Creating a Budget can help you understand where your money goes and help you decide the bills that are the most important to pay first. It can also help you save money. To learn more about budgets visit www.MassLegalHelp.org and search What can I do about my bills and Which debts do I pay first 1. !nder INCOME write all the money or value that comes into your household each month. This includes value from food stamps or if someone pays a bill for you. Remember " month has #.$ wee%s in it. If you ma%e &'() per wee%* multiply &'() by #.$ to find out your monthly income. &'() + #.$, &-#( per month . !nder E!"ENSES list all of your monthly bills. Include the amount you spend on food or the bills people pay for you if you listed them under income. i. Loo%ing at the list of your e+penses should help you figure out which e+penses are most important. The most important bills to pay are for housing and food for you and your family. "lways pay these bills first. ii. .ave a little money each month as an e+pense. If you have savings* you do not have to worry if there is an emergency #. To find your balance each month* at the bottom of the page* subtract your e+penses from your income. The amount of money left is the only amount you do not have to have to live at your current lifestyle. !se only this money to pay debt or for things you do not have to have* li%e entertainment* eating out etc. If your balance is negative* loo% at your e+penses and find ways to lower them. www.MassLegalHelp.org/consumer/forms/budget.doc 1 Income /+planation 0 1otes Cash2income after ta+es and health insurance &'))) 3rom wor% paid monthly 4ifts .1"5 3ood .tamps income &')) /very month T6T"L I1C6M/ &'')) 3i+ed /+penses 7ent &$() Telephone &$) !tilities &8( Transportaion &')) .avings &(( .avings let me not worry about emergencies Credit card9loan bill &8( :ariable /+penses 3ood &;;( 3ood e+pense includes the amount from 3ood .tamps Clothing9personal e+penses &() Household supplies9laundry &;( Medical co2pays &'( Medical .upplies &() /ntertainment &() T6T"L /<5/1./. &'')) I1C6M/ &'')) No money left over each month. I need to spend less on the e+penses I can control* or I cannot spend more than the &() I budgeted for entertainment each month /<5/1./. =minus> 2&'')) Remaining Mont$l% Balance &' Income /+planation 0 1otes Cash2income after ta+es and health insurance 4ifts .1"5 3ood .tamps income T6T"L I1C6M/ 3i+ed /+penses 7ent Telephone !tilities Transportation .avings .avings let me not worry about emergencies Credit card9loan bill :ariable /+penses 3ood Includes the amount from 3ood .tamps Clothing9personal e+penses Household supplies9laundry Medical co2pays Medical .upplies /ntertainment T6T"L /<5/1./. I1C6M/ /<5/1./. =minus> 2 Remaining Mont$l% Balance &'
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