WEFOUNDCreating a Spending Plan Study Manual


Once you know your income and expenses, you’re ready to set up a spending plan.  But, before you can do that you’ll need to take a look at your figures and think about your spending.  To manage your money wisely, you need to balance your expenses to your income. That means you do not have more expenses than income.

So, to make a spending plan, you will need to:

  • Add up all your expenses, both fixed and flexible.
  • Next, add up all your income.  Use the net amount – the amount after taxes and other expenses have been deducted. 
  • Then, subtract your expenses from your income. 

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    Once you know your income and expenses, you’re ready to set up a spending plan.  But, before you can do that you’ll need to take a look at your figures and think about your spending.  To manage your money wisely, you need to balance your expenses to your income. That means you do not have more expenses than income.

    So, to make a spending plan, you will need to:

    • Add up all your expenses, both fixed and flexible.
    • Next, add up all your income.  Use the net amount – the amount after taxes and other expenses have been deducted. 
    • Then, subtract your expenses from your income. 

      Oops. A firewall is blocking access to Prezi content. Check out this article to learn more or contact your system administrator.

      That’s why I like the term “spending plan.” A plan is flexible. A plan can be customized and changed on the go if necessary. Having a plan is powerful.

      Want to create a spending plan but just don’t know how to get started? I have compiled a couple of links to free budget templates and created a quick outline of how to fill one out so it’s accurate. Most people need to create an outline of what they are spending now and then a spending plan that shows how they want to spend money in the future.

      Gather all of your bills, checking and savings account statements, and credit card statements from the last month or two.

      Once you know your income and expenses, you’re ready to set up a spending plan.  But, before you can do that you’ll need to take a look at your figures and think about your spending.  To manage your money wisely, you need to balance your expenses to your income. That means you do not have more expenses than income.

      So, to make a spending plan, you will need to:

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