Massachusetts Small Business Development Center Network
Northeast Regional Office


Personal Budget

At this point in the development of your strategies, you should take the time to do a personal analysis of your fiscal needs. Develop the budget even if you have other income or support and do not need the profits of the business to support you. Below is a form to use to calculate your projected personal budget.

  

Annual Household Expenses
Rent/mortgage $
Taxes   
Household insurance   
Groceries   
Heat   
Electricity   
Repairs/maintenance  
Furniture/fixtures   
 
Annual Personal Expenses
Clothing $
Entertainment   
Dues/subscriptions/clubs  
Health/life insurance  
Taxes   
IRA/retirement  
Savings   
Vacations   
Automobile payments  
Auto insurance  
Gas, oil, repairs  
Gifts  
Loan payments   
 
Other Miscellaneous Expenses
List other expenses $
   
   
   
   
   
Total Annual Expenditures $
(To determine monthly take home pay needed, divide total by 12)
 
Personal Worth
Assets
   Cash $
   Stocks/bonds   
   Cash value-insurance   
   Real estate  
   Furniture   
   Jewelry   
   Vehicles   
   Collectibles   
   Other Assets:   
Total- Assets $
 

 

Liabilities
   Mortgages  $
   Notes payable  
   Credit cards payable  
   Retail credit payable  
   Other payables  
Total - Liabilities $
 
NET WORTH* $

* Total assets minus total liabilities equals net worth.

If you have no net worth, it is doubtful that anyone will lend you any money. Collateral is required to borrow from a bank.