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Gabby’s Monthly Budget

Budget to Save

 

Get a Handle on Income and Expenses

Using Gabby’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.

Gabby’s Monthly Budget

Income

Current income

Income changes

New budget

Take-home pay

$
2,600
$
0
$
2,600

Overtime pay

$
0
$
40
$
40

Total income

$
2,600
$
40
$
2,640

Expenses

Current expenses

Spending changes

New budget

Rent

$
750
$
0
$
750

Renter’s insurance

$
30
$
0
$
30

Utilities

$
155
$
0
$
155

Telephone

$
100
$
0
$
100

Cable TV/Internet service

$
75
$
–20
$
55

Credit card payment

$
200
$
0
$
200

Groceries

$
200
$
0
$
200

Clothing

$
130
$
–30
$
100

Car loan

$
300
$
0
$
300

Car insurance

$
75
$
0
$
75

Gas for car

$
145
$
–20
$
125

Meals out & entertainment

$
425
$
–50
$
375

Miscellaneous daily expenses

$
100
$
–50
$
50

Total expenses

$
2,685
$
–170
$
2,515

Monthly net (income–expenses)

$
–85
$
0
$
125

Available to save or invest

$
0
$
0
$
125

From Chapter 2: Budget to Save

When Gabby reviewed her daily spending and budget, she realized she was spending more than she earned and could cut her expenses by $170 each month. She knew that if she were ever going to meet her goal of saving at least $125 a month, she would have to cut her expenses, earn more money, or both.

Gabby decided that at least for the near future, she would need to follow these wealth-building strategies:


Back to Chapter 2