| Income | Housing | Other Bills | |||
| Source | Amount | Expenses | Amount | Expenses | Amount |
| Paycheck | $3000.00 | Mortgage | $1325.00 | Electric Bill | $250.00 |
| Paycheck 2 | 2000.00 | Insurance | 75.00 | Car Payment 1 | 325.00 |
| Taxes | 100.00 | Car Payment 2 | 275.00 | ||
| Mastercard | 75.00 | ||||
| Cable & Internet | 100.00 | ||||
| Car Insurance | 150.00 | ||||
| Telephone | 150.00 | ||||
| Health & Life Ins. | 175.00 | ||||
| Telephone | 150.00 | ||||
| Total | $5000.00 | Total | $1500.00 | Total | $1500.00 |
| Household | Household (Cont) | Savings | |||
| Source | Amount | Expenses | Amount | Expenses | Amount |
| Groceries | $600.00 | Allowances | $60.00 | Crisis Fund | $250.00 |
| Car Gas & Maint. | 150.00 | Long Term Savings | 250.00 | ||
| Clothes | 100.00 | ||||
| Church | 100.00 | ||||
| Dining Out | 100.00 | ||||
| School Lunches | 80.00 | ||||
| Entertainment | 50.00 | ||||
| Haircuts Care | 50.00 | ||||
| Gifts | 30.00 | ||||
| Newspapers & Mags | 40.00 | ||||
| Pocket Money | 140.00 | Total | $1500.00 | Total | $500.00 |
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Purpose of Form: - The Budget Worksheet is designed to provide you a place to brainstorm all of your income and expenses and put them on paper in the rough. There are five categories to your budget. Income, Housing, Other Bills, Household and Savings. Housing - List all of your expenses that relate to Housing such as mortgage payments, rent, taxes etc. Should equal no more than 30% of your net income. Other Bills - This includes all bills not covered elsewhere. Be sure to list only bills and not household expenses in this category. This category should also equal no more that 30% of your income. Household - The household category is designed to make your budget easy to manage by lumping many items into one category. List all expenses you have between paydays. Again, 30%. Savings - This is possibly the most important of all of the categories. It is absolutely necessary that you make plans for your financial future and put money away to pay for it. Your short term saving (crisis fund) is used to cover unexpected and irregular expenses. Your long term savings will allow you to fulfil your ultimate long range goals. You should always save at least 10% of your income. How you divide it between long and short term savings is up to you, however a 50-50 split seems to work best. Below is a list of items to be listed under each topic. This list is only to be used as a guide and does not include all possible items.
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