Publication Number 354-078; Posted July 2004
Author: Heather Greenwood, Family and Community Sciences agent, Fauquier County.
Reviewed by Celia Ray Hayhoe, CFP®, Family Resource Management specialist, Virginia Tech.
Congratulations! You have kept your spending log for a whole month. Now take all 4 logs and fi gure out what you spent last month. Fill in the charts below using the exact amount from your spending logs.
| Income | Monthly Amount |
|---|---|
| Your Take Home Pay | |
| Spouse's / Partner's Take | |
| Home Pay | |
| Child Support (received) | |
| Alimony (received) | |
| TANF | |
| Disability Income | |
| Unemployment | |
| Other: | |
| TOTAL INCOME $ | $ |
| Income - Expenses | |
| TOTAL INCOME | $ |
| TOTAL SPENDING | - |
| INCOME - SPENDING $ | $ |
Is your actual spending diff erent from what you guessed last week?
| Spending | Monthly Amount |
| Fixed Spending | |
| Rent or Mortgage | |
| Car payment | |
| Furniture payment | |
| Other loan payment | |
| Car insurance | |
| Health insurance | |
| Disability insurance | |
| Life insurance | |
| Savings | |
| Other: | |
| Flexible Spending | |
| Electric bill | |
| Gas / Heating / Fuel bill | |
| Water bill | |
| Phone bill | |
| Other utilities: | |
| Total credit payments | |
| Car repair | |
| Oil change (car) | |
| Grocery store | |
| Eating out costs | |
| Clothing | |
| Cleaning supplies | |
| Doctor / Dentist | |
| Medicines | |
| Entertainment | |
| Charity / Church | |
| Child care | |
| Education | |
| Other: | |
| TOTAL SPENDING | $ |
1. In what areas would you like to spend less next month?
2. Can you give up spending money in any area?
3. Can you lower what you spent in other areas?
Gifts and Donations - Give time in place of money to charities and churches. Make gifts for family and friends or give time - offer to baby sit, clean, do odd jobs, or run errands.
Cars - Run errands all at once to lower money spent on gas. Change oil often and keep car tuned to lower repair costs. Carpool when you can.
Utilities - Turn off lights. Use your air conditioning less. Turn your heater controls down. Seal cracks around windows. Only wash clothes when you have a full load. Always rinse clothes in cold water.
Telephone - Stop using Caller ID, voice mail, call waiting, and other extras. Cut back on long distance.
Food -Buy foods in season. Drink tap water in- stead of bottled water or sodas. Beans are healthy and low cost! Don't use prepackaged foods that cost a lot and are unhealthy. Use leftovers.
Adapted from Cutting Costs, Virginia Cooperative Extension publication 354-155. 1999
Keep up the good work! You are on the road to financial success.
For more information, contact your local Virginia Cooperative Extension Office. It will be listed under the Government Section of your phone book.
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