MONTHLY EXPENSES
HousingLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Rent or Mortgage
Rent or Mortgage 2 (second home or home equity loan)
Maintenance
Renter’s or Homeowners Insurance
Homeowners Association or Other Fees
Other:
Other:
Subtotal
Worksheet: Spending plan
A spending plan is a “living document,” which means it will change over time as your priorities change. Don’t get discouraged if you go over budget in a few categories some months. That’s okay. You may be under budget in others. Make the necessary adjustments and keep trying. Soon your spending plan will be more on target and easier to create.
To get started, add up your actual expenses and income from the previous month. Next, subtract your expense total from your total monthly income. Then set this month’s spending targets. Subtract this month’s spending targets from last month’s actuals to see how much less (or more) you would spend in each category.
Keep this worksheet and refer to it throughout the month as you track your spending. At the end of the month, enter how much each expense actually cost and compare those figures to your spending targets.
MONTHLY EXPENSES (continued)
UtilitiesLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Electricity
Gas
Water
Trash Service
Telephone
Cell Phone
Cable or Satellite TV
Internet Service
Other:
Other:
Subtotal
Worksheet: Spending plan
MONTHLY EXPENSES (continued)
TransportationLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Car payment 1
Car payment 2
Auto Insurance
Fuel
Maintenance
Parking
Other:
Other:
Subtotal
FoodLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Groceries
Eating Out
Other:
Other:
Subtotal
Worksheet: Spending plan
MONTHLY EXPENSES (continued)
ClothingLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Adult
Children
Dry Cleaning/Laundry
Other Payment:
Other Payment:
Subtotal
HealthLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Medications
Contacts and Supplies
Gym Memberships
Other:
Other:
Subtotal
Worksheet: Spending plan
MONTHLY EXPENSES (continued)
PersonalLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Alimony/Child Support
Education
Child Care
Life Insurance (not paid through payroll deduction)
Charitable Contributions
Barber/Beauty Shop
Vacations
Recreational/Hobbies
Alcohol/Tobacco
Entertainment
Video/Game Rental
Music/App Downloads
Subscriptions
Pet Food/Supplies/Other
Other:
Other:
Subtotal
Worksheet: Spending plan
MONTHLY EXPENSES (continued)
Personal DebtLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Credit Card Payment
Credit Card Payment
Credit Card Payment
Loan Payment
Loan Payment
Loan Payment
Other Payment:
Other Payment:
Subtotal
Add up each of your subtotals and enter them in the space below
Last Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Total Monthly expenses
Worksheet: Spending plan
Worksheet: Spending plan
MONTHLY INCOME
Last Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Net Monthly Salary (Take-Home Pay) - Self
Net Monthly Salary - Spouse
Part-Time Job
Tips or bonuses
Military Retirement Pay
Child Support
Social Security Payment
AFDC
Food Stamps
Other:
Other:
Total Monthly income
TOTAL ACTUAL MONTHLY INCOME
– TOTAL ACTUAL MONTHLY EXPENSES –
= Money you can SAVE or PAY DOWN DEBTS!
If you have a negative number look back at your expenses and see where you can spend less. Enter your new spending targets and the amount saved in the appropriate columns. For example, say you want to trim your eating out expense from $350 to $250, enter $250 in “This Month’s Spending Target” column and $100 in the “Estimated Difference” column.
If you have a positive number, consider adding it to your savings or paying down high-interest debts. You may still want to review your expenses and look for possible cuts to help you pay down your debt or reach your savings goals faster.
Worksheet: Spending plan
HOW MUCH CAN YOU SAVE?
SavingsLast Month’s Actual $
This Month’s Spending Target
EstimatedDifference
This Month’s Actual $
ActualDifference
Emergency Savings
TSP
401(k)/403(b)
Individual Retirement Accounts
College Savings
Personal Savings
Investments
Other:
Total
Small Change = Big SavingsSee how much the few changes in your budget will affect your savings over time. If you reduced your spending in a number of categories, add up the “Estimated Difference” column and multiply that number by 12. This is how much more money you could save over a year if you stuck to your spending targets.
Estimated Difference Total $_______________
X 12
Total Savings $_______________