Spending Plan

Dear Visitor, I'd like to take this opportunity to say "Thanks very much!" for visiting It's Your Money! and for downloading this financial spreadsheet. (Feel free to try out all my others, too!) I truly hope that the spreadsheets and tools I've made available there can help you as much as they've helped me. I’m going to go out on a limb here. I'll guess that since you've downloaded and opened this spreadsheet, that little voice inside your head is urging you to take action (somehow!) to improve your financial situation. I know all about that voice. I spent a whole lot of years ignoring it! That said, I am being entirely honest when I say that the single most effective thing I ever did for my family's finances was to start planning our spending on a monthly basis. You can call it "budgeting" if you want, but "budgeting" doesn't sound the least bit fun. And if you play your cards right, and let spreadsheets help you, you can actually make your "budgeting" fun. That's where the "You Need A Budget" spreadsheet comes in. I've seen a lot of budgeting spreadsheets over the years, and this one beats 'em all. Handily. (Personally, I couldn't build anything nearly so cool.) I mention this only because I know the power of a good spending plan ("budget"), and "You Need a Budget" is about as good as it gets. If you'd like to know more, just click the YNAB icon below to read my review. Once more, thanks very much for stopping by! Michael @It's Your Money!Planned Current Category Total #1 #2 #3 #4 #5 Total Paycheck: Steve $3,000.00 $1,500.00 $1,500.00 $3,000.00 Paycheck: Martha $3,200.00 $1,600.00 $1,600.00 $3,200.00 Bonus: Martha $500.00 $500.00 $500.00 Money Gifts $75.00 $35.00 $40.00 $75.00 Yard Sale Proceeds $300.00 $300.00 $300.00 $7,075.00 $7,075.00 Planned Current Category Total #1 #2 #3 #4 #5 Total Federal $230.00 $115.00 $115.00 $230.00 Social Security $305.26 $253.59 $51.67 $305.26 Medicare $71.39 $59.31 $12.08 $71.39 State $164.00 $158.00 $6.00 $164.00 $770.65 $770.65 Paid Amounts Gross Income Received Gross Income (Pretax) Taxes PaidWeb Link: http://www.mdmproofing.com/iym/BMF.shtml Net Income Planned Total Current Total $6,304.35 $6,304.35Goal %: 50.0% Goal $: $3,152.18 Planned %: 39.6% Planned $: $2,493.74 Current %: 39.6% Current $: $2,493.74 Planned Description Amount #1 #2 #3 #4 #5 #6 auto $78.89 $78.89 child $50.00 $50.00 computer: web site $29.94 $29.94 fees: paypal $1.57 $1.57 fsa $83.34 $41.67 $41.67 food: groceries $350.00 $350.00 mortgage $1,900.00 $1,900.00 $2,493.74 Spent Amounts Must-HavesDFG: $658.44 DFG: $658.44 Total Difference $78.89 $0.00 $50.00 $0.00 $29.94 $0.00 $1.57 $0.00 $83.34 $0.00 $350.00 $0.00 $1,900.00 $0.00 $2,493.74Goal %: 30.0% Goal $: $1,891.31 Planned %: 4.6% Planned $: $290.85 Current %: 4.6% Current $: $290.85 Planned Description Amount #1 #2 #3 #4 #5 #6 adopt-a-platoon $18.25 $18.25 books $62.02 $62.02 cash $0.68 $0.68 charity $12.00 $12.00 child $27.90 $27.90 groceries $170.00 $170.00 $290.85 Spent Amounts WantsDFG: $1,600.46 DFG: $1,600.46 Total Difference $18.25 $0.00 $62.02 $0.00 $0.68 $0.00 $12.00 $0.00 $27.90 $0.00 $170.00 $0.00 $290.85Goal %: 20.0% Goal $: $1,260.87 Planned %: 18.1% Planned $: $1,144.21 Current %: 18.1% Current $: $1,144.21 Planned Description Amount #1 #2 #3 #4 #5 #6 401k $433.83 $347.19 $86.64 freedom account $590.38 $590.38 Gift $50.00 $50.00 To ABFCU Savings $70.00 $70.00 $1,144.21 Spent Amounts SavingsTotal Difference $433.83 $0.00 $590.38 $0.00 $50.00 $0.00 $70.00 $0.00 $1,144.21Total Planned Net Income: Total Planned Allocations (MH, W, & S): Total Current Expenses (MH & W): Total Current Allocations (MH, W, & S): Net Income (minus) Planned Expenses: Net Income (minus) Current Expenses: Balanced Money Formula: Target Must-Haves 50% Wants 30% Savings 20% Balanced Money Formula: Planned Outcome Must-Haves 39% Wants 5% Savings 18% Undetermined 38%6,304.35 $ Allocations (MH, W, & S): 3,928.80 $ Expenses (MH & W): 2,784.59 $ Allocations (MH, W, & S): 3,928.80 $ Planned Expenses: 2,375.55 $ Current Expenses: 2,375.55 $ Must-Haves 50% Wants 30% Savings 20% Must-Haves 2,493.74 $ 39.6% Wants 290.85 $ 4.6% Savings 1,144.21 $ 18.1% Undetermined 2,375.55 $ 37.7%