Information Related to "Monthly Income and Expense Worksheet"
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After you determine your overall financial condition (net worth), the next step is to analyze your monthly cash flow. This will show you which direction you are headed--whether you are accumulating money, holding steady or going further into debt. Use the form below to examine your monthly income and expenses.
| Monthly Income and Expense Worksheet | |||||
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| Adjusted Monthly Income | |||||
| Initial take-home pay | Total | ||||
| Wages/salary (net after taxes and deductions) | |||||
| Other income (net after taxes and deductions) | |||||
| Post-tithe income | |||||
| All tithes | |||||
| Subtract all tithes from total take-home pay: | |||||
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| Monthly Expenses | |||||
| Additional charitable giving | Total | % of post-tithe income | Recom-mended %* | ||
| Offerings | |||||
| Other charities | |||||
| Personal assistance | |||||
| 0.5-5% | |||||
| Savings | |||||
| Emergency | |||||
| Retirement | |||||
| Higher education | |||||
| Investments | |||||
| General/other | |||||
| 5-11% | |||||
| Housing | |||||
| Rent or mortgage(s), including private mortgage insurance | |||||
| Real estate taxes | |||||
| Homeowner's inurance | |||||
| Home association dues | |||||
| Repairs/maintenance | |||||
| Furnishings/equipment | |||||
| Household needs | |||||
| Other | |||||
| 28-39% | |||||
| Utilities | |||||
| Electricity | |||||
| Gas | |||||
| Water/sewer | |||||
| Trash | |||||
| Home phone | |||||
| Cell phone | |||||
| Cable/satellite TV | |||||
| 5-11% | |||||
| Food | |||||
| Groceries | |||||
| School/work lunches | |||||
| Restaurants | |||||
| 5-17% | |||||
| Transportation | |||||
| Car payments/replacement | |||||
| Auto insurance | |||||
| License/taxes | |||||
| Gas/oil | |||||
| Maintenance | |||||
| Parking/tolls | |||||
| Bus/train/fare | |||||
| 11-17% | |||||
| Clothing | |||||
| Adult's clothes | |||||
| Children's clothes | |||||
| Accessories | |||||
| Laundry/dry cleaning | |||||
| 2-8% | |||||
| Health care and wellness | |||||
| Health insurance | |||||
| Disability insurance | |||||
| Doctors/caregivers | |||||
| Dentists | |||||
| Prescriptions | |||||
| Nonprescription medications | |||||
| Health products | |||||
| Gym membership | |||||
| Fitness classes | |||||
| Other | |||||
| 5-11% | |||||
| Personal | |||||
| Life insurance | |||||
| Child care | |||||
| Alimony/child support | |||||
| Toiletries | |||||
| Cosmetics | |||||
| Hair care | |||||
| Adult education | |||||
| Children's tuition | |||||
| School supplies | |||||
| Subscriptions | |||||
| Organization memberships | |||||
| Gifts | |||||
| Misc. | |||||
| Spending money | |||||
| 5-11% | |||||
| Recreation | |||||
| Entertainment | |||||
| Vacation/travel | |||||
| Other | |||||
| 5-11% | |||||
| Debt repayment | |||||
| Bank/personal loans | |||||
| Credit cards | |||||
| Student loans | |||||
| Other | |||||
| 5-11%** | |||||
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| Total monthly expenses (add all the above expenses) | 100% | ||||
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| Monthly surplus or deficit (monthly post-tithe income minus expenses) | |||||
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*The recommended percentages are adjusted from common recommendations by assuming tithes have already been deducted. **When debt is repaid, its percentage should shift to savings, eventually putting savings at 10-22%. |
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Related Information:
Sidebar to Keys to Successful Money Management
Origin of article "Monthly Income and Expense Worksheet"
Keywords: finances budgeting
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