Rework Your Budget | Practical Money Skills

Rework Your Budget

As your finances change, it’s important to adjust your budget. Whether you’ve received a raise or started a family, you should track your current expenses and adjust as necessary.

Monthly Income
Income #1

Your primary income amount


Income #2

The amount of any secondary sources of income such as a spouse's income or income from a second job.



Include only interest income which can be used to pay for monthly expenses, and exclude interest earned on retirement accounts or other investments.



Money received from a pension account


Other Income

Any other regular income that you can include in your monthly financial outlook.


Fixed Monthly Expenses
Housing (rent/mortgage)

Your rent/mortgage allowance should include your total monthly spending on housing including insurance and taxes, etc.



Include all food-related expenses including cooking supplies. Don't include money spent on eating at restaurants as that should be included in your entertainment budget.


Transportation (car payment and car insurance)

This amount is your monthly car loan or lease payment. If your car is already paid off, you can enter zero for the amount.



If your medical insurance isn't deducted from your wages, then you should include it here. In addition, include your average monthly expenditures for prescriptions and other medical-related payments.



Tuition, books, fees, and any other educational expenses.


Other Fixed Expenses

Include other fixed expenses here


Total fixed expenses:

Flexible Monthly Expenses

Movies, concerts, sporting events, dining out, streaming services, and any money you spend on entertainment.


Credit cards

If you don't pay your entire credit card balance every month, enter the amount you pay each month. If you pay your balance each month, enter zero for the amount.



Day-care fees, after-school programs, babysitting, nannies, or care-giver costs.



Another Flexible Expense
Total Flexible Expenses:

Total Income

Total Expenses

Bottom Line