STEPS FOR COMPLETING MONTHLY BUDGET WORKSHEET

Step 1: List all creditors in the following order: housing, car payments, car insurance, utilities, other insurance (not payroll deductible) and then all other monthly bills.

Step 2: Fill the due dates and amounts due (separate each month if delinquent and more than one month’s payment is due) then enter the total for one month’s bills.

Step 3: List all pay days and the amounts expected on those dates for the month under PAYDAY column, then enter the total for the month’s income.

Step 4: Determine average amounts spend per period on gasoline, groceries, and all miscellaneous (miscellaneous is for all other regular & unexpected expenses per pay period) and list in LIVING EXPENSE column, then total for the month’s living expenses.

Step 5: Subtract the total month’s bill and total month’s living expense from the total month’s income to see the overall net budget for the month.

Step 6: Total the amount of household cash (checking account balance, cash in wallet or purse, etc.) and enter on the first line of PROJECTION underneath that in CASH ON HAND column.

Step 7: Enter total amount expected from first pay period.

Step 8: Add that to CASH ON HAND.

Step 9: Subtract any living expenses that will be incurred between start date and the next pay period.

Step 10: Use remaining funds to pay bill due (fill in amounts & dates under DATE PAY and AMOUNT PAY columns).

Step 11: Repeat steps 7-10 for the rest of the month.

Always use a pencil to fill in DATE PAY, AMOUNT PAY & CASH ON HAND column; these can change due to unexpected circumstances. Adjustments may need to be made for LIVING EXPENSE figures.

Remember, there are two ways to balance a budget: decrease spending or increase income.