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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