1. Money

Budget Worksheet - Income and Necessities

Use This To Budget Your Income and Necessary Costs

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Budget Your Money

Money can pile up if you budget.

About.com Guide Paula Pant

Managing your money requires tracking all your income and expenses. This series of worksheets will help you chart where your money comes from and where it goes.

I recommend printing and completing these worksheets each month. Reference them at the beginning and end of each month.

How To Use This

You can either use just one worksheet alone, or you can use use all the budgeting worksheets together to create a complete budget. There's a link at the bottom of each worksheet that leads you to the next one.

This particular worksheet, the first one in the series, helps you track the two most important items on your list: your income and your necessary spending.

Guide Tip

I recommend using all the worksheets together create a comprehensive budget, but if you decide that you only want to fill out one worksheet, this one is probably the most important. If you're not earning enough to pay for even the basics, you need to know that right away.

Helpful Hints

Fill in the “monthly estimate” column after you review your financial records. Whatever you write in this column represents a monthly average.

Fill in the column that asks for the “actual” amount at the end of each month. This column should reflect how much you actually spent during that particular month – some months your spending will be above average, other months it will be below.

INCOME SOURCE MONTHLY ESTIMATE ACTUAL
Source 1:
Source 2:
Source 3:
TOTAL:

Next Step: Fill In Your Necessary Expenses

The miscellaneous categories are for you to fill in personal nondiscretionary costs, like elderly care.

What Do You Mean By "Necessary" Costs?

This worksheet consists of all the bills you have to pay, although not all categories (like property taxes) will apply to all people. Many of these costs can also be reduced by shopping around.

NECESSARY EXPENSE MONTHLY ESTIMATE ACTUAL
Rent or Mortgage
Groceries
Gas and Electric
Water and Sewage
Trash Pickup
Health Insurance/Co-Pays
Auto Insurance
Auto Repairs/Maintenance
Fuel / Public Transit
Phone (Landline and Cell Phone)
Loan Repayment
Homeowners/Renters Insurance
HOA fee
Property Tax
Life Insurance
Income and Capital Gains Tax
Basic Toiletries
Child Care
Pet and Veterinary
Retirement
Misc #1
Misc #2
TOTAL:

If this is the only budget worksheet you use, then compare your total expenses to your total income. Make sure your income is higher. If not, you'll need to find more ways to save.

I highly recommend making a complete budget by going to the next worksheet: Budget Your Discretionary Spending.

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