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David’s Monthly Budget

Budget to Save

 

Get a Handle on Income and Expenses

Using David’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.

David’s Monthly Budget

Income

Current income

Income changes

New budget

Take-home pay

$
4,200
$
0
$
4,200

Other income

$
0
$
900
$
900

Total income

$
4,200
$
900
$
5,100

Expenses

Current expenses

Spending changes

New budget

Mortgage (including insurance and property taxes)

$
850
$
0
$
850

Utilities

$
200
$
0
$
200

Car payment

$
250
$
0
$
250

Car insurance

$
150
$
0
$
150

Credit card payment

$
250
$
150
$
400

Groceries

$
750
$
0
$
750

Gas and car maintenance

$
400
$
100
$
500

Wireless phone service

$
150
$
0
$
150

Internet and cable TV

$
100
$
–25
$
75

Date nights and family entertainment

$
150
$
0
$
150

Misc. spending

$
240
$
–50
$
190

Clothing

$
200
$
0
$
200

Charitable contributions

$
100
$
0
$
100

Medical copays and prescriptions

$
50
$
0
$
50

Day care/tuition

$
800
$
0
$
800

Total expenses

$
4,640
$
175
$
4,815

Monthly net (income–expenses)

$
–440
$
0
$
285

Available to save or invest

$
0
$
0
$
285

From Chapter 2: Budget to Save

When they reviewed their daily spending and budget, David and his wife realized they have been building debt each month, not building wealth. They also realized they can reach their goals sooner by:


Back to Chapter 2