility in your spending plan.
6. Simulate what different choices might look like.
7. Consider the next few weeks and what next steps you want to take.
The following is an example of expense prioritization. We recognize that each household’s situation is unique.
You will have an opportunity to create a version based on how you would choose to prioritize the important
things in your life.
MOST IMPORTANT LEAST IMPORTANT
Transpor-
tation
Insurance
Job
Related
Expenses
Food
Medical/
Prescrip-
tions
Housing
Child
Related
Essential
Utilities
Debt/
Savings
Non-
Essential
Utilities
Discretio-
nary
Spending
01
DEFINITIONS:
Food: groceries; dining out can be lumped into discretionary
spending
Medical / prescriptions: includes co-payments and other upfront
payments for treatment and medicine.
Housing: rent, mortgage, condo fees, etc.
Child Related: daycare, babysitter, tuition, etc.
Essential Utilities: Heat, electricity, water; basic cell phone or
internet if it's required to remain employed
Transportation: public transit, auto loans, gasoline, auto
maintenance, ride sharing
Job related expenses: necessary expenses to continue to work,
i.e. uniforms.
Insurance: auto, homeowners, renter's, life
Debt: personal loans, credit cards, student loans, medical
bills, etc. Certain debts may have higher priority than others.
Savings: Funds set aside for emergencies (such as income
loss) and retirement
Non essential utilities: Cell phone extras, streaming
services, cable, memberships, etc.
Discretionary Spending: May include dining out,
entertainment, clothing, online shopping, etc
Other potential expenses not listed: Pet expenses, home
maintenance costs, personal care, household items, tithes,
donations
Now it’s time for you to enter your personal expenses in the boxes below. Be sure to include all categories you are
responsible for and feel free to add any not included in our example.
02
SELF REFLECTION: You might be uncertain about the level of importance for some expenses. Complete the below
questions for these expenses and reorder your list in response. Answer the questions by discussing them with
someone you trust, writing them down or thinking your responses.
Why is the _______________ expense important to me ? _______________________________
How would my life be impacted if I reduced or stopped spending on this expense?
__________________________________________________________
If it’s important to me to maintain this expense, what can I do to keep it prioritized?
__________________________________________________________
EXAMPLE: Food might be one of your most important expenses and yet how much you spend on it can be flexible. You may choose to prioritize spending normally to
maintain your current diet or you may consider looking into more affordable options, eliminating certain items, exploring food banks, or applying for assistance
programs.
03
MOST IMPORTANT LEAST IMPORTANT
Which important expenses can you cover? Where might you look for flexibility? Take an inventory of current or
upcoming income and expenses. Consider reviewing statements during this activity if it is helpful. Circle the
items that cause stress or concern.
Income Sources: (bank account, savings account, expected income), amount, frequency of
payment and expected date to receive funds
Expenses: name of expense, dollar amount, frequency needed, next due date or date you expect
to need more
EXPENSE
EXAMPLE:
04
Total Est. Expenses
This Month
Frequency
Date
$
Frequency
Date
Paycheck
$1,210
Bi-weekly
4/24
Frequency
Date
$
Frequency
Date
$
Frequency
Date
$
Frequency
Date
$
INCOME
EXAMPLE:
Total Est. Funds
This Month
Frequency
Date
$
Difference
$
+
-
Frequency
Date
Mortgage
$1,110
Monthly
5/1
Balance:
$174, 643
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
Frequency
Date
$
Balance:
0.00
0.00
0.00
How might you find flexibility in important expenses? Consider the following suggestions and check the box
next to the ones that are interesting to you.
Unsure which goal to focus on first? Consider this order: 1) $500-$1000
emergency fund 2) Pay off credit card debt 3) Savings to cover 3 months
of income 4) Down payment on home or paying down student loans.
Have extra money you're willing to put towards a goal? Reference the
priorities you created and set aside money in an emergency fund to
cover a month's worth of those expenses in case something changes.
