![]() It may take a little time upfront but once you’re using it regularly it can be a great tool to help you cut down on stress, reach your goals, and put control of your money in your hands. It is never perfect, but if you keep working at it and improving it, you’ll get to a place where it’s good enough.ĭoing a spending plan may seem like a lot of work. Try it, then tweak it to make improvements and try it again. Here’s what students in a group spending class said.Ĭreating a spending plan is a process. Goals – money set aside for emergencies, replacing your vehicle, a family trip, medical co-pays, paying off credit card debt, retirement, education, or other future expenses.Money going out – regular monthly bills, like housing, groceries, utilities, clothing, childcare, car payment, credit cards, doctor bills, loan payments – well, you get the idea.Money coming in – paychecks, tips, loans, scholarships, child support, and other cash benefits.True, automatic transfers ($50 per pay-check for example) are a good way to save for future expenses like car repairs and insurance bills. A spending plan should include all of your money coming in, money going out, and money put towards savings. Click on the blue box to find the correct answer. Answer “ true or false” to the three statements below. …describe the benefits of tracking spending.īefore you get started, let’s find out what you already know by warming up with a few questions.…determine how much you need to save regularly for irregular and/or unexpected expenses like car repairs and insurance payments.…make your own spending plan that includes all your expenses and income.By the end of this module, you will be able to… ![]() This module takes about 30 minutes to complete. A spending plan can help you know your daily spending and reach your long-term goals. It can help you make sure you have money to pay bills on time, even when your bills and income change each month. A good spending plan can help you stop “spending leaks” in other words, it can keep you from spending money without thinking. A spending plan (also called a budget) is simply a plan you create to help you meet expenses and spend money the way you want to spend it.
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