Adjusting to Suddenly Reduced Income
Worksheet 1. Monthly Spending Plan
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Month_____________________ 20___
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Before Income
Was Reduced
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Current
Income
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Step 1 -- Your Monthly Income (Take-home)*
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$ __________
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$ __________
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Salary, wages
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$ __________
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$ __________
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Unemployment compensation
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$ __________
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$ __________
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Other
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$ __________
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$ __________
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A. Total monthly income
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$ __________
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$ __________ (A)
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Step 2 -- Monthly Expenses
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$ __________
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$ __________
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Housing (mortgage or rent)
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$ __________
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$ __________
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Utilities (electric, gas, phone, etc.)
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$ __________
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$ __________
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Food (at home and away)
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$ __________
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$ __________
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Transportation (gas, car repairs)
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$ __________
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$ __________
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Medical care (doctor, dentist, hospital, prescriptions)
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$ __________
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$ __________
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Credit payments (loans, credit cards)
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$ __________
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$ __________
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Insurance (life, health, disability, car, property, house)
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$ __________
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$ __________
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Household operations and maintenance (repairs, cleaning, laundry
supplies, etc.)
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$ __________
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$ __________
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Clothing and personal care (clothes, laundry, toiletries, etc.)
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$ __________
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$ __________
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Education and recreation
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$ __________
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$ __________
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Miscellaneous (childcare, gifts, allowances)
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$ __________
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$ __________
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Funds set aside for seasonal and occasional expenses
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$ __________
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$ __________
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B. Total monthly expenses
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$ __________
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$ __________ (B)
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Step 3 -- Balance Income and Expenses
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Total monthly income (A) $ __________ = $ __________ Total
monthly expenses (B)
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*Because most bills are monthly, it's easiest to look at
income and expenses on a monthly basis. Multiply weekly income
by 4.33 and bi-weekly income by 2.17 to convert them to monthly
amounts.
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Table of Contents
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Minnesota Extension.
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