Monthly Budget Planner Guide

Step-by-Step Guide to Filling Out Booth Corp’s Monthly Budget Planner with True Average Numbers for Expenses and Income. (Expenses Paid for with Net Income Money)



To qualify for the Home Ownership Program, it is crucial to provide an accurate and detailed account of your spending habits for the past 12 months. We ask our candidates to acquire those True Average Numbers, accounting for how much has been made and where it has been spent each month, as well as ON AVERAGE.




Follow these steps to create an accurate accounting of these numbers.




Step 1: Gather Your Financial Records




Collect your bank statements, credit card statements, bills, receipts, and any other “paper trails” from the past 12 months. This will help you determine average expenses, income, and savings.




Step 2: Define and Record Your Income Streams


Include any and all money coming in for the past 12 months: full-time jobs, side jobs, self-employed work, tax returns, inheritance, settlements, and/or even assistance from a private or government agency.




Step 3: Categorize Your Expenses


Use the categories outlined on the budget, such as housing, transportation, groceries, utilities, entertainment, and debt payments. If there is not a category that you spend money on, fill in the “other” with that name.




Step 4: Determine “Once a year” Expenses


Identify any “once a year” expense, such as insurance premiums, dues and memberships, or car registration. Take that amount and divide it by 12 to get a monthly average.




Step 5: Calculate True Average Numbers for Common and Uncommon Expenses and Incomes


(Use your memory as little as possible) Use your paper trail to review your monthly income and expenses. Place all expenses into some category until you have categorized every expense. Subtotal all the categories for that month.




Go to your following month's paper trail and do the same… So on and so forth for the past 12 months of your paper trail. Once you have 12 months of each expenditure, add each category up to get a total, divide this number by 12, and you will then have a TRUE AVERAGE NUMBER for each expense and income.




*Please DON’T forget; vacations, only several times a year expenses, one-time huge expenses, and small expenses, as everything needs to be included.




Step 6: Review and Adjust


After creating your budget, review it carefully for accuracy. Make sure it accounts for all your financial commitments, discretionary expenditures, and anything you spend your money on. Remember, MOST of these numbers should not be “round” numbers.  We expect these numbers to be “to the nearest penny.”




Step 7: Income – Expenses


The result should represent what you should have saved and/or had left over each month, on average during the last 12 months.




Step 1: If this result does not make sense or seems to be too low or too high, you might have forgotten an expense somewhere.


Step 2: If you can’t identify the missing expense, no problem. Put the leftover amount into the “Cash/I Don’t know” category until your budget accurately reflects your current financial savings.




The goal is to ensure your budget correctly mirrors your financial reality, helping you prepare for homeownership and/or other financial objectives. Remember, an accurate monthly budget planner is a key component of demonstrating your financial readiness for homeownership. By following these steps and being meticulous with your calculations, you'll provide a comprehensive and precise report of your spending habits, which can help you qualify for our Home Ownership Program!


We are not looking for a perfect budget from anyone, just for someone who has choices for where they want to spend their money!