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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