"INCOME OR EXPENSE"
INCOME OR EXPENSE BUDGETED AMOUNT SAFE % OF NET INCOME INCOME Gross Monthly Income Less 25% Taxes NET INCOME EXPENSES Savings Emergencies Short-Term Long-Term Retirement Total Savings At least 10% Fixed Expenses Rent/Mortgage No more than 28% Car Payment No more than 20% including Car Insurance insurance and gas, etc. Medical Insurance No more than 5% Renters/Homeowners Insurance School Loans Total Fixed Expenses Variable Expenses Electricity/Gas Water and Sewer Garbage Telephone Gasoline Groceries No more than 16% Car Repairs/Maintenaince Laundry/Dry Cleaning Credit Card Payments No more than 7% Total Variable Expenses Discretionary Expenses Books.Magazines.CD's Personal Grooming Clothing No more than 6% Charitable Contributions Gifts Eating Out Movies and Video Rental Sports Concerts and Plays Pets Pets Vacations Internet Access Total Discretionary Expenses No more than 8% TOTAL EXPENSES NET INCOME LESS TOTAL EXPENSES __ BUDGET SURPLUS OR DEFICIT Answer the questions below. 1. Did you end up with a surplus or deficit? 2. Were you able to stay within the safe percentage ranges on your budget? 3. What budget category (saviings, fixed, variable, discretionary) was the largest? Were you surprised by this? 4. Can you maintain a comfortable standard of living based on your estimated income level? If no, what alternatives do you have?