My Money Lesson 5 Spending Plans

							                                                                                                                                                              publication 354-077


                                         My Money
                                  Lesson 5: Spending Plans
                 Heather Greenwood, Family and Community Sciences agent, Fauquier County.

This week, your task may take some guessing. First,                                            Spending                                                 Monthly Amount
fill out the income chart to figure your monthly income.                                       Fixed Spending
Second, without looking at your spending logs, write                                              Rent or Mortgage
down how much you spend on each item in a month.                                                  Car payment
Add up your spending. Look back to last week’s activ-                                             Furniture payment
ity for credit bills. Is your spending more than your                                             Other loan payment
income? Next week we will work on matching income                                                 Car insurance
and spending.
                                                                                                  Health insurance
                                                                                                  Disability insurance
Income                       Monthly Amount
                                                                                                  Life insurance
Your Take Home Pay                                                                                Savings
Spouse’s / Partner’s Take                                                                         Other:
Home Pay                                                                                       Flexible Spending
Child Support (received)                                                                          Electric bill
                                                                                                  Gas / Heating / Fuel bill
Alimony (received)
                                                                                                  Water bill
TANF                                                                                              Phone bill
Disability Income                                                                                 Other utilities:
Unemployment                                                                                      Total credit payments
Other:                                                                                            Car repair
                                                                                                  Oil change (car)
TOTAL INCOME                  $
                                                                                                  Grocery store
                                                                                                  Eating out costs
Income – Expenses                                                                                 Clothing
TOTAL INCOME                 $                                                                    Cleaning supplies
TOTAL SPENDING                –                                                                   Doctor / Dentist
                                                                                                  Medicines
INCOME – SPENDING            $
                                                                                                  Entertainment
                                                                                                  Charity / Church
                                                                                                  Child care
                                                                                                  Education
                                                                                                  Other:
                                                                                               TOTAL SPENDING                                             $




                                                                              www.ext.vt.edu
                                     Produced by Communications and Marketing, College of Agriculture and Life Sciences,
                                                   Virginia Polytechnic Institute and State University, 2009
                            Virginia Cooperative Extension programs and employment are open to all, regardless of race, color, national origin, sex, religion,
                            age, disability, political beliefs, sexual orientation, or marital or family status. An equal opportunity/affirmative action employer.
                            Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University,
                            and the U.S. Department of Agriculture cooperating. Mark A. McCann, Director, Virginia Cooperative Extension, Virginia Tech,
                                             Blacksburg; Alma C. Hobbs, Administrator, 1890 Extension Program, Virginia State, Petersburg.
Spending Log
You now have 3 weeks of spending logs and 1 more to go. Is it becoming a habit to write down your spending?
What changes have you made in the last 3 weeks? Do you feel more positive about how you spend your money?
Here is the 4th spending log!

        Day                  Time                Purchase             $ Amount             My Feelings




For more information, contact your local Virginia Cooperative Extension Office. It will be listed under the
Government Section of your phone book.

              Reviewed by Mabel Dianna Edlow, Extension specialist, Virginia State University