Budget Planner
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This document provides a monthly spending plan template for budgeting income and expenses. It includes sections to list income sources and priority-ranked expenses categories with space to plan amounts and track actual spending. Guidelines at the bottom suggest typical percentages of income to allocate to major expense categories like housing, food, utilities, transportation and savings. The template aims to help users balance their monthly finances through planning and tracking spending.
Budget Planner
- 1. 6213 N Cloverdale Rd Ste 100 Boise ID 83713 Tel: (208)378-0200 Fax: (208) 685-1058 www.DebtReductionServices.org at Debt Reduction Services, Inc. Monthly Spending Plan List THREE Motivations 1. with Specific Timelines to Achieve: 2. 3. Circle Month: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec b NET INCOME (after Taxes) PLANNED ACTUAL c DIFFERENCEd Employment – Self Employment – Spouse Social Security State Assistance Other Other TOTAL (enter below) 1-5 EXPENSES Prioritya PLANNEDb ACTUALc DIFFERENCEd SAVINGS & INVESTMENTS Emergency Savings – Monthly 1 expenses x 3 (ultimately x 6) IRA 401k Other HOUSING Mortgage/Rent/Taxes 1 Homeowner Association Dues Maintenance/Furnishings Other UTILITIES Electric Gas Phone/Cell Phonee Water/Sewer/Trash Satellite/Cablee Other FOOD DC6034 Rev. 1 02.22.08 www.DebtReductionServices.org (208) 378-0200 Page 1
- 2. Budget Planner National Financial Education Center at Debt Reduction Services 1-5 EXPENSES Prioritya PLANNEDb ACTUALc DIFFERENCEd Groceries 1 TRANSPORTATION Monthly Payment Gasoline/Fuel Maintenance Parking Public Transportation/Taxi Other MEDICAL/DENTAL Doctor visits (MD, Dentist, Eyes…) 1 Prescriptions 1 Other INSURANCE Automobile Life Health: Medical, Dental, Vision… Home Other (Disability, Long Term Care) CHILD CARE Child Support Payment Day Care Babysitting School Activities Allowance Other ENTERTAINMENT Club Duese Dining Oute Hobbies Travele Movies/Theatre/Videose Other GIVING DC6034 Rev. 1 02.22.08 www.DebtReductionServices.org (208) 378-0200 Uncontrolled Page 2
- 3. Budget Planner National Financial Education Center at Debt Reduction Services 1-5 EXPENSES Prioritya PLANNEDb ACTUALc DIFFERENCEd e Donations Gifts & Presentse Tithing Other MONTHLY DEBT PAYMENTS Credit Card #1 Credit Card #2 Student Loan Personal Loan Other MISCELLANEOUS Clothing – Necessary 1 e Clothing – Fashion Postagee Cosmetics/Grooming Tobacco Productse Coffee House Coffeee Pet Food/Toys/Veterinarian Other EXPENSES TOTAL (enter below) INCOME TOTAL SUBTRACT EXPENSES TOTAL MONTHLY BALANCE a. Prioritize expenses from 1 to 5, where 1 = “A Need,” 2 = “A Very Important Want,” 3 = “Important,” 4 = “Can Probably Do Without It This Month,” and 5 = “Trivial” or “Can Definitely Do Without It This Month” b. This is the figure you establish at the beginning of the month. It is a projected (or expected) amount. c. At the end of the month, determine how much you actually earned or spent and enter it in this column. d. Subtract the “Actual” column from the “Planned” column. Positive figures mean you are under budget (congratulations!); negative figures mean you’re over budget. When over budget, consider adjusting your Spending Plan and/or your lifestyle requirements. e. When money is tight, we suggest that you limit or eliminate these expenses. DC6034 Rev. 1 02.22.08 www.DebtReductionServices.org (208) 378-0200 Uncontrolled Page 3
- 4. Budget Planner National Financial Education Center at Debt Reduction Services MONTHLY EXPENSE GUIDELINES SAMPLE MONTHLY NET INCOME $500 $1,000 $2,000 $3,000 $4,000 SAVINGS & INVESTMENTS: 10 – 15% $50* $100 $200 $300 $400 Savings, IRA, 401k, Mutual funds, Bonds, etc. $75* $150 $300 $450 $600 HOUSING: 25 – 30% $125** $250 $500 $750 $800 Mortgage, Rent, Repairs, Taxes $150** $300 $600 $900 $1,200 FOOD: 5 – 10% $25** $50 $100 $150 $200 Goal is $50-$75 per person per month $50** $100 $200 $300 $400 UTILITIES: 9 – 11% $45 $90 $180 $270 $360 Gas, Electricity, Water, Sewer, Trash, $55 $110 $220 $330 $440 Telephone/Cell Phone, Pager, Satellite/Cable TRANSPORTATION: 12 – 18% $60 $120 $240 $360 $480 Monthly payments, Gasoline, Maintenance, Parking, $90 $180 $360 $540 $720 Public Transportation INSURANCE: 5 – 8% $25 $50 $100 $150 $200 Auto, Life, Health, Home $40 $80 $160 $240 $320 CHILDCARE: 0 – 15% $0 $0 $0 $0 $0 Daycare, Babysitting, School programs, etc. $75** $150** $300 $450 $600 MEDICAL: 1 – 3% $5** $10 $20 $30 $40 Doctor visits, Prescriptions $15** $30 $60 $90 $120 GIVING: 3 – 13% $15 $30 $60 $90 $120 Donations, Gifts, Presents, Tithing $65 $130 $260 $390 $520 ENTERTAINMENT: 1 – 2% $5 $10 $20 $30 $40 Club dues, Dining Out, Hobbies, Travel, etc. $10 $20 $40 $60 $80 MONTHLY DEBT PAYMENTS: 4 – 6% $20 $40 $80 $120 $160 Credit cards, Student loans, Personal loans, and $30 $60 $120 $180 $240 other personal debt payments MISCELLANEOUS : 4 – 7% $20 $40 $80 $120 $160 Clothing, Postage, Cosmetics/Grooming, Tobacco $35 $70 $140 $210 $280 products, pet food *Some assistance programs require that savings, investments and other assets be taken into consideration when determining eligibility for program participation. In such cases, some individuals may want to consider using these funds for expenses such as paying off debt, paying life insurance premiums, or paying for continuing education. **These categories have minimum subsistence costs. It is recognized that low income families and individuals may require assistance from family, the state, or charity to supplement the suggested budgeted amounts. DC6034 Rev. 1 02.22.08 www.DebtReductionServices.org (208) 378-0200 Uncontrolled Page 4