One of the steps in managing your money is preparing a budget. Filling out this sample budget will allow you to calculate your discretionary income. To determine your average monthly discretionary income, do the following: 1) add together your monthly fixed expenses and variable expenses (your total yearly variable expenses divided by 12 months), and 2) subtract your monthly expense figure from your monthly fixed and variable income (your total yearly variable income divided by 12 months).
Once you know your monthly discretionary income and investment amounts, you may choose to continue on with your current budget or adjust it to reflect new financial goals or circumstances.
INCOME
Take home pay (_______________)
$__________
Take home pay (_______________)
$__________
Other income
$__________
Total Income
$__________
EXPENSES
Fixed Expenses
Rent or Mortgage
$__________
Credit card payments
$__________
Home equity loans
$__________
Vehicle loans
$__________
Life insurance
$__________
Auto insurance
$__________
Homeowner/renter insurance
$__________
Health insurance
$__________
Other (_______________)
$__________
Total
$__________
Savings and Investments
Retirement/401(k) plan
$__________
Investment fund
$__________
Vacation fund
$__________
College fund
$__________
Emergency fund
$__________
Total
$__________
Variable Expenses
Heat
$__________
Electricity
$__________
Telephone (including cell phone)
$__________
Water and sewer
$__________
Cable
$__________
Internet service provider
$__________
Car repairs
$__________
Gasoline
$__________
Public transportation/parking
$__________
Food and beverages
$__________
Personal care (haircuts, etc.)
$__________
Recreation and entertainment
$__________
Medical and dental
$__________
Charitable contributions
$__________
Dues and subscriptions
$__________
Pets
$__________
School expenses
$__________
Miscellaneous
$__________
Total
$__________
Total Expenses
$__________
Net Over/Under Budget
$__________
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Next Steps
Contact a qualified consumer attorney to assist with any credit, banking, or finance issues you face.