Budget Worksheet Page 1

Budget Worksheet

Page 1

Household Income

Expenses

Wages $ ________________

Rent/Mortgage $ _______________

Public assistance $ ________________

Utilities $ _______________

Child support/ Alimony $ ________________

Food $_______________

Interest/Dividends $ ________________

Childcare $ _______________

Social Security $ ________________

Medical $ _______________

Other (list) $ ________________

Transportation $ _______________

$ ________________

Household Supplies $ _______________

$ ________________ Insurance (including car) $_______________

$ ________________

Clothing $_______________

$ ________________

Entertainment $_______________

$ ________________

Payment on Debt $ ______________

Total Family Income $ ________________

Phone $ _______________

School $ ______________

Donations $______________

Savings $ ______________

Other $ ______________

$ ______________

Total Expenses $______________

Difference (+/-) between income and expenses $ ______________

Living Wage Formula: Determine how much money the Head of Household needs to earn (per hour) to meet expenses.

Total Monthly expenses: ____________ divided by 163 (hours per month) = $_____________ (per hour)

Family Pathfinders of Tarrant County Inc.

rev. October 2012

Budget Worksheet Target Percentages

Page 2

Use the following worksheet to determine your budget percentage based the total household income from page 1.

Note: Dave Ramsey, author of "Financial Peace," states that the suggested percentages below are only recommended percentages and will change dramatically if you have a very high or very low income. For instance, if you have a very low income, your necessities percentages will be more in the high range of the percentages below. If you have a high income, your necessities will be a lower percentage of income and hopefully savings (not debt) will be higher than recommended.

Item Housing Transportation Food Savings Utilities Medical/Health Debt Clothing Charitable Gifts Miscellaneous

Actual % _______ _______ _______ _______ _______ _______ _______ _______ _______ _______

Suggested %*

25-35% 10-15%

5-15% 5-10% 5-10% 5-10% 5-10% 2-7% 10-12% 12-23%

Plan for the next 12 months ______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________ ______________________________

* These percentages are adapted from Dave Ramsey's book titled "Financial Peace".

To calculate your actual percentage for Housing, divide the amount you spend on Housing by your total household income and multiply by 100.

e.g. rent = $400 income = $1,200 400 / 1200 = .33 .33 x 100 = 33%

Family Pathfinders of Tarrant County Inc.

rev. October 2012

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