If I asked the question of how much money you needed every month to pay yourself and your bills, would you know the answer? Most people would answer no. It is because most people do not think like business people. Most, if not all businesses spend a reasonable amount of time on budgeting and they know how much revenue is needed to pay all expenses and make a profit. It’s time for the consumer to begin thinking the same way. Attached is an income statement that lists sources of income as well as fixed and variable expenses. This is an exercise that we urge consumers to do annually. The goal is to keep your life as automatic as possible by saving regularly, have there be no (or few) surprises as possible, and realize that adding to your net worth is done by both increasing an asset and decreasing a liability.
PERSONAL INFORMATION
DATE
NAME
SPOUSES NAME
STREET/PO BOX ADDRESS
CITY, STATE, ZIP CODE
HOME PHONE
CELL PHONE
INCOME STATEMENT
LIST ALL MONTHLY HOUSEHOLD INCOME
INCOME $$$$$$$$$$ NOTES
SALARY
VA BENEFITS
SOCIAL SECURITY
PENSION
GIFTS
TAX REFUND
DIVIDEND INCOME
INTEREST INCOME
ALIMONY
CHILD SUPPORT
OTHER
EXPENSES
LIST ALL MONTHLY HOUSEHOLD EXPENSES
EXPENSES $$$$$$$$$$ NOTES
AUTO
fuel
parking and tolls
service
loan payment
misc. auto
BANK CHARGES
CHARITIES
CREDIT CARD PAYMENTS
EDUCATION
ENTERTAINMENT
meals
tickets
subscriptions
GIFTS
GROCERIES
INSURANCE
auto
medical/dental
homeowners
other insurance
HOUSEHOLD
drycleaning/laundry
furnishings
INTEREST EXPENSE
MEDICAL
copay
premiums
misc. medical
HOME OFFICE
PERSONALCARE
clothing/shoes
salon/barber
PET CARE
QUALIFIED SAVINGS
RENT/MORTGAGE
RETIREMENT PLAN CONTRIBUTION
TAX
federal/state
property
TRAVEL/VACATIONS
UTILITIES
cable TV
internet service
sewer/water
trash pickup
gas/oil
electricity
telephone
MISC. EXPENSES
Click below for a printable pdf file
Monthly Personal Income and Expense Statement