Having a financial plan means you have a budget in place to help determine what you have as income and what your expenses are.
Budget (as a noun) is defined as*:
- a statement of the financial position of an administration (as of a nation) for a definite period of time based on estimates of expenditures during the period and proposals for financing them
- a plan for the coordination of resources and expenditures
- the amount of money that is available for, required for, or assigned to a particular purpose
*according to the Merriam-Webster dictionary
Definition
Tab/Accordion Items
- a statement of the financial position of an administration (as of a nation) for a definite period of time based on estimates of expenditures during the period and proposals for financing them
- a plan for the coordination of resources and expenditures
- the amount of money that is available for, required for, or assigned to a particular purpose
- to put or allow for in a statement or plan coordinating resources and expenditures : to put or allow for in a budget
- to require to adhere to a budget
- to allocate funds for in a budget
- to plan or provide for the use of in detail
suitable for someone who is following a plan for coordinating resources and expenditures : suitable for one on a budget ; inexpensive
Merriam-Webster Dictionary
Use a budget to help pay your bills and save for goals or emergencies
Tab/Accordion Items
| Month ____________________ Year ____________________ | ||
| My income this month | Monthly Total | |
| Wages after taxes | $____________ | |
| Other income (like child support) | $____________ | |
| Total Monthly Income | $____________ | |
| My expenses this month | ||
| Rent or mortgage | $____________ | |
| Insurance (like renter's, homeowner's) | $____________ | |
| Utilities (like electricity, gas, water) | $____________ | |
| Internet and phone | $____________ | |
| Other housing expenses (like property taxes) | $____________ | |
| Groceries and household supplies | $____________ | |
| Food delivery/eating out | $____________ | |
| Other food expenses | $____________ | |
| Public transportation | $____________ | |
| Taxis/rideshares | $____________ | |
| Gas for car | $____________ | |
| Parking/tolls | $____________ | |
| Car maintenance (like oil changes) | $____________ | |
| Car insurance | $____________ | |
| Car payment | $____________ | |
| Other transportation expenses | $____________ | |
| Health insurance | $____________ | |
| Prescriptions | $____________ | |
| Co-pay for doctor visits | $____________ | |
| Other health expenses | $____________ | |
| Childcare (like daycare or babysitting) | $____________ | |
| Child support you pay | $____________ | |
| Money you send to family | $____________ | |
| Clothing and shoes | $____________ | |
| Entertainment (like subscriptions, movies, concerts) | $____________ | |
| Travel | $____________ | |
| Gym or fitness membership | $____________ | |
| Other personal and family expenses (like donations, laundry, haircuts) | $____________ | |
| Student loan payment | $____________ | |
| Tuition payment | $____________ | |
| Other school expenses (like books or supplies) | $____________ | |
| Bank account or credit card fees | $____________ | |
| Credit card or other debt payments | $____________ | |
| Savings deposits | $____________ | |
| Investment contributions | $____________ | |
| Other expenses this month | $____________ | |
| Total Monthly Expenses | $____________ | |
| Income — Expenses | ||
| Income: $____________ | — Expenses: $____________ | = $____________ |
Is your income more than your expenses? Then you have money left over to save or spend.
Are you expenses more than your income? Look at your budget to find expenses to cut.
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This page was last modified on 04/30/2025