A spending plan is a “living document,” which means it will change over time as your priorities change. Don’t
get discouraged if you go over budget in a few categories some months. That’s okay. You may be under budget
in others. Make the necessary adjustments and keep trying. Soon your spending plan will be more on target
and easier to create.
To get started, add up your actual expenses and income from the previous month. Next, subtract your expense
total from your total monthly income. Then set this month’s spending targets. Subtract this month’s spending
targets from last month’s actuals to see how much less (or more) you would spend in each category.
Keep this worksheet and refer to it throughout the month as you track your spending. At the end of the month,
enter how much each expense actually cost and compare those figures to your spending targets.
Rent or Mortgage
Rent or Mortgage 2
(second home or home
Renter’s or Homeowners
or Other Fees