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

A Spending Planner

Learning About Money

Why do I need a spending plan?

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.   By taking time to plan you will be able to:

•  Buy what you need and want within your income

•  Have a record of where your money goes

•  Cut down on the worry over money, and 

•  Talk with your family about their needs for the future.

Planning upcoming expenses can avoid arguments over money later.

How to get started . . .

A Spending Planner is a worksheet.  It has four pages and starts on the next page.   It can be prepared like a booklet—copy pages one and two back to back; then pages three and four in the same way.  Staple together in the left corner so that it opens like a booklet.  Store this worksheet in a file folder.  Keep bills, receipts and banking information inside.  This provides you with important records of your spending.  

Forms for planning and tracking your spending are included in this resource.  Select the forms that are useful for your situation.  Follow the links below to find:                   

•  Form SP10—Planning for Irregular Expenses for the Year

•  Form SP20—Tracking Your Spending

•  Form SP30— Recording Account Transactions 

•  Form SP40—Tracking Loan and Credit Payments

Six steps for success!  

Follow these six steps to set up a spending plan for the month:

1.  Set goals.

2.  Identify family income.  

3.  Review last month’s spending so you can estimate upcoming              expenses.

4.  Put numbers in your plan.  Do you have enough money (income)                             for the expenses you expect?

5.  Make your plan work!  Cut expenses so you do not overspend.                                             Income needs to balance with expenses.

6.  Plan for the future.  Review how things worked—what went              well?  What needs to change for next month?

                                                                         Basic Skills for Living © 2006

Learning About Money

  Keep a spending calendar     

  A calendar is a useful planning tool.  It can help you get organized and show at a glance when you are paid and bills are due.  

Start by filling in the dates on the calendar below for the coming month.  Circle the dates you receive income.  Next, mark the dates and names of upcoming expenses       

e.g. 1st—rent; 15th—phone bill, etc.  Use a pencil so you can change information.  This will help you plan and track your money.   

Complete a worksheet each month.  This will give you a spending record.  You will be able to see where your money goes and plan for the future.

                                                                         Basic Skills for Living © 2006

  A Spending Planner . . . 2

Set up your plan

    Set goals:

Write down the things that are really important for the month ahead.  Things you need to do, or           bills you need to pay.  Decide if you need to put money away for future expenses.  

See Form SP10—Planning Irregular Expenses for the Year to start saving for irregular and                          annual expenses.  Later, set goals for saving in the future.  See SP120-4 Financial Goals.

                 ________________________________________________________________             ________________________________________________________________

     Identify your expected income for the month:

          Expected income:           Name                         Date               $ amount

Salaries/wages:             ___________              _______           ________