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Finding the Value of Money in Your Life: Goal Setting 101
It's time to make your estimates for your monthly spending. Later, you will need to keep a detailed record of your monthly expenditures. You may be surprised to see where your money is going. The details provided by your monthly budget will allow you to find areas to reduce expenses that are in line with your values.
|
| Monthly Amount ($) |
|---|---|
| Your Employment Income | $_________________ |
| Other Income | $_________________ |
| Other Income | $_________________ |
| Total Net Income | $_________________(line A) |
|
| Estimated Amount ($) | Actual Amount ($) |
|---|---|---|
| Rent/Mortgage | $_________________ | $_________________ |
| Property Tax/Strata Fee | $_________________ | $_________________ |
| Home/Renter Insurance | $_________________ | $_________________ |
| Gas/Electric/Hydo/Water | $_________________ | $_________________ |
| Home Maintenance | $_________________ | $_________________ |
| Regular Phone | $_________________ | $_________________ |
| Long Distance Phone | $_________________ | $_________________ |
| Cell Phone Plan | $_________________ | $_________________ |
| Internet | $_________________ | $_________________ |
| Cable/Satellite | $_________________ | $_________________ |
| Work Expenses | $_________________ | $_________________ |
| School Fees/Tuition | $_________________ | $_________________ |
| Books/School Supplies | $_________________ | $_________________ |
| Lessons:music,art, etc. | $_________________ | $_________________ |
| Bus/Subway/Taxi/Train | $_________________ | $_________________ |
| Personal Vehicle Gas | $_________________ | $_________________ |
| Vehicle Maintenance | $_________________ | $_________________ |
| Vehicle Insurance | $_________________ | $_________________ |
| Vehicle Payments | $_________________ | $_________________ |
| Parking Expenses | $_________________ | $_________________ |
| Clothing | $_________________ | $_________________ |
| Dry Cleaning | $_________________ | $_________________ |
| Laundry | $_________________ | $_________________ |
| Toiletries | $_________________ | $_________________ |
| Medication/Health Needs | $_________________ | $_________________ |
| Medical/Dental Insurance | $_________________ | $_________________ |
| Life Insurance | $_________________ | $_________________ |
| Beauty/Barber Shop | $_________________ | $_________________ |
| Fitness | $_________________ | $_________________ |
| Recreation | $_________________ | $_________________ |
| Entertainment | $_________________ | $_________________ |
| Addictions:coffee/alcohol | $_________________ | $_________________ |
| Pet Food and Supplies | $_________________ | $_________________ |
| Veterinary Expenses | $_________________ | $_________________ |
| Groceries | $_________________ | $_________________ |
| Work Related Meals | $_________________ | $_________________ |
| Dining Out | $_________________ | $_________________ |
| Fast Food | $_________________ | $_________________ |
| Magazines/Newspapers | $_________________ | $_________________ |
| Retirement Savings | $_________________ | $_________________ |
| Vacation Savings | $_________________ | $_________________ |
| Gifts | $_________________ | $_________________ |
| Debt repayment | $_________________ | $_________________ |
| High Interest Debt:Credit Cards | $_________________ | $_________________ |
| Charity/Donations | $_________________ | $_________________ |
| Other:_____________ | $_________________ | $_________________ |
| Other:_____________ | $_________________ | $_________________ |
| Other:_____________ | $_________________ | $_________________ |
| Total Expenses | $_________________ | $_________________(line B) |
To Find Money That Can go Towards Savings or Debt Repayment Subtact line B from line A
Expendable Income = $_____________(line A) - $____________(line b)
Expendable Income = $__________________
NOTE: If the amount of money you have available to put towards savings or debt is negative or smaller than you want, you need to look at what expenses you can cut out or reduce. A negatice "Expendable Income" means that you are living beyond your means. You are spending more that you are making. This is not sustainable. Do something to change it now!
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