Your Monthly Income and Spending Tracker
- 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.
|Week 2||Week 3||Week 4||Week 5||Total|
|Income from jobs(s)|
Supplemental Nutrition Assistance Program (SNAP)
|Low Income Home Energy Assistance Program (LIHEAP)|
|Add other benefits you receive|
Child support, spousal support, etc.
|Add other income|
C. Total for all income sources
- 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.
|Priority codes for Column E
1 = Essential 2 = Essential, but could reduce 3 = Optional, can eliminate
|Priority||Week 1||Week 2||Week 3||Week 4||Week 5||Total||New spending targets|
Mortgage or rent
|Phones/cell phone plans|
|Self-employment / income tax|
Homeowner or renter insurance
|Credit card payments|
|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|
Car repairs and maintenance
Health, dental, vision insurance premiums
|Prescriptions and over-the-counter medicine|
All meals, snacks or beverages purchased and eaten outside of the home
|Childcare and school expenses|
Movies, sporting events, concerts, DVD rentals
Food, vet bills, and other costs associated with caring for your pets
|H. Current total spending|
|I. New spending target|