Prioritizing Expenses Worksheet

Expense catogories in priority order

1. Food: Food is the first priority for maintaining health and well-being.
2. Essential medicine: Like food, if medicine is essential to maintain good health then this should also be a priority expense.
3. Rent/mortgage + associated costs: Housing costs are also high-priority expenses.  If you own your own home also keep up with your real estate taxes, homeowners insurance and condo fees, as nonpayment of these could lead to the loss of your home.
4. Essential utilities: After housing costs, utilities ensure that you have water, heat, and other services that help you stay healthy and safe.
5. Car payments + insurance: Most people need a car in order to get to a job.  If that includes you, prioritize your car payments here.  Most states require car insurance so add this to your expense category.
6. Other job-related expenses: Expenses related to keeping your job are essential.  In addition to your car payment and insurance, this may mean gasoline and maintainence to keep your car running.  You may also have expenses for special uniforms or clothing, tools, or equipment.  Losing your job will make your financial challenges more complicated.
7. Child support: Child support is an important obligation because nonpayment could lead to prison time.  Prioritize this expense after food, housing and transportation.
8. Income taxes: While you have to pay income taxes, if your income has been reduced then you will have a lower tax burden.  Pay only what you need to pay.
9. Telephone service: Cell phones and land lines are important, but pay these bills after the above categories are taken care of.
10. Secured loan payments: Since a secured loan is attached to a collatoral such as a household item, these loans should rank slightly above unsecured loans.
11. Unsecured loan payments: Unsecured loans like credit cards and student loans do need to be paid, but in a crisis situation these can be put on hold.  Reach out to servicers and let them know why you can't pay what you owe. Loan servicers might be able to put your students loans into forebearance.

Download this worksheet to help priroitize your expenses.