Monthly Spending Plan
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1
2Monthly Spending Plan
Complete Column 1 based on your current situation. Start with your monthly take-home pay. This is the amount you
1.
have left after taxes and other deductions have been made.
Subtract the amount you need for savings, monthly expenses and monthly creditor payments.
The remaining balance is the maximum amount you can afford to put toward the monthly payment for a
vehicle and any new related expenses, like car insurance.
Complete Column 2 based on your new situation. This column will show your new vehicle payment and adjustments
2.
you’ve made to expenses and credit obligations. Be sure to adjust any expenses, like vehicle maintenance and
insurance expenses, which might go up or down when you get a new vehicle.
The remaining balance in Column 2 will indicate whether you can afford the new vehicle payment and change in
expenses projected.
C
R
URRENT
EVISED
Monthly Income & Savings
[1]
[2]
Monthly Take-Home Pay
$_____________________
$____________________
Savings
-$_____________________
-$____________________
Monthly Expenses:
Mortgage Payment/Rent
-$____________ _________
-$____________________
Utilities
-$____________ _________
-$____________________
Food
-$____________ _________
-$____________________
Transportation
-$____________ _________
-$____________________
Insurance (Home, Vehicle, Life)
-$____________ _________
-$____________________
Taxes
-$____________ _________
-$____________________
Clothing
-$____________ _________
-$____________________
Personal
-$____________ _________
-$____________________
Entertainment
-$____________ _________
-$____________________
Gifts & Contributions
-$____________ _________
-$____________________
Education
-$____________ _________
-$____________________
Credit Card Payments
-$____________ _________
-$____________________
Other Creditor Payments
-$____________ _________
-$____________________
Vehicle Payments
-$____________ _________
-$____________________
Miscellaneous
-$____________ _________
-$____________________
= $_____________________
= $______ ______________
Remaining Balance:
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Parent category: Business