Money Management - Head Matters

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 7. Step 2: Record


Monthly Expenses Worksheet
Once he’s collected all his expenses, Henry fills in his monthly expenses worksheet.
 

 Expense Source  Per Month
Mortgage/rent $600
Heat, water, electricity (average per month) $80
Cellphone $90
Groceries $250
Transportation (gas, oil, car payment) $250
Insurance (car, health, life) $70
Cable TV, Internet $90
Snacks, meals eaten out (from notebook records) $200
Child care $0
Pet care $50
Loan payments (loan from Mom, etc) $120
Credit card payments $150
Clothes $50
Entertainment (movies, dates, concerts) $125
Savings $0
Other $50
Total Expenses $2,175
   
Compare Income and Expenses  
Henry's total monthly income (from Step 1) $2,165
Henry's total monthly expenses (from Step 2) $2,175
Balance (subtract expenses from income): $(10)


Did Henry have money left over at the end of the month? Not quite, but very close. He tells his visiting cousin, Erin:

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I'm doing just fine
But I thought you told me you’d just taken this financial course that stressed risk management. Didn’t you say you came away from the exercises recognizing you had no health insurance and that your car insurance was way low on liability coverage?”
Yeah, but I’m young. I’ve got plenty of time for those.”
Didn’t you just tell me you wanted to marry Linda? What happens if you get hurt or die? I don’t see any expenses for health or life insurance."



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