Step #1 … Income (Your “Revenue”)

Look at your paycheck for these amount. Use your “Gross Income – taxes and FICA only” for the “Actual”. If you have more deductions from your paycheck for child care, insurance, pension etc do not deduct these amounts from your gross income. (Round to dollar amounts – no “cents”)

Income / Actual Per Month
Full Time Job
Part Time Job
Other (Child Support etc)
Misc
Total Income

Next Step: Fill In Your Necessary Expenses

Your “Actual” amount does not have to be exact to the penny – but the closer the get to your actual spending the better (since the odds are pretty good that YOU may not even realize how much you really spend) Add rows and/or change categories as needed for your personal situation. (Round to dollars)

Necessary Expenses / Actual Per Month
Rent or Mortgage
Groceries
Gas and Electric (Utilities)
Water and Sewage (Utilities)
Trash Pickup (Utilities)
Health Insurance/Co-Pays
Auto Loan Payment
Auto Insurance
Gasoline (Auto) … or
public transit or ride sharing
Auto Repairs/Maintenance
Phone (Landline and Cell)
Student Loan Payment
Credit Card Payments
(total of all credit cards)
Other Loan Repayments
Homeowners/Renters Insurance
HOA fee
Property Tax
Life Insurance
Income and Capital Gains Tax
Basic Toiletries
Child Support, Alimony (payout)
Child Care
Pet and Veterinary
Retirement Contribution
(401k, 4013b, Defined Benefit or IRA)
Misc #1
Misc #2
Total Necessary Expenses:

Next Step: Fill In Your Discretionary Spending

In this section especially, the closer you get to YOUR REAL ACTUAL SPENDING – (NOT what you “think” you spend) - the better. Check your debit card statement, think of your daily routine spending, etc to get some valid amounts. You may give yourself a wake-up call. (Round to dollars)

Add rows and/or change categories as needed for your personal situation.

Discretionary Spending / Actual Per Month
Cable or Satellite TV
Internet
Dining Out - Restaurants
Fast Food/Casual Eateries
Clothing
Gym / Fitness Club
Beauty Products
Subscriptions (magazine, Netflix, etc.)
Professional / Club dues
Hobbies and Sports
Lessons (Music, Art, etc.)
Holidays and Gifts
Charitable Donations
Misc #1
Misc #2
Total Discretionary Exp.

Last Step: Summarize the details above

Total Amounts from the Three Calculations Above / Actual Per Month
Income
MINUS Necessary Expenses
MINUS Discretionary Exp.
What’s Left For Family, Savings, Emergencies, Retirement, a “Future”