A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".
DataData recordData recordSelected data record: None
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How to use the
Personal Asset Depreciation Calculator
IMPORTANT: Numeric entry fields must not contain dollar signs, percent signs, commas, spaces, etc. (only digits 0-9 and decimal points are allowed).
Click the Terms tab above for a more detailed description of each entry.
Select the month and year you would like to start your asset replacement planner.
Enter your real hourly wage.
Enter the percentage return you expect to earn from your investments.
Enter the number of years you would like the calculator to calculate opportunity costs for.
For each of your assets, enter the name, resale value, amount owed, replacement cost, age in years, useful life remaining, and salvage value. Next, press the "Calculate Stats" button and then press the "+" button (may also appear as "Add" or "Add Envelope" depending on the size of your device).
When you are satisfied with your asset entries, select the desired report type and press its accompanying "Printer Friendly Report" button. This will open a new window containing your selected report.
What depreciable assets are and why ignoring them will bust your budget.
What Are Depreciable Assets?
Depreciable assets are things you purchase that ...
Last longer than 1 year, but eventually wear out or become obsolete and will need to be replaced.
The cost of replacement requires months or years to save up for.
Specific types of depreciable assets include things like ...
Appliances and fixtures, such as refrigerators, washers, dryers, microwaves, dishwashers, ceiling fans, ovens, stove tops, etc.
HVAC: heating, ventilation, and air conditioning units.
Electronics, such as computers, security systems, entertainment systems, etc.
Home furnishings, such as couches, beds, tables, etc.
Powered equipment, such as lawnmowers, garden tillers, power tools, garage door openers, etc.
Motorized vehicles, such as cars, trucks, motorhomes, motorcycles, boats, 4-wheelers, snowmobiles, jet skis, etc.
Non-structural building components, such as flooring, siding, decking, paint, roofing, windows, doors, etc.
Landscape, such as paved or concrete driveways, retaining walls, lighting, storage sheds, etc.
To see a list of depreciating assets common to most homes, along with their estimated life expectancies, see the the National Association of Certified Home Inspectors Standard Life Expectancy Chart for Homes.
I would love to provide a direct link to the study done in 2006 by the National Association of Home Builders (sponsored by Bank of America Home Equity) entitled, "Study of Life Expectancy of Home Components", but the study has mysteriously been removed from the NAHB site.
Since I could find no explanation as to why the report is gone, I can only speculate NAHB and the banking sponsor no longer consider the report to be in their best interests.
What Makes Depreciating Assets Such Sneaky Budget-Busters?
That's easy. If you fail to budget for the replacement of your depreciable assets, each time an asset needs replacing you will be left with one of three choices:
Don't replace the asset. This is fine for recreational vehicles, but you can't go without a working refrigerator. Plus, failing to replace components of your home as they wear out will diminish the value of your home.
Rob money from other budget categories. Of course, the first category to get robbed is the most difficult and painful to cut back on: the entertainment category. Hence, most opt for number 3.
Purchase the replacement on credit. But what happens then? That's right, your monthly obligations increase. Again, this leaves you less money to spend on entertainment and other perks that should come with being a hard-working individual.
This explains why failing to budget for the replacement of your personal assets eventually leads to a mountain of bills, a diminished lifestyle, and a deteriorated home.
Turn-Around Takes Twice the Effort
Want to get off the increasing debt treadmill? Want to fix your finances? Start setting aside cash to replace critical assets as they wear out.
Easier said than done, right?
That's because the amounts you are setting aside are on top of the payments you are making on all of your past purchases.
Can't afford to set aside cash to replace assets as they wear out? Then do what business owners do to turn their businesses around ...
Trade your essential assets for less expensive alternatives and sell off your non-essential assets for cash. Then apply the freed-up cash to your rapid debt reduction plan.
Later, once you've become debt free, you will then be able to replace your non-essential assets using the money that is now going to pay interest on your debts.
While downsizing is not easy, it is likely the best chance you have to get out of debt and stay out.
And sure, you will face budget setbacks on your journey to paying cash for asset replacement, but you will eventually turn the corner -- as long as you don't give up.
Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.
Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".
Show/Hide Popup Keypads:
Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.
Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.
If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.