The Voice for Local Real Estate


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:

 

 

 

Weekly

$ _______ x 52 ÷12

$ _________

 

Twice a month

$ _______ x 2

$ _________

 

Biweekly

$ _______ x26 ÷12

$ _________

Your spouse’s income:

 

If paid:

 

 

 

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

 

$ _________

 

Other

 

$ _________

 

 

 

 

TOTAL MONTHLY INCOME

(the amount you take home after taxes and other payroll deductions)

$ _________

Regular Monthly Expenses

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Housing

$ ____________

Food

$ ____________

Meals away from home

$ ____________

Average Utilities:

$ ____________

Gas

$ ____________

Electric

$ ____________

Cable

$ ____________

Telephone

$ ____________

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.


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