Budget Worksheet - Income and Necessities

Use This to Budget for Your Income and Necessary Costs

Budget Your Money
Paula Pant

Managing your money requires tracking all your income and expenses. This series of interactive budget worksheets will help you chart where your money comes from and where it goes.

I recommend printing and completing these budget worksheets each month. Reference them at the beginning and end of each month to track your progress.

How To Use This

You can either use one worksheet alone, or you can use all the budgeting worksheets together to create a complete budget.

There's a link at the bottom of each worksheet that leads you to the next one.

This particular worksheet, the first one in the series, helps you track the two most important items on your list: your income and your necessary spending.

Expert Tip

I recommend using all the worksheets together create a comprehensive budget, but if you decide that you only want to fill out one worksheet, this one is probably the most important. If you're not earning enough to pay for even the basics, you need to know that right away.

Helpful Hints

Fill in the “monthly estimate” column after you review your financial records. Whatever you write in this column represents a monthly average.

Fill in the column that asks for the “actual” amount at the end of each month. This column should reflect how much you actually spent and earned during that particular month. Some months your spending will be above average, other months it will be below.

INCOME SOURCEMONTHLY ESTIMATEACTUAL
Source 1:  
Source 2:  
Source 3:  
TOTAL:  

Next Step: Fill In Your Necessary Expenses

The miscellaneous categories are for you to fill in personal non-discretionary costs, like elderly care.

What Do You Mean By "Necessary" Costs?

This worksheet consists of all the bills you have to pay, although not all categories (like property taxes) will apply to all people.

Many of these costs can also be reduced by shopping around.

NECESSARY EXPENSEMONTHLY ESTIMATEACTUAL
Rent or Mortgage  
Groceries  
Gas and Electric  
Water and Sewage  
Trash Pickup  
Health Insurance/Co-Pays  
Auto Insurance  
Auto Repairs/Maintenance  
Fuel / Public Transit  
Phone (Landline and Cell Phone)  
Loan Repayment  
Homeowners/Renters Insurance  
HOA fee  
Property Tax  
Life Insurance  
Income and Capital Gains Tax  
Basic Toiletries  
Child Care  
Pet and Veterinary  
Retirement  
Misc #1  
Misc #2  
TOTAL:  

If this is the only budget worksheet you use, then compare your total expenses to your total income. Make sure your income is higher. If not, you'll need to find more ways to save.

The good news is saving money comes easily once you know the areas you need to target. 

I highly recommend making a complete budget by going to the next worksheet: Budget Your Discretionary Spending. This worksheet alone isn't enough to give you a full picture of your finances. You need to know where all your money is going, and that means counting discretionary expenses along with your necessary expenses.