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WHAT CAN YOU AFFORD? CHECKLIST Fill in the information below for your average costs in a year. If you know your weekly average, take that number and multiply it by 52 to get an annual figure. This worksheet is for you, not for your lender. It has more information than they need to know. Income: Salary, wages, tips ________________________ Dividends and interest from investments ________________________ Bonuses ________________________ Any other income ________________________ Total Income ________________________ Expenses: Income taxes ________________________ Social security taxes ________________________ Other taxes ________________________ Savings ________________________ Food ________________________ Insurance ________________________ Health bills (not covered by insurance) ________________________ Car loan ________________________ Car expenses ________________________ Credit card bills ________________________ School loans ________________________ Other loans ________________________ Child care ________________________ Clothing ________________________ Education ________________________ Entertainment ________________________ Vacations ________________________ Charity ________________________ Miscellaneous ________________________ Total Expenses ________________________ Now deduct your total expenses from your total income: Total Income ________________________ Total Expenses ________________________ Total Discretionary Income ________________________ Now divide your annual discretionary income by 12 to get a monthly figure. ________________________ This is the amount of money that you have left over each month after you pay all of your bills and put away your savings. How much do you have?_________________________________________________________ How much of that are you prepared to put toward your housing expenses each month?________ _____________________________________________________________________________ |
