Skip to main content
Skip navigation links
Budgeting: The What, The Why
Figure Your Income
List Your Expenses
Track Your Spending
Making a Budget Work

Budgeting Worksheet 
Spending Plan 

Here are directions for creating a budget for the next six months. That´s long enough to see if your planning is working. A few weeks in, you may want to make some adjustments here and there. Then, toward the end of those six months, review how you´re doing. You may want to use the same basic plan for the next six months, or you may want to take another look and make some revisions.


  1. Record the income you receive now from the listed sources in the "Currrent Monthly Income" column.
  2. Under "Salary and Wages" type in your net income, which is what you have available to spend after taxes, etc. are taken out of your paycheck. Your gross income is what you earn before taxes are withheld.
  3. Now click in the "Total Monthly Income" column to see your monthly income total.


  1. Record what you are spending now on various expenses (Essential and Discretionary) in the "Current Monthly Spending" column. (While you live at home, you´re probably not responsible for rent, utilities or certain other costs. But it´s a good idea to be aware that these are expenses you can anticipate for the future.)
  2. Now click in the "Total" column to see your monthly expenses total.
  3. Subtract your "Current Monthly Spending" from your "Total Monthly Income" to determine if you have to adjust your spending to live within your income.
  4. Be sure your budget includes money for savings.
  5. If your income exceeds your expenses (which is called being "in the red"), you´ll either need to find a way to increase your income or decrease expenses to make ends meet. Re-do the worksheet until you have a balanced budget!

Income Source Current Monthly Income
Net salary and wages $
Tips $
Allowance $
Regular spending money (from parents, guardians, grandparents or others) $
Gifts $
Other $
Total monthly income
Expense Total Monthly Expenses
Essential Expenses Current Monthly Spending
Savings $
Rent $
Transportation $
Food: Groceries $
Education $
Clothing $
Utilities $
Medical $
Other $
Discretionary Expenses Current Monthly Spending
Music $
Movies $
Entertainment $
Gifts and donations $
Food: Eating Out $
Health and Fitness $
Other $

Total Monthly Spending

Are you living within your income?

Monthly income Monthly expenses Remaining dollars

The next challenge is to stick to your budget to make sure things stay in balance. Sometimes that´s the hardest.

Print Budgeting Worksheet

Back to Budgeting: The What, The Why

Compounding Calculator

Select the number of years you plan to save.
Inflation is the steady, gradual increase in the cost of nearly everything. Over the past 75 years, the inflation rate has averaged 3.1% annually, including the high point in 1980, when it hit 14%, and several years when it hovered around 1%.
This is the percentage of your current balance that´s added to your account each time interest is paid.

Savings that compound monthly with contribution at the beginning of each month.

Interest Rate (%):


Number of Years:

Monthly Contribution Amount: $

Starting Balance: $