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Well, if you haven't figured it out by now the key is organizing your expenses on a budget worksheet. This is the best strategy for recording all of your monthly expenses. Once this is complete you can actually see where the money goes!
Start with These Tips
The list below divides items into 3 categories: fixed expenses, nonfixed expenses, and income.
- FIXED EXPENSES - This list includes items that are a given and must be paid monthly - it is usually a fixed known amount every month.
- NONFIXED EXPENSES - These are items that if you are looking to spend less is the first place to start evaluating. These amounts can change on a monthly basis unless you set a particular amount for each category. For example: Make a budget of $25 a month for going out to the movies - once you've reached that - no more movies.
- INCOME - This is your monthly take home income from various areas.
The budget worksheet is based on one month so for things paid quarterly or for items varying in amounts like gifts or activities total up all amounts spent (if you keep records) and divide by 12. If you have not kept records do your best to estimate a yearly amount and divide by 12.
By using the budget worksheet below you can figure out the amount of money you have left after you take care of your expenses. Simply subtract the total amount of expenses(fixed and nonfixed) from your total income and you have what income is left or what people would call your disposable income.
Your Budget Worksheet
Category | Amount |
|---|---|
Fixed Expenses |
|
Property |
|
| Mortgage | |
| 2nd Mortgage | |
| Rent | |
| Condominiun/Townhouse Fee | |
| Property Maintanence(Landscape, pool, security) | |
| Taxes(school,county,municipal) | |
| Other | |
Loans | |
| Student Loans | |
| Auto Loan | |
| Auto Lease | |
| Personal Loans | |
| Credit Card Debt Payment | |
| Other | |
Financial Fees |
|
| Investment Fees | |
| Tax Preparation | |
| Safety Deposit Box | |
| Other | |
Utilities and Electronics |
|
| Electric | |
| Propane | |
| Natural Gas | |
| Oil | |
| Coal | |
| Cable | |
| Direct TV Services | |
| Water | |
| Sewer | |
| Trash | |
| Phone | |
| Cell Phone | |
| Pager | |
| Computer Servive/Internet Access | |
| Service Contract for Maintanence | |
| Other | |
Transportation |
|
| Gas for Vehicles | |
| Car Maintanence and Repair |
|
| Parking | |
| Tolls | |
| Other Transportation (taxi,bus train passes) |
|
| Other | |
Insurance |
|
| Medical | |
| Dental | |
| Home | |
| Personal Property | |
| Professional (for those with a license) |
|
| Auto | |
| Renters | |
| Life | |
| Disability | |
| Other | |
Childacare/School |
|
| Preschool | |
| Daycare | |
| Babysitter/Caretaker/Nanny | |
| Private School | |
| Other | |
SUBTOTAL |
|
Nonfixed Expenses |
|
| Food(Groceries) | |
| Food (Take-out) | |
| Clothing | |
| Laundry/Drycleaning | |
| Entertainment(Going Out) | |
| Entertainment (Staying In-rented movies etc.) |
|
| Charitable Contributions | |
| Hobbies | |
| Memberships | |
| Household Purchases | |
| Subscriptions (newspapers,magazines) |
|
| School Supplies | |
| Vacation | |
| Other | |
SUBTOTAL |
|
Income |
|
| Salary | |
| Interest on Accounts | |
| Dividends | |
| Unemployment Benefits | |
| Disability | |
| Social Security | |
| Pension | |
| Welfare | |
| Food Stamps | |
| Other | |
| TOTAL INCOME |
|
| minus TOTAL EXPENSES (fixed and nonfixed added) |
|
| =DISPOSABLE INCOME | |
This budget worksheet is a great start to organizing your personal or family money needs. Once you can pinpoint what you spend you can start to decide how and where you can save to make the most of your paycheck.
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