Monthly Spending Plan
- Complete Column 1 based on your current situation. Start with your monthly take-home pay.
This is the amount you have left after taxes and other deductions have been made. Subtract
the amount you need for savings, monthly expenses and monthly creditor payments. The remaining balance is the maximum amount you can afford to put toward the monthly payment for a vehicle and any new related expenses, like car insurance. - Complete Column 2 based on your new situation. This column will show your new vehicle payment and adjustments you’ve made to expenses and credit obligations. Be sure to adjust any expenses, like vehicle maintenance and insurance expenses, which might go up or down when you get a new vehicle. The remaining balance in Column 2 will indicate whether you can afford the new vehicle payment and change in expenses projected.
| MONTHLY INCOME & SAVINGS | CURRENT |
REVISED |
| Monthly Take-Home Pay | $ | $ |
| Savings | -$ | -$ |
| MONTHLY EXPENSES: | ||
| Mortgage Payment/Rent | -$ | -$ |
| Utilities | -$ | -$ |
| Food | -$ | -$ |
| Transportation | -$ | -$ |
| Insurance (Home, Vehicle, Life) | -$ |
-$ |
| Taxes | -$ | -$ |
| Clothing | -$ | -$ |
| Personal | -$ | -$ |
| Entertainment | -$ | -$ |
| Gifts (Birthday, Anniversary, Holiday) | -$ | -$ |
| Charitable Contributions | -$ | -$ |
| Education | -$ |
-$ |
| Credit Card Payment | -$ | -$ |
| Other Creditor Payments | -$ | -$ |
| Vehicle Payments | -$ | -$ |
| Miscellaneous | -$ |
-$ |
| REMAINING BALANCE: | =$ | =$ |
Take the time to know and understand all of the terms, conditions and costs to finance a vehicle before you sign the contract. Review and compare the financing terms offered by more than one creditor.
