Budgeting Worksheet

Setting a budget and developing a spending plan is a great way to relieve uncertainty and stress while meeting your short- and long-term financial goals.

Use this worksheet to calculate your monthly expenses and income for an idea of what you have to work with, what your commitments are and what you have remaining to devote to your goals.

Step 1: Calculate Your Income

Figure out how much you get paid each month after taxes and add it to the table below.

  • Weekly pay: multiply your paycheck by 52, then divide it by 12
  • Bi-weekly pay (every two weeks): Multiply your paycheck by 26, then divide it by 12
  • Inconsistent pay schedule: If your pay is not on a consistent schedule (e.g., seasonal work or side income), take last year’s total income and divide by 12 for an estimate of your average monthly income
Monthly Income
Monthly Total
Paycheck (income after taxes, benefits and check-cashing fees) $
Other income (e.g., side jobs, child support) $
Total monthly income $

Step 2: Calculate Expenses

Record your expenses using the table below. For expenses that change from month to month (such as utilities), use your average spending based on previous months’ bills.

Monthly Expenses
Monthly Total
Housing Rent or mortgage $
Renters or homeowners insurance $
Utilities (e.g. electric, gas, water) $
Internet, cable and phone $
Other housing expenses (like property taxes) $
Food Groceries and household supplies $
Meals out $
Other (e.g., meal subscriptions) $
Transport Public transit (e.g., bus, taxi, ride-sharing) $
Gasoline $
Car maintenance (e.g., oil change, new tires) $
Car payments (e.g., insurance, auto loan, lease) $
Other transportation expenses (e.g., parking, tolls) $
Health Prescriptions and medications $
Health or life insurance (if not deducted from paycheck) $
Other medical expenses (e.g., copays, glasses, contacts) $
Personal & Family Childcare (e.g., daycare, babysitter) $
Money given or sent to family (e.g., gifts, child support) $
Clothing and shoes $
Entertainment (e.g., movies, concerts) $
Subscriptions (e.g., streaming services, music, mobile apps) $
Pet care (e.g., food, boarding, veterinarian, medication) $
Other personal/family expenses (e.g., toiletries, haircuts) $
Other School costs (e.g., supplies, tuition, student loans) $
Other debt payments (e.g., personal loans, credit cards) $
Savings (e.g., emergency funds, vacation savings) $
Other expenses or fees $
Total monthly expenses $

$ Income

-

$ Expenses

=

$ Budget surplus/defecit

If your income is greater than your expenses, this is a surplus; use this money to save for goals or pay down debts!

If your expenses are greater than your income, this is a budget deficit. Try reducing some expenses, like streaming services or entertainment, to ensure you’re not spending more than you earn.

Do I Need to Work with a Real Estate Agent or Realtor?

When finding a new home, it’s important to partner with professionals who know your needs, care about your goals and can help you find your dream home.

Keep Reading

Credit Cards vs. Debit Cards – What is the Difference?

When you use a debit card, money is withdrawn from your checking account in real time. With a credit card, you are borrowing money from the bank.

Keep Reading

Understanding Your Credit Score

What does your score mean, and how do lenders—and even landlords and employers—use it to determine their decision? Here’s how.

Keep Reading

What Are My Mortgage Options?

If you’re ready for the homebuying process, start familiarizing yourself with the basics of home loans so you can choose the right mortgage for you!

Keep Reading

Why Should I Get Prequalified for a Home Loan?

Learn what prequalification means and why it’s the best first step in purchasing a home.

Keep Reading

How Does an Auto Refinance Work and is It a Good Plan for Me?

Refinancing your auto loan is a very simple, straightforward process. You essentially apply for a new auto loan, which pays off your current loan.

Keep Reading