Cost of living Worksheet

The cost of living worksheet works alongside the income report. It is used to show your creditors how much it cost you to get by month to month. This is used to help make the case that you are in need of debt relief or debt forgiveness.
 
Everyone's cost of living can be split into two categories: essential and non-essential expenses. Essential expenses would include things like food, utilities, house payment.
 
Non-essential expenses would be expenses such as cable, internet, gym membership, credit card payments.
 
What the cost of living worksheet is proving to your creditors is that you do not have enough income monthly to pay your non-essential expenses at their current cost.
 
Some expenses a cost of living worksheet will ask for:

  • Utilities
  • Groceries
  • Car payments
  • House/rent payment
  • Membership fees
  • Child care expenses
  • Insurance payments (Including health, car, home, etc.)
  • miscellaneous Expenses

Related: Cost of Living Check


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