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Home How To Manage Your Money "NEW"
How To Manage Your Money

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In order to appropriately manage your monthly income, you need to develop a “budget.”  We have included two “basic” budget templates below, single and 2 family.  Your expenses may not be exactly the same, this is just an “example” of what a budget might look like.

 

Monthly Expenses

Family Size

Single

2 Family

House/Shelter

$500

$600

Food

$400

$700

Transportation (1 Car Families)

 

 

- Car Payment

$300

$300

- Insurance

$40

$60

- Gasoline

$300

$300

- Tax and Registration (12/$50.00)

$4

$4

Health Insurance

$150

$300

Electricity

$140

$200

Municipal Water/Sewage

$50

$75

Health and Beauty (bathroom supplies/amenities/T Paper)

$40

$75

Entertainment

 

 

- Television (basic fee, plus taxes and misc charges)

$40

$40

- Internet (basic fee, plus taxes, and misc charges)

$35

$35

Telephone/Cellphone

$50

$75

Household Cleaning Supplies

$20

$30

Clothing and Clothing Maintenance

$50

$125

TOTAL MONTHLY EXPENDITURES:

$2,119

$2,919

TOTAL MONTHLY EXPENDITURES:


This is how much you’re spending each month, or your what it’s costing you to live.

 

HOW MUCH ARE YOU MAKING EACH MONTH:

Take a look at your monthly pay statement.  In order to develop a money management plan, the only figure you need to be concerned with is your “take home pay.”  Your take home pay is the amount that is deposited into your banking account, or the amount on the check you’re given.  NOTE:  If FICA and FITW are not being deducted from your check, you must subtract these figures before you can determine your actual take home pay.  Additionally, if you don’t claim the right number of deductions on your W-2, your monthly take home pay will actually be less come April.

Now if the families above were taking home $4,000 a month, they would have approximately ($1,800 single) $1,100 expendable income each month.

 

YOUR "GROSS ANNUAL INCOME:"

To live the "budget" outlined above, a single family would need a "gross annual income" of about $30,000.00 and a "2" family would need about $40,000.00, before Federal taxes and Social Security deductions.