Download - Spending Plan
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SPENDING PLANFebruary 3, 2011
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Spending Plan A spending plan is a financial statement
you can use to assist in money management
also known as a budget
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Set Financial GoalsSet financial goals. A financial goal
should include the following elements- SMART
Specific Measurable Attainable Realistic Time bound
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Why is a Spending Plan important? Giving a person an understanding of
where their money is going Tracking income and expenses Help meet financial goals Help people live within their income and
make ends meet Reduce the need for using credit
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Sources of Income Wages or Salaries Tips Withdrawal from savings Interest earned on savings accounts Scholarships Monetary gifts
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2 Main ComponentsIncome: money earned Expense: money spent 2 types of Expenses Fixed- have to be paid by specific date
(Food, housing, electricity) Flexible- have to be paid off but often
not by certain date (Food, goals, etc.)
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Activity With your table I will give you a set of
Spending Plan Game Cards You will have 3 cards that say
Income Flexible Expense Fixed Expense
I will read a list of things and you have to hold up the card with the right word that matches it
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Rent
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Fixed Expense
Rent
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Wages
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Income
Wages
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Groceries
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Flexible Expense
Groceries
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Internet Bill
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Fixed Expense
Internet Bill
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Tips
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Income
Tips
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Utilities
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Fixed Expense
Utilities
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Gifts from Family
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Income
Gifts from Family
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Savings
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Fixed Expense
Savings
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Car Registration
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Fixed Expense
Car Registration
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Eating Out
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Flexible Expense
Eating Out
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Scholarships
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Income
Scholarships
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Hobbies
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Flexible Expense
Hobbies
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Net Loss and Net Gain Net Loss- have more expenses than
income during that period on spending plan
Net Gain- more income than expenses
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Spending Plan Process6 Steps to the Spending Plan Process Set financial goals Organize Decide Implement Control Evaluate
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1. Set Financial GoalsSet financial goals. A financial goal should
include the following elements- SMART
Specific: State exactly what is to be done with the money involved
Measurable: write the exact dollar amount Attainable: determine how it can be reached Realistic: do not set the goal for something
unattainable Time bound: Specifically state when goal
needs to be reached
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2. Organize determine the appropriate recording
format to use select categories for the spending plan select a time period
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3. Decide make realistic decisions and estimates
for the categories
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4. Implement put the spending plan into effect. Keep records of all income and expense.
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5. Control Occurs simultaneously with
implementation. Record keeping allows you to realize
potential problems.
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6. Evaluate determine if the previous steps in the
spending plan have worked. Compare estimated amounts to the
actual amounts or received or spent. Have goals been met? Assess the progress made toward goals. Make necessary changes
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Spending Plan Varies Needs to have enough detail so a person
knows where the money is going regardless of the amount
The categories listed on a spending plan will vary depending on your financial goals, values, needs and wants
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Changes
A spending plan is something that is
re-evaluated as lives and situations change
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