The Center For Debt Management
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Worksheet:
Evaluating Your Financial Resources

STEP 1: DETERMINE NET MONTHLY INCOME

Gross Monthly Income

Gross base pay (All wages and salaries other than overtime) $
Net profit (from business) $
Interest and dividends $
Other income $
Total gross income (add) =$      +$
Deductions
Income tax (federal, state and local) $
Social Security/retirement $
Insurance (life, health, property) $
Other (charities, etc.) $
Total Deductions (add) =$      -$
1. Total take-home pay
Subtract deductions from income =
=$      +$

STEP 2: FIGURE LONG-TERM MONTHLY OBLIGATIONS
(in excess of 11 months)
Installment payments on car or furniture $
Other debt, over 11 months $
Total long-term debt (add) =$      +$
2. Subtract long-term debt from total take-home pay. Bring forward the number from Step 1 +$

STEP 3: MONTHLY NON-HOUSING EXPENSES
Food, beverages (home and work) $
Transportation/auto expenses $
Education $
Medical/dental care $
Clothing and grooming $
Insurance (life and health) $
Child care $
Gifts and charity $
Entertainment and recreation $
Savings $
Other $
Total monthly non-housing expenses (add) =$      -$
3. Subtract non-housing expensis from tatal of Step 2 =$

STEP 4: ESTIMATE MONTHLY HOUSING EXPENSES
Proposed mortgage payment $
Allowance for property taxes $
Allowance for utilities (heat, water, phone, electricity) $
Allowance for maintenance, furnishings $
Allowance for insurance $
4. Total monthly housing expenses (add) =$

STEP 5: COMPARE
Compare estimated monthly housing expenses (Step 4) with income available (Step 3). If income available from Step 3 does not equal or exceed monthly housing expenses, then you must re- evaluate your budget and resources.
Total from Step 3 > OR = Total from Step 4

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