My Money, Lesson 6: Putting It All Together
ID
354-078
| Income | Monthly Amount |
|---|---|
| Your Take Home Pay | |
| Spouse's / Partner's Take Home Pay | |
| Child Support (received) | |
| Alimony (received) | |
| TANF | |
| Disability Income | |
| Unemployment | |
| Other: | |
| TOTAL INCOME $ | $ |
| Income - Expenses | |
| TOTAL INCOME | $ |
| TOTAL SPENDING | - |
| INCOME - SPENDING | $ |
Is your actual spending different from what you guessed last week?
| Spending | Monthly Amount |
| Fixed Spending | |
| Rent or Mortgage | |
| Car payment | |
| Furniture payment | |
| Other loan payment | |
| Car insurance | |
| Health insurance | |
| Disability insurance | |
| Life insurance | |
| Savings | |
| Other: | |
| Flexible Spending | |
| Electric bill | |
| Gas / Heating / Fuel bill | |
| Water bill | |
| Phone bill | |
| Other utilities: | |
| Total credit payments | |
| Car repair | |
| Oil change (car) | |
| Grocery store | |
| Eating out costs | |
| Clothing | |
| Cleaning supplies | |
| Doctor / Dentist | |
| Medicines | |
| Entertainment | |
| Charity / Church | |
| Child care | |
| Education | |
| Other: | |
| TOTAL SPENDING | $ |
Matching Income and Spending
Answer these questions. Next ask your family the same questions. Are you surprised at their answers?
1. In what areas would you like to spend less next month?
2. Can you give up spending money in any area?
3. Can you lower what you spent in other areas?
Cutting Costs
Cleaning - Bleach is the best kitchen and bathroom cleaner. Baking soda removes baked-on grease spots on the stove.
Gifts and Donations - Give time in place of money to charities and churches. Make gifts for family and friends or give time - offer to baby sit, clean, do odd jobs, or run errands.
Cars - Run errands all at once to lower money spent on gas. Change oil often and keep car tuned to lower repair costs. Carpool when you can.
Utilities - Turn off lights. Use your air conditioning less. Turn your heater controls down. Seal cracks around windows. Only wash clothes when you have a full load. Always rinse clothes in cold water.
Telephone - Stop using Caller ID, voice mail, call waiting, and other extras. Cut back on long distance.
Food - Buy foods in season. Drink tap water in- stead of bottled water or sodas. Beans are healthy and low cost! Don't use prepackaged foods that cost a lot and are unhealthy. Use leftovers.
Adapted from Cutting Costs, Virginia Cooperative Extension publication 354-155. 1999
Keep up the good work! You are on the road to financial success.
For more information, contact your local Virginia Cooperative Extension Office.
Reviewed by Mabel Dianna Edlow, Extension Specialist, Virginia State University
Rights
Virginia Cooperative Extension materials are available for public use, re-print, or citation without further permission, provided the use includes credit to the author and to Virginia Cooperative Extension, Virginia Tech, and Virginia State University.
Publisher
Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Alan L. Grant, Dean, College of Agriculture and Life Sciences; Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; Jewel E. Hairston, Interim Administrator,1890 Extension Program, Virginia State, Petersburg.
Date
May 1, 2009