fixed versus flexible expenses worksheet

Fixed versus flexible expenses worksheet professional#
Fixed versus flexible expenses worksheet series#
Fixed versus flexible expenses worksheet free#

If you find you aren't able to follow your budget successfully, it may mean that your plan isn't flexible enough. The next step is to track your budget over time to make sure you're sticking to it. This means you will need to trim your expenses in order to begin living within your means. A negative number indicates that your expenses are greater than your income. A positive number indicates that you're spending less than you earn-congratulations. Once you've totaled up your monthly income and your monthly expenses, subtract the expense total from the income total to get the difference. If some of your expenses for one or more categories change significantly each month, take a three-month average for your total. Flexible expenses are those that do change from month to month, such as food or entertainment. Fixed expenses are those that generally do not change from month to month, such as rent and insurance payments.

The worksheet below divides spending into fixed and flexible expenses. The best way to do this is to keep track of how much you spend for one month. If you receive money from somewhere not listed, enter the source along with the amount under 'other income.' 2. With Fixed Assets CS, you can: View calculation results on screen as you enter data. Taxes are usually taken out automatically, but if they're not, remember to include them as another expense. 800.968.8900 FEATURE-RICH AND FLEXIBLE ASSET MANAGEMENT Enhanced by the power and speed of the latest technology advances, Fixed Assets CS can handle your most complex depreciation calculations quickly and easily. If you get a salary, be sure to use your take-home pay rather than your gross pay. Make sure you include all sources of income such as salaries, interest, pension and any other income–including a spouse's income if you're married. Using the worksheet at the bottom of this page, write a dollar figure next to each relevant income source. To set a monthly budget, you first need to determine how much income you have.

Fixed versus flexible expenses worksheet free#

You can also use our free online budgeting calculators below to budget for certain specific purchases or events. To create or rework your budget, follow the simple steps outlined below to get a clear picture of your monthly finances. Most of the information you need is already at your fingertips. A good monthly budget can help ensure you pay your bills on time, have funds to cover unexpected emergencies, and reach your financial goals. The key to spending within your means is to know your expenses and to spend less than you make. Although many Americans already use a budget to plan their spending, the majority of Americans also routinely spend more than they can afford. Once someone has tracked all of their expenses for an entire month, they can use a worksheet or spreadsheet (like the Financial Capability Spending Plan Template) like the one below to divide their fixed and flexible monthly expenses, as well as those that come up more occasionally.A budget is a plan for your future income and expenditures that you can use as a guideline for spending and saving. Personal care (massages, manicures, haircuts).Clothing and related expenses (new clothes purchases, dry cleaning).Food (groceries, eating out, vending machines).

Usually, people have more control over variable expenses and can look to these areas to cut back on spending if money gets tight or they want to focus on different financial goals like saving and paying off debt.

Fixed versus flexible expenses worksheet professional#

Memberships (gym, professional associations, etc)įlexible expenses generally vary in amount month-to-month and don’t usually include an agreement or contract.

Installment loans (car payment, student loans, etc.).

Utility bills (water, electric, gas, etc.).

Many are paid monthly, but some occasional fixed expenses may be paid quarterly, every six months, or once a year. This helps to give people a handle on the expenses that stay around the same amount each month (fixed expenses) and those that vary from month-to-month (flexible expenses).įixed expenses generally include some kind of contract or agreement on an amount that must be paid. Once the expenses and income have been tracked for a month, the next step is to divide their expenses into fixed expenses and flexible expenses.

Fixed versus flexible expenses worksheet series#

Follow along from the first post in the series to get started. This series is aimed at getting started with the basics of budgeting. We hope the information provided in this blog series will serve as a helpful resource, during National Financial Capability Month, for Personal Finance Managers to enhance the money management skills of families who have discretionary income. We acknowledge that many families facing financial hardship due to COVID-19 are unable to save money right now. By Selena Garrison, University of Florida