The Budget

BUDGET WORKSHEET

CATEGORY

BUDGET AMOUNT

ACTUAL AMOUNT

DIFFERENCE
INCOME:
Wages and Bonuses (If there are two of you, include both incomes listed as gross, not net)
Interest Income (This can come from variety of sources)
Investment Income (if you have a 401(k) at work, do not include this instead use any taxable investments held outside retirement accounts)
Miscellaneous Income (This should be regular recurring income such as alimony or child support or any fees you might generate from work)
Income Subtotal
INCOME TAXES WITHHELD:
Federal Income Tax (You can lower this amount by putting away 5% or more in your 401(k) plan)
State and Local Income Tax
Social Security/Medicare Tax
Income Taxes Subtotal
Spendable Income
EXPENSES:
HOME:
Mortgage or Rent (assuming you have a fixed mortgage if not project the worst possible payment you might have to make)
Homeowners/Renters Insurance (add 3-5% to what you paid last year)
Property Taxes (add 3-5% over what you paid last year)
Home Repairs/Maintenance/HOA Dues (With the exception of HOAs, which are usually fixed, your cost will vary wildly from year-to-year – use an average of the last five years as a basis)
Home Improvements (if they are planned, and you have a workable estimate, include this)
UTILITIES:
Electricity (add 3-5% and the cost of any household greening)
Water and Sewer (add 3-5%)
Natural Gas or Oil (add 3-5% and the cost of any household greening)
Telephone (possibly the most runaway bill we have)
FOOD:
Groceries (use a month like December as a basis – it will be high because of the holidays, but will be realistic over the course of the year)
Eating Out, Lunches, Snacks (be honest!)
FAMILY OBLIGATIONS:
Child Support/Alimony
Day Care, Babysitting
HEALTH AND MEDICAL:
Insurance (medical, dental, vision)
Out-of-Pocket Medical Expenses
Fitness (if the cost comes out of pocket as part of your monthly expenses, be sure to list it)
TRANSPORTATION:
Car Payments (for all cars)
Gasoline/Oil (add 3-5% over the cost of last month’s expenditures)
Auto Repairs/Maintenance/Fees (use the total amount paid over the last twelve months as a benchmark)
Auto Insurance (add 3-5% even if you are able to raise your deductible by a factor of two)
Other (tolls, bus, subway, taxi) (add 3-5% over the cost of the last six months)
DEBT PAYMENTS:
Credit Cards
Student Loans
Other Loans
ENTERTAINMENT/RECREATION:
Cable TV/Videos/Movies (many of us have lumped our cable, phone and internet into one bill – add 3-5%)
Computer Expense (few of take into account the cost of maintaining these machines along with software upgrades and new external hardware)
Hobbies (include an club memberships or fees for the whole family)
Subscriptions (can you read that newspaper online?)
Vacations (if you are planning one, enter in the projected cost and add 20%)
PETS:
Food
Grooming, Boarding, Vet
CLOTHING:
INVESTMENTS AND SAVINGS:
IRA (401k plans are deducted before you receive your pay whereas an IRA will need to budgeted for.  If you make the maximum contribution, divide that amount by 12 months)
Stocks/Bonds/Mutual Funds (also include any potential tax liabilities these investments have based on past performance – go back ten years)
College Fund (if you have a household income of less than $80,000, use this line for current extracurricular costs.  If your income exceeds $80,000, use this line for college savings plans with annual increases in your contribution of 3-5% a year.)
Savings (should be at the very minimum 3% of your gross income)
Emergency Fund (while experts agree, three to six months income is optimal in these accounts, divide at least one month by twelve and put this aside.
MISCELLANEOUS:
Toiletries, Household Products
Gifts/Donations
Grooming (Hair, Make-up, Other)
Miscellaneous Expense
Total Investments and Expenses
Surplus/Shortage (Spendable income minus expenses & investments)


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