Budgeting Worksheet
This free budgeting worksheet with steps on how to use it will help you create a budget and hit your financial goals.
What We'll Cover
- A budgeting worksheet to calculate your monthly income and expenses
- How to determine if you have a surplus or deficit and see where you can cut expenses if needed
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 | $ |
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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 | $ | |
Calculated Budget Surplus/Deficit
$ Income
-
$ Expenses
=
$ Budget surplus/deficit
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.
Key Takeaways
- Calculate your monthly income before adding to your budget worksheet.
- Use this budgeting worksheet to take control of your finances.
- Use surplus money to save for goals or pay down debts.
- If you have a budget deficit, use this worksheet to see where you can cut costs.
APR = Annual Percentage Rate
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