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Entertainment/Eating Out

$100.00

$1,200.00

Travel/Hobbies

$50.00

$600.00

Charitable Contributions

$500.00

Gifts

$2,000.00

Home Improvement

$2,000.00

Total Discretionary Expenses

$6,300.00

CHAPTER 3

Committed Expenses

Monthly

Annual

Food

$120.00

$1,440.00

Clothing

$100.00

$1,200.00

Mortgage Payments

$750.00

$9,000.00

Real Estate Taxes

$2,000.00

Telephone/Utilities

$100.00

$1,200.00

Auto Maintenance

$50.00

$600.00

Auto Insurance

$42.00

$504.00

Auto Loan Payments

$200.00

$2,400.00

Personal Care

$100.00

$1,200.00

Total Committed Expenses

$19,544.00

1A sample worksheet detailing monthly and annual expenses. Each cat- egory is then totaled up, with the final total at the bottom.

40

Table 3.1 Sample

Discretionary Expenses

Savings Systematic Savings IRA contributions

Qualified retirement plan contributions

Total Savings Taxes

Federal income taxes State income taxes

FICA Total Taxes Total

$12,000.00 $1,714.00

$10,000.00 $23,714.00 $57,358.00

$7,800.00

$150.00

$1,800.00 $2,000.00 $4,000.00

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