Track Income Item to include in budget
Regular Salary, Temporary Jobs, Unemployment compensation, Public assistance
Track Income Items not to
... [Show More] include in budget
Pre-tax payroll deductions (Retirement funds, Flexible Spending account.
Credit Score
00:02
01:22
Documents to use for income
Paychecks, Direct Deposit Slips * If self-employed, Income and expense sheets
Additional income checks or cash
Government benefits letters (SSI, unemployment, etc)
Track Expenses Items to Include
All bills, All fixed monthly expenses, All cash expenses. Seasonal or annual expenses such as car registration, gift, tax preparation fee, vacations or expenses related to the holiday
Documents to Use for expenses
Utility, insurance and other bills, Bank Statements, Credit card Statement, car registration, school supplies
Next step in Budget Counseling Session
1) Help the client identify short- and long-term goals
2)Discuss the importance of budgeting as a tool to achieving goals.
3)Explain the budget creation process and the necessary components.
4) Coach client on strategies for defining needs over wants.
5) Walk through strategies for adjusting goals and budget.
6)Develop a client Action plan that includes client action/task and time frames.
Increase Income
Find second job
Work overtime
Negotiate higher salary/wages
sell assets (e.g./ car)
Hold a yard sale
Teach a skill/craft/activity
Sell a craft (e.g. jewelry or carpentry)
Charge rent (if adult dependents in home)
Evaluate tax withholdings
Decrease expenses and debt
Prioritize "needs" over "wants"
Reduce or eliminate "wants" (e.g clothes, gym)
Cancel or downgrade services ( e.g calbe, telephones)
Limit miscellaneous spending
Stick to a shopping list
Reduce debt (pay off a loan or credit card)
Move to more affordable housing
Change insurance coverage for lower premiums but don't cancel
Action plan
An individual housing counseling action plan prepared by a housing counselor that: Identifies the client's need or problem, and Outlines what the agency and client need to do in order to meet the client's housing goals. [Show Less]