Monthly Budget Worksheet Current

(1)

Current

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

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 $

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/oryear.

(2)

WANT Expenses

Per Month

Cable TV $ Gifts $

Dining Out $ Allowances $

Hobbies/Clubs $ Other $

Vacation $ Other $

Pet Care $ Other $

Charity $ TOTAL WANTS $

Spendable Income $

Less TOTAL MUSTS & TOTAL WANTS $

MONTHLY SURPLUS OR DEFICIT $

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.

Monthly Budget Worksheet (Cont’d)

Current

(3)

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

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 $

(4)

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

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 $

(5)

Financial Assets

Owner

Additions/Year

(Annual Contribution)

Current Value

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 $ $

Total Financial Assets $ $

Retirement Assets

Owner

Additions/Year

(Annual Contribution)

Current Value

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 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Total Retirement Assets $ $

Other Assets

Owner

Current Value

Residence Individual:

☐

#1

☐

#2

☐

Joint $ Business Individual:

☐

#1

☐

#2

☐

Joint $ Other: Individual:

☐

#1

☐

#2

☐

#1

☐

#2

☐

#1

☐

#2

☐

Joint $

Total Other Assets $

(6)

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 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: 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 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: Individual:

☐

#1

☐

#2 $ $

Other: 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) $