Budget Example for September 2008

If you need to cut back on monthly expenses, the first thing you should do is create a budget. Start by writing down all your debts, such as a house payment, car payment(s), student loans, credit card bills, etc. Then add the necessities, such as insurance, phone (cell), utilities, food, gas, and so on. Subtract your total expenses from your net monthly income and whatever is left you should use to pay off your debts then put it in savings. If you are in the negative then you will have to cut back somewhere.

Below is a mock budget. This example is for a household of 2 to 5 people bringing in a net income of about 5000 a month. Follow this link for a blank printable version of a budget.