Spending Plan Worksheets (four steps)

Step 1: Identifying Income

Sources
Expected per month
Actual per month
After-tax wages
$ ____________

$ ____________
After-tax wages from
others in household

$ ____________

$ ____________
Tips or bonuses
$ ____________

$ ____________
Child support
$ ____________

$ ____________
Alimony
$ ____________

$ ____________
Public assistance
$ ____________

$ ____________
Food stamps
$ ____________

$ ____________
Social Security or SSI
$ ____________

$ ____________
Interest on a
savings account

$ ____________

$ ____________
Tax refunds
$ ____________

$ ____________
Other
$ ____________

$ ____________
Other
$ ____________

$ ____________
Total Monthly Income
$ ____________

$ ____________

Step 2: Listing Expenses

Sources
Expected per month
Actual per month
Rent or house
payment

$ ____________

$ ____________
Utilities
(heat, electricity, water)

$ ____________

$ ____________
Telephone and/
or cellphone

$ ____________

$ ____________
Groceries
$ ____________

$ ____________
Transportation
(car payment, gasoline,
bus fare, parking fees,
and so on)

$ ____________

$ ____________
Tuition or other
education fees

$ ____________

$ ____________
Insurance
(car, health)

$ ____________

$ ____________
Child care
$ ____________

$ ____________
Child support
$ ____________

$ ____________
Alimony
$ ____________

$ ____________
Snacks/meals
eaten out

$ ____________

$ ____________
Clothes
$ ____________

$ ____________
Charitable
donations

$ ____________

$ ____________
Credit cards and
other loans

$ ____________

$ ____________
Personal
(toiletries, etc.)

$ ____________

$ ____________
Entertainment
$ ____________

$ ____________
Internet, cable, TV
$ ____________

$ ____________
Other
$ ____________

$ ____________
Other
$ ____________

$ ____________
Total Monthly Expenses
$ ____________

$ ____________

Step 3: Comparing Income and Expenses

Your total
monthly income

$ ____________
Your total
monthly expenses

$ ____________
Subtract expenses
from income and list amount here

$ ____________

Step 4: Setting Priorities and Making Changes

Was there money left over at the end of the month? Congratulations! If you treat it wisely (like putting it into a savings account), you will be well on your way to reaching your goals.

But, maybe, you spent more than you earned. Then what? First, look carefully at how you spent the money. Too often our money takes a detour from our goals and we have to take steps to get back on track.

Getting back on track usually means two things: cutting back expenses or increasing income (or both). Now that you know your expenses, it will be easier to cut them. Remember, if you don’t spend it, you don’t have to earn it.

Increasing income might be an option for you and your family members to consider. Some ideas include:
  • Taking a second job
  • Hhaving other family members work and contribute to the household income
  • Turning a hobby into extra income
  • Selling unwanted items (at a garage sale, for example)

My ideas for cutting back on my spending:
____________________________________________________________
____________________________________________________________
____________________________________________________________
____________________________________________________________

My ideas for increasing my income:
____________________________________________________________
____________________________________________________________
____________________________________________________________
____________________________________________________________