Create a SPENDING PLAN
Do you find yourself living paycheck to paycheck?
If your car were to break down, could you afford to take
it to the shop? The sad answer is most people do live
paycheck to paycheck and cannot afford to repair their
car in the event something happens.
Life’s surprises alone
are a good reason why we all need a
Benefits of a Spending Plan A Spending Plan will help you:
You Will Find
While it may sound restricting and 1) Create the awareness of the direction
In This Issue: unpleasant, following a spending plan will you are going in.
allow you more freedom to fulfill long-
term goals like purchasing a house, paying 2) Control your money instead of your
Benefits of a money controlling you.
off debt or building a savings. You say
Spending Plan “Budgeting is too complicated” or “It takes
3) Meet savings goals.
How you can benefit too much time” – that is not necessarily
from a Spending Plan. true. Utilize the provided Spending Plan 4) Limit spending on things you don’t
Worksheet (you should also have one need so you will have money for things
provided separately in your workbooks) you do need.
10 Reasons and you will see just how quick and easy
it can be. The rewards of implementing 5) Enable your family to achieve
Why you should a Spending Plan tremendously outweigh common goals.
implement a any time you will spend creating it. And
Spending Plan. 6) Be prepared for emergencies.
the longer you wait, the longer you deny
yourself the sense of well being that results 7) Improve your marriage with fewer
from being in control of your finances. arguments about money.
Spending Plan 8) Define areas where you were
Located on the 9) Get out of debt or stay out of debt.
10) Attain peace of mind knowing you
will be able to make ends meet and more!
SPENDING PLAN WORKSHEET NAME:
11) List INCOME & EXPENSE Categories 2 Record Actual Monthly INCOME & SPENDING2)
3 Calculate and record the 6 Determine and record your 9 Decide which Expenses to pay
1010) Monthly Plan-SUMMARY DIFFERENCE by subtracting the FINAL EXPENSES by subtracting with each PAY PERIOD and total
1 Income Prior Month Total Monthly Gross Income at the or adding each Adjustment and columns.
Sources ACTUAL 1st Month 2nd Month 3rd Month
ACTUAL ACTUAL ACTUAL
bottom. total the column.
Husband’s full-time job
10 The end of each month complete
4 Decide the TYPE of EXPENSE: 7 Assign who’s responsible for a SUMMARY of your actual
Wife’s full-time job Income & Expenses.
Fixed, Variable, or Discretionary. paying each Final Expense,
Dave’s part-time job Record each expense in the between HUSBAND and WIFE
appropriate column and total and total columns. (Skip if single.)
8 Record the portion of Total Gross
5 Make needed ADJUSTMENTS to Income you receive by PAY
balance your Income & Expenses. PERIOD. 88) Gross Income by Pay Periods
You shouldn’t adjust Fixed Expenses. Period #1 Period #2 Period #3 Period #4
Total Monthly Gross INCOME
1010) Monthly Plan SUMMARY 4 TYPE of Expense4) 5 6 7 Who Pays Expenses7) 9 Pay Expenses by Pay Periods9)
1 EXPENSE Price Month
Categories ACTUAL 1st Month 2nd Month 3rd Month Final
ACTUAL ACTUAL ACTUAL Fixed Variable Discretionary Adjustment Expense Husband Wife Period #1 Period #2 Period #3 Period #4
Taxes (Total all)
Dining Out/Fast Food
TOTAL Monthly Expenses 99) Total EXPENSE by Pay Period (Below)
3 DIFFERENCE Balance Adjusted EXPENSES with INCOME PAY THIS