Budgeting
After you buy your home, it is very important that you manage your finances well. Unexpected household expenses are sure to occur. You are responsible for taking care of those problems because you can’t call the landlord anymore.
To figure out your income, expenses and discretionary income, fill out the charts below.
Regularly Monthly Income
Your income: |
If paid: |
|
|
|
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Weekly |
$ _______ x 52 ÷12 |
$ _________ |
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Twice a month |
$ _______ x 2 |
$ _________ |
|
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Biweekly |
$ _______ x26 ÷12 |
$ _________ |
|
Your spouse’s income: |
If paid: |
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|
|
Weekly |
$ _______ x 52 ÷ 12 |
$ _________ |
|
|
Twice a month |
$ _______ x 2 |
$ _________ |
|
|
Biweekly |
$ _______ x26 ÷12 |
$ _________ |
|
Other income: |
Second job |
|
$ _________ |
|
|
Regular overtime |
|
$ _________ |
|
|
Public assistance |
|
$ _________ |
|
|
Child support |
|
$ _________ |
|
|
Pension |
|
$ _________ |
|
|
Social Security |
|
$ _________ |
|
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Other |
|
$ _________ |
|
|
|
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|
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TOTAL MONTHLY INCOME |
(the amount you take home after taxes and other payroll deductions) |
$ _________ |
||
Regular Monthly Expenses
Housing |
$ ____________ |
Food |
$ ____________ |
Meals away from home |
$ ____________ |
Average Utilities: |
$ ____________ |
|
$ ____________ |
|
$ ____________ |
|
$ ____________ |
|
$ ____________ |
Cell phone |
$ ____________ |
Internet service |
$ ____________ |
Car payment #1 |
$ ____________ |
Car payment #2 |
$ ____________ |
Car maintenance/gas |
$ ____________ |
Commuting expense |
$ ____________ |
Credit card #1 |
$ ____________ |
| Credit card #2 | $ ____________ |
Credit card #3 |
$ ____________ |
Loan payments |
$ ____________ |
Loan payments |
$ ____________ |
Child care or child support |
$ ____________ |
Car insurance |
$ ____________ |
Other insurance |
$ ____________ |
Doctors/medical |
$ ____________ |
Clothes |
$ ____________ |
Lessons/tuition |
$ ____________ |
Other |
$ ____________ |
Other |
$ ____________ |
TOTAL REGULAR MONTHLY EXPENSES |
$ ____________ |
Once you have figured out your income and your expenses, use the chart below to find out how much you should have left. Discretionary income is the money that is left over after expenses that you save or spend.
Total monthly income |
$ ____________ |
Minus total regular monthly expenses |
- $ ____________ |
Discretionary income |
= $ ____________ |
After you pay your regularly monthly expenses, you should start saving money for household maintenance. You can start a separate savings account and deposit a certain amount each month. That way, when unexpected expenses occur, you’ll be prepared.
