A successful spending plan helps you control your spending. This way, your spending doesn’t control you! It guides you so you get the most for your money, страница 2

___________                         _______        ________

___________                         _______        ________

___________                         _______        ________

Child tax benefit:                                                 _______        ________

Other income:          __________           _______        ________

__________           _______        ________

Total  income (A)        _______

3

     Review last month’s spending:                                     

Did you pay all your bills last month?  Is there something special coming up?  Review your plan         from last month.  How did it work out?  Now, think about the expenses for this month.

4

     Put numbers in your plan:  

Fill in the chart on the next page.

•  First, mark down your total income (A) from Step 2 in the space provided.

•  Next, estimate your expenses.  Be sure to include savings and any credit payments you have.   Follow the “Expense item list” so you do not forget anything.  Total the estimated expenses.

•  Now, take time to determine your cash flow—see the shaded work area.  Write down your   regular bills and credit payments for the things you need to pay.  Add them up.  Do you have   income left for other expenses?  If so, plan for the things you would like to buy—your wants.  These are flexibleexpenses and are the first things to cut back on if you are short of money.

•  Total all the expenses you have written down in the needs and wants columns. Compare with your total income (A).  Do they balance?  Do you have enough money to pay for everything?     If not, then read Step 5 to find out how to cut costs to match your income. 

•  To keep track of your actual spending, write down the expenses you pay in the column marked                         Actual $ on the right.  Use this information for planning next month’s spending.  It is your record                        of expenses.     

Avoid overspending.  It will help you stay out of financial trouble.

                                                                    Basic Skills for Living © 2006

  A Spending Planner . . . 3

   My income for the month is $________ (A)

Date	Expense item	Estimated $	Needs	Wants	Actual $
Savings:	Savings: • Irregular expenses
Fixed  expenses:	Housing: •  Rent/mortgage •  Heating •  Electricity •  Water •  Insurance
	Food: • Groceries at home
	Phone(s):  • Home
	Cable TV/Internet:  other:
	Medical: • Insurance/drugs
	Child care:
	Personal money:e.g. allowances
	Transportation: •  Bus fares •  Car—gas/oil
	Others: e.g. pets,     life insurance, etc.
Flexible      expenses:	Recreation: e.g. memberships, movies, hobbies, etc.
	Others: e.g. clothing, gifts,  personal care, donations
Credit:	Credit payments: Fill in Form SP40 e.g. car loan, credit payments, etc.
	Total B:

   Compare Income (A) to expenses (B) = $________.  Do they balance?

                                                                    Basic Skills for Living © 2006

  A Spending Planner . . . 4

5

Will the plan work?

       Does your income balance with your expenses?  If not, you need to cut costs!  Start by cutting back         on your wants first.  Does it balance now?  If not, work at cutting other costs.  If you can not make

your income balance expenses, then decide if you need help to solve this problem.  

For non-profit credit counselling services in Canada, check www.creditcounsellingcanada.ca for                        agencies in  your community.

6

Plan for the future:

Mark down upcoming expenses and things you want for the future.  Use the box below to keep track          of credit card purchases, payments; or statement balances.