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Manage Your Money
A worksheet to help you trim money off your "waste"
Smart Money
Management
Published by the Consumer Credit Counseling Services (CCCS). Edited and
reprinted with permission.
Step 1 – Monthly
Income
Enter your monthly
net income (after taxes) from all sources. For income received infrequently
such as interest, commissions, or tax returns, calculate the annual income
received, and divide by 12.
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Source
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Income
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Job
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Spouse’s
Job
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Part-Time
Job
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Rental,
Room & Board
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Commissions,
Bonuses
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Tax
Return, Interest
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Support,
Social Security, Veterans Benefits
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Unemployment
Insurance, Disability, Welfare
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Other
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(1) Total Monthly
Income $
Step 2 – Basic
Monthly Expenses
Enter all expenses
paid except those deducted from your pay. For expenses that may vary during
the year (i.e. utilities, car repairs), enter an average monthly amount.
To calculate the monthly expense, divide the estimated annual expense
by 12.
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Creditor
Name
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Expense
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Housing
Rent/Mortgage
Payment
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Taxes
(not in mortgage payment)
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Electricity
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Fuel
Oil/Wood/Gas
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Water/Sewer/Garbage
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Telephone/Long
Distance Service
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Food
School
Lunches
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Work
Lunches/Coffee Breaks
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Groceries
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Transportation
Car
Payment
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Gas
(or bus fare/ferries)
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Maintenance/Repairs
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Registration/Parking
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Insurance
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Car
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All
Life
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Household/Renter’s
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Medical
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Savings
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Long-Term
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Short-Term
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(2) Total Basic Monthly
Expenses $
Step 3 – Miscellaneous
Expenses
Enter all expenses
paid during the year. A rule of thumb is to enter the amount you need
to spend, not what you would like to spend. To calculate the monthly figure
on infrequent expenses, estimate the annual expense, and divide by 12.
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Source
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Expense
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Personal
Barber
and Beauty Shop
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Allowances
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Cosmetics
and Toiletries
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Cigarettes,
Tobacco, Snacks
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Medical
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Doctor,
Dentist
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Drugs/Prescriptions
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Clothing
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Family
Clothing Purchases
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Cleaning
and Laundry
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Gifts
Birthdays,
Anniversaries
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Christmas,
Hanukkah
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All
Other
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Education
Tuition
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Books,
Papers, Magazines
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Donations
Church
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All
Other
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Entertainment
Movies,
Plays, Video Rentals
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Dinners
Out
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Parties
and Beverages
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Clubs
and Sports
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Cable
TV
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Source
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Expense
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Vacations
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Crafts/Hobbies
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Miscellaneous
Vet/Animal
Expenses
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Postage
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Home
Maintenance
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Paper
Products
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Cleaning
Supplies
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Baby-Sitter
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Alimony
and Child Support
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(3) Total Miscellaneous
Expenses $
Step 4 – Monthly
Credit Obligations
Include all non-mortgage
debts, such as credit cards, loans, line of credit accounts, and rental
contracts. Be sure to include any miscellaneous outstanding bills paid
monthly, such as outstanding doctor bills, student loans and the like.
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Creditor
Name
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Payment
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Balance
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(4) Total Monthly
Credit Obligations $
Step 5 – Summary
To determine total
monthly expenses, add the totals of:
Basic Monthly
Expenses (2)
Miscellaneous Expenses
(3)
Monthly Credit
Obligations (4)
(5)
Total Monthly Expenses $
To determine your
monthly balance (or deficit), subtract the Total Monthly Expenses
from your income.
Monthly Income
(1)
Less Total Monthly
Expenses (5)
Balance
(+/-) $
Expenses Exceed
Income? If you are unable to balance your income with your
monthly expenses, call Working Solutions for more information about Consumer
Credit Counseling Service. Appointments with Consumer Credit Counseling
Service are free and confidential.
Want to read more about smart money management?
Or would you rather review one of the other
packets offered at convention?
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