You should be able to document your income, expenses, and (hopefully) savings every month. If your income minus expenses is a positive number, you can relax a little. You still may want to work on your budget so you can save more for an emergency or retirement. If that number comes out negative, you could be in big trouble. Spending more money than you make means you must rely on credit. In turn, this means you are setting yourself up for more trouble because those credit card payments will get higher every month.
Worksheet _ Repayment of Debt Worksheet _ You will need one of these worksheets for each creditor you have. Each month when you make a payment, you will record it on this worksheet and bring down the balance after each payment has been made. Worksheet _ Monthly Financial Report _ On your monthly financial report is where you will enter your income and all your expenses for the month. By filling out this worksheet correctly you will find out if you are operating your household budget in the black or the red. Worksheet _ Monthly Budget Worksheet _ Now that you have filled out your monthly financial report you can work on your monthly budget. You can see where you can cut expenses in order to run your household with money left over at the end of the month.