Posted: 02/09/2007--25/11/2008 || Rate this Article: 3 || Views|| Sign In || Register ||Hello Guest
Do you have too much month at the end of your money? Many people do. One way to find out how much you are spending and where you are spending all your money is to WRITE IT DOWN. Often, those of us thinking we need financial help only need a simple plan. Use the following worksheet to help analyze where your dollars are going. The old saying, Plan your work, work your plan can be implemented in utilizing this financial planning worksheet. Keep it simple. You will always have expenses in life but you do NOT have to have debt! So lets start WRITING IT DOWN!
GROSS Income: _____________________
This is income you make BEFORE taxes come out. Many people who contribute to churches and/or charities contribute based on their gross income. Many people choose to tithe or give 10% on this income.
NET Income: _____________________
This is the income you BRING HOME after you have paid taxes on the income. Check your pay stub to find out specific dollar amounts being deducted. These amounts may also include medical and/or dental premiums you are paying as well as other company programs which may be offered through your place of employment.
You will need to list ALL of your expenses. Dont leave anything out. Include birthday and Christmas gifts as well as car tags and insurance. Dont forget about those doctor and dentist bills either! Oh goodness ... the school fundraisers you will be contributing to as well as any magazine subscriptions!
MUST HAVE expenses include FOOD, HOUSE/RENT PAYMENT, UTILITIES AND CAR PAYMENT(S). If you have to adjust your budget, the MUST HAVE category is NOT the place to adjust it. (You could possibly lower the food budget if you must adjust budget amounts in this area.)
NET INCOME: _____________________
MINUS EXPENSES OF:
*Food: _____________________
*House/Rent Payment _____________________
*Utilities:
*Electricity _____________________
*Gas _____________________
*Water _____________________
*Sewer _____________________
*Trash _____________________
*Car Payment(s) _____________________
_____________________
*Gas for Car _____________________
*Car Maintenance _____________________
*Tolls (if any) _____________________
*MUST HAVE expenses
Additional Expenses:
Emergency Fund ______________________
Giving/Charity ______________________
Investment(s) ______________________
______________________
Clothing ______________________
Phone ______________________
Cell Phone ______________________
Cablevision ______________________
Pocket Money ______________________
Childrens Allowance ______________________
Doctor(s) ______________________
______________________
Dentists(s) ______________________
______________________
Debts:
Student Loan(s) ______________________
______________________
Finance Company ______________________
______________________
Credit Card 1 ______________________
Credit Card 2 ______________________
Credit Card 3 ______________________
Doctor(s) ______________________
______________________
Dentists(s) ______________________
______________________
Hospital(s) ______________________
______________________
Other ______________________
Other ______________________
Other ______________________
NET INCOME minus ALL expenses and debt = $ left over (if any)
So, now that you have WRITTEN DOWN YOUR SPENDING PLAN, it is time to look at it and ANALYZE your spending. Are you spending more on gifts than you should? What about the finance rates on your credit cards? Could you possibly transfer balances to a lower rate card? Too much debt? Can you lower costs somewhere else on your budget and try to get the debt paid off quicker? This is YOUR MONEY. Make sure it is spent the way you want it to be. Make sure to look at your written budget at least monthly to make any adjustments. Whatever and whenever you spend WRITE IT DOWN!
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