Personal Budget Plan
Personal Budget Plan
Prepared by: [YOUR NAME]
Date: [DATE]
I. Overview
This Personal Budget Plan is designed to help me track my income and expenses every month. By diligently following this plan, I aim to ensure financial stability and achieve my financial goals.
II. Income
|
Source |
Amount ($) |
|---|---|
|
Salary |
4000 |
|
Freelance Income |
500 |
|
Other Income |
100 |
|
Total |
4600 |
III. Fixed Expenses
|
Expense |
Amount ($) |
|---|---|
|
Rent/Mortgage |
1200 |
|
Utilities |
150 |
|
Insurance |
100 |
|
Transportation |
200 |
|
Debt Payments |
300 |
|
Other |
200 |
|
Total |
2150 |
IV. Variable Expenses
|
Expense |
Amount ($) |
|---|---|
|
Groceries |
300 |
|
Dining Out |
200 |
|
Entertainment |
100 |
|
Shopping |
150 |
|
Healthcare |
50 |
|
Miscellaneous |
100 |
|
Total |
900 |
V. Savings and Investments
|
Account |
Amount ($) |
|---|---|
|
Emergency Fund |
500 |
|
Retirement Fund |
300 |
|
Other Goals |
200 |
|
Total |
1000 |
VI. Financial Goals
-
Short-Term Goals (0-1 year):
-
Save $1000 for vacation
-
-
Medium-Term Goals (1-5 years):
-
Save $5000 for a home down payment
-
-
Long-Term Goals (5+ years):
-
Save $10000 for retirement
-
VII. Budget Summary
-
Total Income: $4,600
-
Total Expenses: $3,050
-
Savings and Investments: $1,000
-
Net Balance: $1,550
VIII. Action Plan
-
Review and adjust the budget monthly.
-
Identify and eliminate unnecessary expenses.
-
Increase savings and investment contributions as income grows.
-
Monitor progress towards financial goals regularly.
