How to Use the Financial Worksheets

Monthly Income Spending Form

This form is designed to help you keep track of your daily income and expenses. Record your daily income and expenses on this form.  At the end of the month, total each column and record this information into the Cash Flow Chart under the “Actual” column for monthly income/expenses.  Your actual income will go on the TOTAL INCOME line on the left blank line.

Cash Flow Chart

This form allows you to get an overall picture of what you spent last month (actual) and what you need to budget for in the upcoming month (Budget). In the Net Income/Take Home section, you will record your projected income for the upcoming month.  That total will go on the TOTAL INCOME line on the right blank line.

After you have filled out the Actual Income/Expenses from your Monthly Income Spending Form, add up all of your actual expenses. Subtract this from your Actual Monthly Income.  This will determine whether you stayed within your budget (break even or have a surplus) or you end up with a negative total, which means you overspent for the month.

At this point, you will need to fill in your projected budget.  It is best to do this in pencil so adjustments can be made if necessary. After this is done, take your projected income and subtract your projected expenses.  If you come up with a surplus, putting the surplus into a savings account is advisable.  If you come up with a negative balance, it will be necessary to adjust your budget column accordingly.

Current Debt Form

This form is designed to give you an overview of what debts you have.  There is also a section at the bottom to put money into savings each month.  Remember, it is always good to pay yourself every month. The suggested amount is 10% of your income.

This form may only need to be done once a year or updated when there is a major change in your debts.  Enter your credit cards from the lowest amount to the highest.  At least the minimum payment should be made every month on every credit card that has a balance so none of your accounts become delinquent. 

Concentrate on getting the smallest card paid off first.  After that card is paid off, do not add that minimum payment to available spending cash.  Add whatever that payment was to the minimum payment of the next card that needs to be paid off.  That will pay the next credit card off even faster.  Continue the same principle to the other remaining cards and this will eliminate your credit card debt much quicker.

Maxim of the Moment

God will bless the man who blesses his wife.