Formatting a Budget

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Monthly Income

*Spouse’s Take Home Pay
*Other Types of Wages
(Bonus, Commission,
Overtime, Tips, etc)
*Alimony
*Child Support

*Pension
(Home, Auto, Life, Health,
Disability, etc)

*Social Security
(Gas, Maintenance, Tolls,
Parking, etc)

*Interest

*Investments

*Rental Income
(Deductibles, Co-Pays, Items
not Covered by Insurance)

*Part-Time/Seasonal
(Maintenance, Up Keep)

*Military/Reserves

*Trust Income (Churches, Charities, etc)

*Royalties
(Dining, Movies, Vacation, etc)

*Accounts Receivable

*Other/Misc Income

Total $

Monthly Expenses

*Mortgage or Rent
*Utilities
(Elect, Phone, Gas,
Cable, Water, Trash, etc)
Credit Card Payments
Car Payments

*Insurance
(Home, Auto, Life, Health,
Disability, etc)

*Auto Expense
(Gas, Maintenance, Tolls,
Parking, etc)

*Groceries

*Child Care

*Medical
(Deductibles, Co-Pays, Items
not Covered by Insurance)

*Incidental Home
(Maintenance, Up Keep)

*Clothing/Uniforms

*Gifts

*Entertainment
(Dining, Movies, Vacation, etc)

*Personal Allowance

*Other/Misc Expense

Total $

The list above does not include all the possible sources of income or all the categories of expenses. It is intended as a guide to help you get started. Your budget needs to be designed around your personal situation.

Some individuals prefer to use their gross income rather than take home pay. That’s OK as long as you include in the expense category all taxes and deductions withheld from your check. Couples sometimes do separate budgets. They have their own expenses and have divided the joint obligations. This is fine as long as they both agree.

In addition to a monthly accounting it is usually beneficial to keep a weekly log. This is helpful for variable items such as personal spending and groceries. Keeping track of this helps you see how much you are spending. You might want to write checks or use your check card for these type items. Record expenditures on an envelope or do whatever to help you keep track of money spent.

You can quickly & easily put together a weekly expense record similar to the one below:

Weekly Expense Record

Sunday Expenses $

Monday Expenses $

Tuesday Expenses $

Wednesday Expenses $

Thursday Expenses $

Friday Expenses $

Saturday Expenses $

Total $

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