Sample Monthly Budget for Adults & Families
Making a Budget
Making a budget is the most important step in controlling your money.
A budget allows you to track your Income (the money that you have) and your Expenses (the
money you spend). By writing down your monthly income and expenses, you can see how
much money you expect to have for the month and plan for how much you can spend.
The First Rule of Budgeting
The first rule of budgeting is simple: Spend less than you earn!
If you earn $2,000 a month from your job, $50 from Interest on your savings account, then
your income for the month is $2,050. Now you know that you have to spend less than $2,050
for the entire month.
Structuring Your Budget
1: Determine your Income.
Estimate all “incoming” money, including Salary/Bonus/Commissions, Interest, Child
Support, and other sources.
2. Estimate Required Expenses.
Required expenses include taxes and bills. Required bills include mortgage/rent, utilities,
insurance, car maintenance, gas, groceries, credit card/debt payments and medical
expenses. You should also include payment to your savings in the “Required Expenses”
category. You should strive to save enough to cover three months of expenses. You can
also save for vacations and Christmas gifts. It is critical that you get in the habit of paying
yourself first! Even a few dollars each month helps build your savings.
3. Estimate Discretionary Expenses
After you have paid your Required Expenses, you can use the money left over for some
discretionary expenses, like entertainment (movies and dining out), or new furniture.
Review the following Sample Budget on page 2, and then make your own monthly budget
using the worksheet on page 3. Stay within your budget, pay yourself first, and you will
always be in control of your Money and Stuff!