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Your Monthly Income and Spending Tracker

Income

  • Review the list of common expenses in Column A and add any other regular sources of income.
  • Record how much you receive each week in each category. Add up the total for the month in Column B.
  • Calculate your total monthly income in Box C.

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A.           B.
 

Week 1

Week 2 Week 3 Week 4 Week 5 Total
Income from jobs(s)            
Unemployment insurance            

Monthly benefits

           

Supplemental Nutrition Assistance Program (SNAP)

           
Low Income Home Energy Assistance Program (LIHEAP)            
Add other benefits you receive            
             
             

Other income

           

Child support, spousal support, etc.

           
Add other income            
             
             

C. Total for all income sources

       

 

 

Spending

  • Review the list of common expenses in Column D and add any other categories that you routinely spend money on.
  • In Column E, assign a priority rating to each expense. For essential costs that are fixed, such as rent, assign a "1." Essential costs that you might be able to reduce (grocery, transportation and utility bills, for example) rate a "2." Assign a "3" to optional expenses that could be reduced or eliminated altogether (like entertainment or eating out).
  • Record how much you spend each week on each category, and add up the total for the month in Column F.
  • Add up the monthly totals for all categories in box or cell H.
  • Compare the amounts in Box C (income) and Box H (spending).
  • If the amount spent each month is more than your income, look at the spending categories that you gave either a "2" or "3" priority rating, and think of ways you could lower or eliminate expenses for each of these categories.
  • Determine a new spending target for each of these categories (including Zero for optional categories you are willing to eliminate all together).
  • Record the new spending targets in column G. Be sure to transfer the dollar figures for the fixed essential expenses costs in column F over to Column G as well.
  • Add up the total targeted spending on cell I, and compare it with the total income in cell C. If the amount in cell I still exceeds the amount in cell C, look for additional cuts you can make in your spending targets.

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Priority codes for Column E
1 = Essential       2 = Essential, but could reduce       3 = Optional, can eliminate
D. E.           F. G.
  Priority Week 1 Week 2 Week 3 Week 4 Week 5 Total New spending targets
Housing
Mortgage or rent
               
Maintenance costs                
Utilities
Electricity
               
Gas                
Internet/cable                
Phones/cell phone plans                
Water/sewer                
Clothing                
Taxes
Real estate
               
Self-employment / income tax                
Insurance
Homeowner or renter insurance
               
Car/other vehicle                
Life insurance                

Loan payments
Car loans

               
Credit card payments                
Education loans                
Other (pay day loans, etc.)                
Child support or other court-ordered obligations                
Job-related expenses (for employed family members) such as tools, equipment, special clothing                
Donations to religious organizations or other charities                
Personal care
Haircut
               
Dry cleaning                
Gym memberships                
Transportation
Car repairs and maintenance
               
Gas                
Parking                
Public transportation                
Health care
Health, dental, vision insurance premiums
               
Doctor visits                
Prescriptions and over-the-counter medicine                
Groceries                
Eating out
All meals, snacks or beverages purchased and eaten outside of the home
               
Childcare and school expenses                
Entertainment
Movies, sporting events, concerts, DVD rentals
               
Hobbies                
Pets
Food, vet bills, and other costs associated with caring for your pets
               
Other expenses                
                 
                 
            H. Current total spending    
              I. New spending target