Monthly Budget Worksheet Current Current Review current pay stubs, checkbooks, credit card and bank statements, and write down how much is made and how much is spent currently each week, month and/or year. Income Per Month Witholdings Per Month Salary $ Federal Tax $ Salary $ State Tax $ Commissions $ Social Sec/Medicare $ Social Security $ Other $ Other $ Total Income $ Other $ Total Withholdings $ Other $ SPENDABLE INCOME $ A must expense is something you must pay each month. MUST Expenses Per Month Per Month Home Mortgage/Rent $ Insurance Life $ Property Tax $ Disability $ Insurance $ Liability $ Electric/Gas $ Other $ Water/Sewer $ Debts Credit Card #1 $ Telephone $ Credit Card #2 $ Maintenance $ Other $ Other $ Other $ Car Loan Payment $ Savings Emergency $ Insurance $ Retirement $ Gas/Oil $ Other $ Maintenance $ Daily Groceries $ Other $ Child Care $ Medical Insurance $ Other $ Doctor/Dentist $ Other $ Prescriptions $ Other Miscellaneous $ Other $ Miscellaneous $ Other Miscellaneous $ TOTAL MUSTS $
Monthly Budget Worksheet (Cont d) Current A want expense is something that makes life better but isn t truly necessary. You can be flexible some people would say charity or pets are musts but don t put everything you like into the must list. WANT Expenses Per Month Per Month Cable TV $ Gifts $ Dining Out $ Allowances $ Hobbies/Clubs $ Other $ Vacation $ Other $ Pet Care $ Other $ Charity $ TOTAL WANTS $ If expenses are greater than income, changes need to be made - starting with a new spending plan. Spendable Income $ Less TOTAL MUSTS & TOTAL WANTS $ MONTHLY SURPLUS OR DEFICIT $
Monthly Budget Worksheet Future Future write down where there is a desire to direct spending cut back on what s not important so that more spending can be focused on what s important. Do this periodically, especially when the financial situation changes. Income Per Month Witholdings Per Month Salary $ Federal Tax $ Salary $ State Tax $ Commissions $ Social Sec/Medicare $ Social Security $ Other $ Other $ Total Income $ Other $ Total Withholdings $ Other $ SPENDABLE INCOME $ Must expenses are difficult to eliminate, but they may be able to be reduced. A different insurer or a smaller house may help, but these are big decisions that require care. Getting rid of debt does have a dramatic impact. MUST Expenses Per Month Per Month Home Mortgage/Rent $ Insurance Life $ Property Tax $ Disability $ Insurance $ Liability $ Electric/Gas $ Other $ Water/Sewer $ Debts Credit Card $ Telephone $ Credit Card $ Maintenance $ Other $ Other $ Other $ Car Loan Payment $ Savings Emergency $ Insurance $ Retirement $ Gas/Oil $ Other $ Maintenance $ Daily Groceries $ Other $ Child Care $ Medical Insurance $ Other $ Doctor/Dentist $ Other $ Prescriptions $ Other Miscellaneous $ Other $ Miscellaneous $ Other Miscellaneous $ TOTAL MUSTS $
Monthly Budget Worksheet (Cont d) Future Not all wants are bad things it s just prudent to be selective. It s also best to be prepared to reduce those items that aren t important when and if the need arises. WANT Expenses Per Month Per Month Cable TV $ Gifts $ Dining Out $ Allowances $ Hobbies/Clubs $ Other $ Vacation $ Other $ Pet Care $ Other $ Charity $ TOTAL WANTS $ If expenses are greater than income, changes needs to be made! Spendable Income $ Less TOTAL MUSTS & TOTAL WANTS $ MONTHLY SURPLUS OR DEFICIT $
Net Worth Worksheet Financial Assets Owner Additions/Year (Annual Contribution) Checking Account #1 Individual: #1 #2 $ $ Checking Account #2 Individual: #1 #2 $ $ Bank Savings/Deposits Individual: #1 #2 $ $ CDs Individual: #1 #2 $ $ Brokerage Account #1 Individual: #1 #2 $ $ Brokerage Account #2 Individual: #1 #2 $ $ Current Value Total Financial Assets $ $ Retirement Assets Owner Additions/Year (Annual Contribution) 401K #1 Individual: #1 #2 $ $ 401K #2 Individual: #1 #2 $ $ IRA #1 Individual: #1 #2 $ $ IRA #2 Individual: #1 #2 $ $ Roth IRA #1 Individual: #1 #2 $ $ Roth IRA #2 Individual: #1 #2 $ $ Annuity Assets* Individual: #1 #2 $ $ Current Value Total Retirement Assets $ $ Other Assets Owner Current Value Residence Individual: #1 #2 Joint $ Business Individual: #1 #2 Joint $ Other: Individual: #1 #2 Joint $ Other: Individual: #1 #2 Joint $ Other: Individual: #1 #2 Joint $ Total Other Assets $
Net Worth Worksheet (Cont d) Short-Term Liabilities Owner Monthly Payments Current Balance Credit Card #1 Individual: #1 #2 $ $ Credit Card #2 Individual: #1 #2 $ $ Total Short-Term Liabilities $ $ Long-Term Liabilities Owner Monthly Payments Current Balance Mortgage Individual: #1 #2 $ $ Auto Loan #1 Individual: #1 #2 $ $ Auto Loan #2 Individual: #1 #2 $ $ Business Loan Individual: #1 #2 $ $ Total Long-Term Liabilities $ $ Total Assets (Financial + Retirement + Other Assets) $ Total Liabilities (Debt) (Short-Term + Long Term Liabilities) $ Net Worth (Total Assets Total Liabilities) $