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One of the steps in managing your money is preparing a budget. Filling out this sample budget will allow you to calculate your discretionary income. To determine your average monthly discretionary income, do the following: 1) add together your monthly fixed expenses and variable expenses (your total yearly variable expenses divided by 12 months), and 2) subtract your monthly expense figure from your monthly fixed and variable income (your total yearly variable income divided by 12 months).
Once you know your monthly discretionary income and investment amounts, you may choose to continue on with your current budget or adjust it to reflect new financial goals or circumstances.
INCOME Take home pay (_______________) $__________  Take home pay (_______________) $__________  Other income $__________  Total Income  $__________ EXPENSES Fixed Expenses Rent or Mortgage $__________  Credit card payments $__________  Home equity loans $__________  Vehicle loans $__________  Life insurance $__________  Auto insurance $__________  Homeowner/renter insurance $__________  Health insurance $__________  Other (_______________) $__________   Total $__________ Savings and Investments Retirement/401(k) plan $__________  Investment fund $__________  Vacation fund $__________  College fund $__________  Emergency fund $__________   Total $__________ Variable Expenses Heat $__________  Electricity $__________  Telephone (including cell phone) $__________  Water and sewer $__________  Cable $__________  Internet service provider $__________  Car repairs $__________  Gasoline $__________  Public transportation/parking $__________  Food and beverages $__________  Personal care (haircuts, etc.) $__________  Recreation and entertainment $__________  Medical and dental $__________  Charitable contributions $__________  Dues and subscriptions $__________  Pets $__________  School expenses $__________  Miscellaneous $__________   Total $__________ Total Expenses  $__________ Net Over/Under Budget  $__________