Work My Way Out of Debt

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This budget form is designed to help you keep score of how well you're doing...or what you should be doing. Just fill in the information called for in each category in the column marked "Current Monthly Income and Payments." When you're through, if the amount listed in "D" is larger than the figure in "A", you're spending more than you earn and should re-work your budget. Use the second column -- "Adjusted Budget" -- for your revised financial plan.  Additional sources of income are often necessary to catch up.

 

MONEY MANAGEMENT WORKSHEET

Current

Monthly

Income and

Adjusted

Payments

Budget

INCOME:

Salary #1 (monthly take-home pay)

 

 

Salary #2 (monthly take-home pay)

 

 

Child support/alimony

 

 

Other Income (interest, dividends, etc.)

 

 

A.  TOTAL MONTHLY INCOME                                                        A $

 

 

EXPENSES:

B.  Fixed Expenses:

Savings -- Long-range

 

 

                 Ready-cash

 

 

Rent or mortgage (including taxes)

 

 

Car Payment

 

 

Insurance Payment

 

 

Child support/alimony

 

 

Child care

 

 

Student loans

 

 

Cable TV

 

 

Health club

 

 

Current installment payments (as for furniture, appliances, etc.)

 

 

Other

 

 

C.  Flexible Expenses:

Food

 

 

Utilities (light, gas, water & sewer)

 

 

Telephone

 

 

Clothing

 

 

Gasoline

 

 

Car maintenance

 

 

Doctor/dentist

 

 

Medicine

 

 

Home maintenance

 

 

Contributions (charities or church)

 

 

Entertainment, hobbies, etc

 

 

Laundry/dry cleaning

 

 

Pet care

 

 

Personal expenses ( cosmetics, hair care, etc.)

 

 

Vacations

 

 

Education/self improvemeent

 

 

Christmas or other annual gifts (1/12 to savings)

 

 

Other flexible expenses

 

 

D.  TOTAL MONTHLY EXPENSES (add B &C)                                 D$ 

 

 

E.  Balance when subtacting D from A

(A should equal or exceed D.  If A exceeds D, you may take on       A

 

 

additional credit obligations, make extra purchases with cash or      D

 

 

expand your savings program with the balance shown.)

Balance = $