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Bess’s Monthly Budget

Budget to Save

 

Get a Handle on Income and Expenses

Using Bess’s budget below (or another) as an example, track your income and expenses online, or download a spreadsheet or PDF of the blank monthly budget sheet. Identify changes you can make to increase your income or decrease your expenses. Then develop a new budget that includes more savings. Be sure to make changes that you can live with from month to month.

web xls pdf

Complete your own online


See what the other people of Building Wealth learned when they created budgets.

Bess’s Monthly Budget

Income

Current income

Income changes

New budget

Pension, Social Security benefits

$
3,027
$
0
$
3,027

Total income

$
3,027
$
0
$
3,027

Expenses

Current expenses

Spending changes

New budget

Car payment

$
346
$
0
$
346

Utilities

$
215
$
0
$
215

Telephone

$
85
$
0
$
85

Yard care

$
100
$
0
$
100

Groceries and household expenses

$
300
$
0
$
300

Gas for car

$
130
$
0
$
130

Car insurance

$
100
$
0
$
100

Home insurance/maintenance

$
155
$
0
$
155

Medical services & supplies

$
87
$
0
$
87

Medical insurance

$
284
$
0
$
284

Medicine

$
62
$
0
$
62

Property taxes

$
162
$
0
$
162

Clothes and misc.

$
75
$
–25
$
50

Entertainment and gifts to family

$
100
$
–20
$
80

Pet: food and vet

$
35
$
0
$
35

Loan payment to kids

$
255
$
0
$
255

Charitable contributions

$
300
$
0
$
300

Total expenses

$
2,791
$
–45
$
2,746

Monthly net (income–expenses)

$
236
$
0
$
281

Available to save or invest

$
236
$
0
$
281

From Chapter 2: Budget to Save

When Bess reviewed her daily spending and budget, she realized she could reduce her expenses by $45 each month by:


Back to Chapter 2