Know where your money goes
When you know where your money goes, you can prepare a budget, control spending, know if bankruptcy will work for you, know if you need a Chapter 7 or Chapter 13 bankruptcy, and have a record of where your money goes.
What to consider for Income
Remember to include your spouse as part of the household.
- Current gross wages, salary, and commissions
- Estimated overtime pay
- Subtotal gross income
- Payroll deductions
- Payroll taxes and Social Security
- Insurance
- Union dues
- Contributions to pension
- Repayments on pension loan
- Support payments deducted from pay
- Other payroll deductions
- Subtotal of payroll deductions
- Take-Home Pay
- Gross income from business or profession
- Gross income from rental properties
- Social Security & other assistance
- Retirement income
- Any other income
What to consider for expenses
- Housing
- Rent
- Mortgage payments
- Real estate taxes
- Furniture/appliance purchases
- Home maintenance/repairs
- Utilities
- Gas/oil/electric
- Water
- Phone
- Cable TV
- Food
- Groceries
- Eating out
- Clothing
- New clothes
- Laundry
- Medical Expenses
- Doctors/dentists/other medical professionals
- Drugs
- Eyeglasses
- Other medical expenses
- Transportation
- Gasoline
- Maintenance/Repairs
- License and other fees
- Parking
- Public Transportation
- Other Transportation expenses
- Debt Payments
- Credit cards
- Auto Loans
- Student Loans
- Other Payments
- Taxes not deducted from pay
- Estimated tax payments
- Taxes paid when annual return is filed
- Payments on back taxes
- Other tax payments
- Recreation Expenses
- Cell phone
- Internet
- Movies, sporting events, concerts
- Books
- Vacation & Travel
- Gifts
- Pet expenses
- Other recreational expenditures
- Insurance
- Homeowners (unless included in mortgage payments)
- Auto insurance
- Health insurance
- Life insurance
- Other insurance
- Vices
- Tobacco
- Alcohol
- Gambling
- Other
- Personal Items
- Haircuts, beauty products (including makeup)
- Health club memberships
- Other Personal items
- Support & Alimony payments
- Back alimony and child support payments
- Current alimony and child support payments
- Offspring
- Allowance
- Tuition
- Day Care
- Toys & presents
- Money given to adult children
- Other offspring expenses
- Personal Education Expenses
- Tuition
- Books
- Supplies
- Other Educational
- Business Expenses
- Total monthly expenses of business, profession, or farm
- Total monthly expenses of owning and operating rental property
- Other Business Expenses
- Other Expenses
- Charitable contributions
- Miscellaneous expenses
- Total of Everything