Adjusting to Suddenly Reduced Income
Worksheet 1: Monthly Spending Plan
| Month_____________________ 20___ | |||
| Before Income Was Reduced |
Current Income |
||
| Step 1 — Your Monthly Income (Take-home)* | $ __________ | $ __________ | |
| Salary, wages | $ __________ | $ __________ | |
| Unemployment compensation | $ __________ | $ __________ | |
| Other | $ __________ | $ __________ | |
| A. Total monthly income | $ __________ | $ __________ (A) | |
| Step 2 — Monthly Expenses | $ __________ | $ __________ | |
| Housing (mortgage or rent) | $ __________ | $ __________ | |
| Utilities (electric, gas, phone, etc.) | $ __________ | $ __________ | |
| Food (at home and away) | $ __________ | $ __________ | |
| Transportation (gas, car repairs) | $ __________ | $ __________ | |
| Medical care (doctor, dentist, hospital, prescriptions) | $ __________ | $ __________ | |
| Credit payments (loans, credit cards) | $ __________ | $ __________ | |
| Insurance (life, health, disability, car, property, house) | $ __________ | $ __________ | |
| Household operations and maintenance (repairs, cleaning, laundry supplies, etc.) | $ __________ | $ __________ | |
| Clothing and personal care (clothes, laundry, toiletries, etc.) | $ __________ | $ __________ | |
| Education and recreation | $ __________ | $ __________ | |
| Miscellaneous (childcare, gifts, allowances) | $ __________ | $ __________ | |
| Funds set aside for seasonal and occasional expenses | $ __________ | $ __________ | |
| B. Total monthly expenses | $ __________ | $ __________ (B) | |
| Step 3 — Balance Income and Expenses | |||
| Total monthly income (A) $ __________ = $ __________ Total monthly expenses (B) | |||
| *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. | |||
