Prepare Your Budget- Consumer Credit Counseling Service of MD & DE, Inc

Have you ever taken $20 out of the ATM and, at the end of the day, not know where it all went? It is critical you understand where your money goes. Knowing what your income and expenses are every month will help you take control of your financial situation.

Taking control of your financial situation helps reduce the anxiety of not knowing whether you have the money to pay your bills when they are due. It is important to have a sense of control over money, rather than letting money have control over you. Budgeting will help you build assets. Building assets improves the quality of life for you and your family.

A good place to start taking control of your financial situation is to develop a savings and spending plan. This is called a budget. A budget is a step-by-step plan for meeting expenses in a given period of time.

Step 1: List Your Income
Income	Monthly Gross	Monthly Net
Your Income	$	$
Spouse	$	$
Support/Alimony	$	$
Pensions/Social Security	$	$
Other Income (Part Time Job, Investments, Etc)	$	$

Total Income	$	$

Step 2: List Your Expenses
Expenses	Monthly Totals
Rent	$
Heating (oil,gas)	$
Gas & Electric	$
Food	$
Water	$
Telephone	$
Life Insurance	$
Health Insurance	$
Auto Insurance	$
Renter's Insurance	$
Dues (union, clubs)	$
Doctor/Dentist	$
Transportation (gas, repairs, bus)	$
Hair Care	$
Newspapers	$
Lunches (school)	$
Lunches (work)	$
Tuition	$
Church Donations	$
Clothes Washing	$
Dry Cleaning	$
Child Support	$
Day Care	$
Cable TV	$
Cell Phone	$
Pager	$
Home Security	$
Pet Care	$
Savings	$
Other (Please Describe)	$
Other (Please Describe)	$
Other (Please Describe)	$
Other (Please Describe)	$
Other (Please Describe)	$
Total Monthly Expenses	$

Step 3: List Your Creditors
Monthly Secured Debt (includes car payments, IRS, student loans, time shares, 1st mortgages, 2nd mortgages, other secured: boat, etc.)
Owed To (Name of Creditor)	Balance	Monthly Payment	Type of Debt (car, loan, etc.)
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$	Subtotal

Monthly Unsecured Debt (includes credit cards, unsecured loans, medical bills over 100)
Owed To (Name of Creditor)	Balance	Monthly Payment	Account Number
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$
	$	$	Subtotal
	$	$	Total:

Step 4: Balancing Your Budget
Total Net Income (Step 1):	$
Total Monthly Expenses (Step 2):	$
Balance: (Step 1 minus Step 2)	$
Creditor Payments (Step 3):	$
Surplus/Deficit: (Balance minus Step 3)	$