Subscriptions: Make a list of your subscriptions (Streaming services,
Amazon, etc.). Do you need all of these right now?
If your cash flow is tight, consider reaching out to your vehicle lender
or student loan servicer to see if a payment could be skipped or what
other options may be available.
Ask a friend or family member how they've saved on a cell phone,
cable or internet bill. Write their ideas here or come up with your own:
_________________________________________
If your income is reduced, you might be eligible for energy assistance.
Consider reaching out to your utility company to see what is available.
(Rent) What is not working with your current rental situation?
Consider reaching out to your landlord to see if they have any flexibility
in how rent is paid
(splitting payments based on pay schedule, a new due date, etc.)
Consider making a list of what you need to buy and a limit of how much
you are willing to spend. It will be easier to stay on track with your
finances if you plan ahead.
If you are interested in personalized suggestions, consider calling GreenPath to talk to an expert and together review your options.
Review your paycheck. Consider reaching out to your HR department
to better understand what might be adjusted in your paycheck like
deductions or contributions to a retirement account.
If your income is reduced, consider applying for unemployment or
identify if there are opportunities for additional income through
side jobs.
Consider reaching out to your mortgage lender. Often, there are
options if you are struggling. Reach out to a GreenPath housing
counselor to discuss pros and cons.
Consider a discount grocery store in order to save money.
Many of these stores offer the same healthy food options of the
more expensive stores.
Income_______________________________________________________________________________________________________________
Housing_______________________________________________________________________________________________________________
Food__________________________________________________________________________________________________________________
Utilities________________________________________________________________________________________________________________
Other_________________________________________________________________________________________________________
Goals__________________________________________________________________________________________________________
05
Consider sharing your idea with us by clicking on this survey.
Your suggestion may end up helping someone else who is looking
for ideas.
Write down your own idea:
________________________________________
________________________________________
Your Idea__________________________________________________________________________________________________________
How might you evaluate possible choices? This activity is your chance to simulate how possible choices might
play out.
06
Date Description
income /
expense
Amount Balance Notes
4/24 Paycheck income $1210 $1730
4/25 Groceries
expense
$350 $1380
4/25 Prescriptions
expense
$60 $1320
5/1 Mortgage expense $1110 $210
5/4 Daycare expense $550 ($340)
Not enough to cover daycare
with current prioritization
Date Description
income/
expense
Amount Balance Notes
Please use the space to the
right to calculate how you
might spend an upcoming
paycheck or other source
of income.
Here is an example for reference.
Now it's your turn. Refer to your
upcoming income and expenses
from Activity 04 and your ideas
from Activity 05.
We invite you to print out
multiple copies of this
page to review other
possible scenarios.
Starting
Balance=
$520
Starting
Balance=
income
expense
0.00
expense
0.00
expense
0.00
expense
0.00
A short term plan and achievable goals can make you feel accomplished, providing momentum towards success.
In this last activity, refer back to your order of importance (02), your inventory of income and expenses (04), and
evaluate which choices you have considered (05, 06) will serve you best in the next couple of weeks.
Imagine what your next steps and accomplishments might look like. Write or discuss 3 items you want to activate on.
07
01
Consider discussing/sharing your work with a financial partner or someone you trust for support in these choices.
Place in a visible location as a reminder to what you committed to do, and how you would feel afterward.
Once tasks or activates are completed, select 3 more.
02
03
It would feel great if I completed the following by next week:
I would feel _____________ if I completed the following by______________________________:
I would feel _____________ if I completed the following by______________________________:
ALIGINING
PRIORITIES
877-337-3399
OR REQUEST A CALL
Consider sharing your experience. CLICK HERE FOR SURVEY
If you need additional support, please call our caring and
compassionate experts at:
GreenPath is a team of people, from your community, committed
to bringing you relevant and human centered experiences and
information. We envision a world where people are ready for life’s
ups and downs, and we all have the tools we need to accomplish
our financial goals. That’s why we set a bold 10-year goal to remix
the American Dream so it works for everyone.
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Completed 16 June 2021

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