Using this situation, I need to set up a forecast for the upcoming year. I have managed to work out new salaries, utility bills and insurance fees. I am unsure about the rest.

What are the things to be included in next year's persona balance statement/cash flow statement, and how to calculate them?

Mikail is a 38-year-old with fifteen years' experience working full-time as a secondary teacher. Mikail has a gross income from employment of $105,951 for the 2020-2021 financial year. Mikail is a member of a teacher's union and paid $1059.51 of his wages in union fees for the 2020-2021 year. Mikail's assets include his own three-bedroom townhouse, which is valued at $850,000, a car valued at $28,500 and owned outright, furniture and other personal effects valued at $115,000, a transaction account with a balance of $5,800, earning $2.90 in interest for the 2020-2021 financial year, a term deposit account with a balance of $5,000, earning $42.75 in interest for the 2020-2021 financial year, and a superannuation account balance of $310,345. Under his industrial award Mikail contributes a required seven per cent of his annual salary towards superannuation, which also receives a contribution equivalent to 12.5 per cent of his salary from his employer, the state government (also the fund sponsor). Mikail's superannuation provides him with life insurance of $480,000, which is included as part of the term life, total and permanent disability (TPD) and trauma cover provided within the fund. Given his excellent health, Mikail has avoided taking out private health insurance cover, given its high cost and that many of his colleagues complain about the poor value for money that they receive from their policies. The beneficiary of Mikail's superannuation and term life insurance is his older sister Darina (46) who also lives with him. Darina is single, has no dependents, and relies on a disability support pension, her sole source of income. Mikail's sister has limited assets, these being represented in a small amount of furniture and her personal effects (valued at $37,000). Mikail has, therefore, also left Darina the townhouse in his will and wishes this to be transferred to her free of debt. Mikail wishes for Darina to have a lump sum of $25,000 to cover his funeral and any legal costs in the case of his death, and an emergency fund of $30,000. Mikail also wants Darina to be able to keep ownership of the townhouse until she needs aged care or similar specialist accommodation (approx. 20 years). He has estimated that, in the case of his death, Darina will need a lump sum sufficient to supply her approximately $10,000 per year more than her current pension to cover costs such as council rates, property and contents insurance, and property repairs and maintenance. Mikail assumes that the sale value of the townhouse will be enough to fund aged care or similar specialist accommodation when needed. Mikail's liabilities include a mortgage against his townhouse of $415,000, with 20 years remaining term and current monthly repayments of $2,406.25, and a credit card which currently has a balance of $1,225. To get to and from the workplace, Mikail incurs operating, registration and comprehensive motor vehicle insurance expenses on his car of $3,650 per year (of which insurance is $1635). Mikail estimates that 40 per cent of his mobile phone and Internet expenses ($1,765 per year) are work related. Mikail uses his home office for the equivalent of at least one or more days a week to prepare teaching materials and classes and estimates that 15 per cent of his electricity expenses (which total $2,920 per year) are work related. Mikail's other major expenses are comprised of council rates ($2,625 per year), water bill 1 ($2,150 per year), gas charges ($925 per year), groceries and household products ($16,580 per year), clothing ($2,580 per year), home and contents insurance which provides him with $450,000 of building insurance and $28,000 of contents cover ($1,575 per year), gym membership ($860 per year), medical and other health-related costs ($1,075 per year) and eating out and entertainment ($5,980 per year). Mikail has come to you for both general financial planning advice and more specific advice about his current insurance cover and investment strategies. Mikail is a 38-year-old with fifteen years' experience working full-time as a secondary teacher. Mikail has a gross income from employment of $105,951 for the 2020-2021 financial year. Mikail is a member of a teacher's union and paid $1059.51 of his wages in union fees for the 2020-2021 year. Mikail's assets include his own three-bedroom townhouse, which is valued at $850,000, a car valued at $28,500 and owned outright, furniture and other personal effects valued at $115,000, a transaction account with a balance of $5,800, earning $2.90 in interest for the 2020-2021 financial year, a term deposit account with a balance of $5,000, earning $42.75 in interest for the 2020-2021 financial year, and a superannuation account balance of $310,345. Under his industrial award Mikail contributes a required seven per cent of his annual salary towards superannuation, which also receives a contribution equivalent to 12.5 per cent of his salary from his employer, the state government (also the fund sponsor). Mikail's superannuation provides him with life insurance of $480,000, which is included as part of the term life, total and permanent disability (TPD) and trauma cover provided within the fund. Given his excellent health, Mikail has avoided taking out private health insurance cover, given its high cost and that many of his colleagues complain about the poor value for money that they receive from their policies. The beneficiary of Mikail's superannuation and term life insurance is his older sister Darina (46) who also lives with him. Darina is single, has no dependents, and relies on a disability support pension, her sole source of income. Mikail's sister has limited assets, these being represented in a small amount of furniture and her personal effects (valued at $37,000). Mikail has, therefore, also left Darina the townhouse in his will and wishes this to be transferred to her free of debt. Mikail wishes for Darina to have a lump sum of $25,000 to cover his funeral and any legal costs in the case of his death, and an emergency fund of $30,000. Mikail also wants Darina to be able to keep ownership of the townhouse until she needs aged care or similar specialist accommodation (approx. 20 years). He has estimated that, in the case of his death, Darina will need a lump sum sufficient to supply her approximately $10,000 per year more than her current pension to cover costs such as council rates, property and contents insurance, and property repairs and maintenance. Mikail assumes that the sale value of the townhouse will be enough to fund aged care or similar specialist accommodation when needed. Mikail's liabilities include a mortgage against his townhouse of $415,000, with 20 years remaining term and current monthly repayments of $2,406.25, and a credit card which currently has a balance of $1,225. To get to and from the workplace, Mikail incurs operating, registration and comprehensive motor vehicle insurance expenses on his car of $3,650 per year (of which insurance is $1635). Mikail estimates that 40 per cent of his mobile phone and Internet expenses ($1,765 per year) are work related. Mikail uses his home office for the equivalent of at least one or more days a week to prepare teaching materials and classes and estimates that 15 per cent of his electricity expenses (which total $2,920 per year) are work related. Mikail's other major expenses are comprised of council rates ($2,625 per year), water bill 1 ($2,150 per year), gas charges ($925 per year), groceries and household products ($16,580 per year), clothing ($2,580 per year), home and contents insurance which provides him with $450,000 of building insurance and $28,000 of contents cover ($1,575 per year), gym membership ($860 per year), medical and other health-related costs ($1,075 per year) and eating out and entertainment ($5,980 per year). Mikail has come to you for both general financial planning advice and more specific advice about his current insurance cover and investment strategies