BUDGET WORK SHEET

This worksheet will help you to identify and track your expected income and expenses after you graduate! 

GROSS Monthly Salary                                                  Monthly Expenses

Less: Federal Taxes                  ________                       Rent/Mortgage                       _______

Less: State Taxes                      _______                        Groceries                               ______

Less: Social Security (7.65%)     _______                        Utilities: Gas                          ______

Less: City/County Taxes            _______                        Utility: Electric                       ______

Net Income After Taxes              _______                        Utility: Water                         ______

Plus: Other Monthly Income        _______                        Telephone                            ______

Other Deductions                       _______                        Household Insurance           ______

Less: Medical Insurance             _______                        Misc. Household                  ______       

Less: Pension                           _______                        Maintenance                        ______

Less: Disability Insurance           _______                        Auto Loan                            ______

Less: Misc. Deductions                                                  Parking & Tolls                    ______

                                                                                    Public Transportation           ______

Moving Expenses                                                           Student Loan Payments    ____

Deposits                                   ______                          Credit Card Debt                  ______

Household items                        ______                          other Loans                          ______

Transportation                            ______                          Medical expenses                ______

Misc. Moving Costs                    ______                          Charitable Contributions       ______

Total Moving Costs                     ______                          Entertainment Expenses      ______

Total Monthly Expenses                                                                                            ______

Total Discretionary Income (Total Income-Total Expenses)                                           ______

Budgeting Tips

Learn to differentiate between “needs” and “Wants” You need food, but you want to

go out for an expensive dinner with your friends.  Keep your long-term goals in Mind:

don’t let short-term desires interfere with attaining long term objectives. The money

you spend now won’t be there for the down payment on the car you want to buy in

five years. Paying yourself first should be a top priority.   Set a definite dollar limits

for your miscellaneous expenses, include entertainment gifts and travel- those

non-necessities you can’t live without stick to your limit.  Don’t regard any

expenditure as unchangeable. If the cost of your rent is holding you back in another

budget category, then find a roommate (or another roommate) or move if the cost of

transportation is high, you can walk, or bike or car pool. You can usually find someone

way to cut almost any category if you’re determined.  Whenever possible, save up

for large purchases. Don’t take on any debts lightly.  Always comparison shop.

Money you save is money you have.  Set aside something for emergencies. You

need enough money in your in emergency fund to cover your essential living

expenses for at least three months- six is better.  Evaluate your expenditure

every few months to see where your money is being spent where can you

cut back, and where you need reallocate.  Automatic teller Machines are great

for convenience, but sure get a receipt for each ATM transaction and note

it in your checkbook.  Be honest and be realistic. Your budget is no place for fantasy.