Figure 3



Figure 3.2 Completed Budget Analysis Form

Member background:

Jane Doe is single with no children and a gross annual income of $22,000.

Where the Money Goes: Average Monthly Expenses

Category Item Amount

Housing: Rent/Mortgage $550

Heat 20

Electric 40

Telephone 35

Water -0-

Household expenses (cleaning supplies, etc.) 45

Repair/Improvements -0-

Home Insurance 10

Garbage pick-up -0-

Other (list):

Food: Groceries 150

Non-food/Toiletries (shampoo, soap, etc.) 20

Mid-week shopping 20

Meals out (lunch) 40

Other (list):

Transport: Gas/Fares 50

Maintenance 50

Parking/Tickets -0-

Car Insurance 65

Other (list):

Personal: Clothing* ($600/year) 50

Medical/dental* 20

Education* -0-

Life Insurance -0-

Gifts: 38

Christmas ($300/year)

Birthdays ($150/year)

Other (list):

Donations* 40

Entertainment

Cable television 22

Internet service -0-

Movies -0-

Books or magazines 10

Videos or DVDs -0-

Music CDs or concerts 10

Hobbies -0-

Sporting events -0-

“Fun” 40

Child Care -0-

Vacations* 50

Haircuts 15

Laundry 10

Pets -0-

Other (list):

Expense Subtotal: 1,420

Plus Savings (include direct deposits): + 30

TOTAL MONTHLY LIVING EXPENSES: = $1,450

Where the Money Comes From: Average Monthly Income

Category Amount

Your Monthly Take Home Pay: $1,465

Your Partner’s Monthly Take Home Pay: -0-

Other Income:

Child support? -0-

Alimony? -0-

Social Security? -0-

Other (list):

Roommate/shared housing expenses 320

TOTAL MONTHLY INCOME: $1,785

Now Compare Them

Monthly Income: $1,785

Minus Your Monthly Expenses: - 1,450

=Amount available to repay debt: $335

What You Owe: Creditors and Debts

Creditor Total Owed (Balance) Monthly Payment

Auto Loan $4,500 $275

Student Loan 1,250 35

Visa 2,500 50

Hudson’s 195 20

Target 375 40

Dentist 250 50

Mom 100 25

TOTAL DEBT= $9,170

TOTAL MONTHLY DEBT PAYMENT= $495

Understanding Your Bottom Line

Amount available to repay debt (above): $335

Minus total monthly debt payment - 495

THIS IS YOUR BOTTOM LINE: =

* Take the estimated total for the entire year and divide it by 12 to figure out your monthly payments.

Copyright Kathryn Greiner, 2006

Reprinted with permission

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