Create a Monthly Budget in Two Steps
Setting a budget and developing a spending plan is a great way to relieve uncertainty and stress while also helping you to figure out how to meet both your short-term and long-term financial goals. Use this worksheet to calculate your monthly expenses and income to get an idea of what you have to work with, what your commitments are, and what you have remaining to devote to your goals.
Calculate Your Monthly Income
Figure out how much you get paid each month, after taxes are removed, and add it to the table.
Weekly pay schedule: Multiply your weekly income by 52 and then divide by 12.
Bi-weekly pay schedule (every two weeks): Multiply your weekly income by 26 and then divide by 12.
Inconsistent pay schedule: If your pay is not on a consistent schedule (e.g., seasonal work, side income), take last year's total income and divide by 12 for your average monthly income.
Total Monthly Income
Calculate Your Monthly Expenses
Record your expenses using the table below. For expenses that change from month-to-month (such as utilities), use your average spending based on past month's bills.
Personal & Family
Total Monthly Expenses
If your income is greater than your expenses, this is a budget surplus: use this money to save for goals and to add to your savings account! If your expenses are greater than your income, this means you have a budget deficit.
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.
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