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- The left side of the form is for planning and recording income–money in.
- The right side of the form is for planning and recording Outgo–money out.
On the left side of the form ("Income") indicate your predicted sources and amounts of money you expect to receive. Examples: "Family," "Loans," "Grant," "Scholarships," "Tax refund," etc. Put the amounts in the column heading Planned.
On the right side of the form (Outgo), first indicate your categories of expenses, from left to right. Examples: rent, credit card, utilities, savings, clothes, food, etc. For each category, put in the predicted expenses. Put these amounts in the columns headed Planned.
Income: Money In Outgo: Money out
Done that? Good.
Now to record. On the left side ("Income"), record the date/source and amount of money coming in. Example: "9/30 job–$200.00. Record these data in the Actual column.
On the right side (Outgo), record the date/expenses, amounts, and method of payment ($$ for cash, CK for check, CC for credit card) of your expenditures within each category. Example: Within the category of Entertainment, you could record "10/15 video rental–$6.00 CK."
Total up your predicted income and Outgo and compare it with the actual Income and Outgo. Use the information to adjust your predicted Money Plan for next month.
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