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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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