Budget_exercise_Sample_Expense_Worksheet

							                  Sample Expense Worksheet
To determine monthly Net income:

      Hourly wage X 40 hours per week X 4.33 weeks in a month = Gross income.

      Gross income (-) 16% (taxes and Social Security) = Net income

                                         EXPENSES
                     Categories                         *mandatory           Budgeted
     Rent/Mortgage (1/3 of net income)                    *
     Savings Account                                      *

     Electric (.15 X Sq. ft.)                               *

     Other utilities ($35 per month)                        *
                                                            *
                                                    (Must have landline or
     Telephone ($35 for a land line)                cell phones for
                                                    everyone of school
                                                    age)
     Cell Phone ($40 for one/$60 for two/add $10
     for each additional cell phone)
     Internet Service ($21)
     Cable/Satellite ($21/60)
     Household
                                                            *                   35.00
     Maintenance/Repairs
     Clothing/Shoes                                         *
     Groceries (average $25 per person, per week)           *
     Lunch(School/Work)
     Insurance
             Life ($20 per adult/per month)
                Renter’s ($35 per month)                    *
             Auto ($100 per month/per car)
                                                            *
            Mandatory only if you have cars
     Auto Loan 1 ($120 per car)                             *
                                                    If you have a car
     Auto Loan 2
                                                          *
     Auto Maintenance ($35 per car, per month)      If you have a car
Auto Registration ($25 per car, per month)          *
                                              If you have a car


Gas or Public Transportation
Gas: $25 per week/per car --Or—
$44 for a monthly bus pass/per adult                  *
$22 for a monthly bus pass/per minor
Age 6 and under ride free
Hobbies/Lessons/Books/CD’s/DVD’s/etc.
Gifts and Holiday Spending                            *
Eating Out
Charities
Entertainment (movies, CD’s, etc.)
                                                      *
Child Care ($100 per week/per child under     If you have pre-school
that age of 5)                                children and both
                                              parents work
Medical
   No insurance? Mandatory $200 per month
(covers appointments and prescriptions)

   Want insurance? $350 per family plus $15
                                                      *
per person for copays, per month.

   See individual scenarios for additional
requirements.

Toiletries ($25 per person)                           *



Total Expenses

Total Income
Total Expenses (Subtract from total income)
Difference (Must equal 0. You MUST
have a balanced budget.)