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SPENDING PLAN
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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 Goals
Set financial goals. A financial goal should include the following elements- SMART
Specific Measurable Attainable Realistic Time bound
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Cash Flow
A measure of the money you receive and the money you spend.
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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 Components
Income: 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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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