1. Making money sensetips and ideas to help your family prosper Spending Plans 1

2. SPENDING PLAN DEFINITION A plan or schedule adjusting expenses during a certain period to the estimated or fixed income for that period Spending plans consist of spending, bill paying and savings Spending plans turn your budget list into an outline for the future, making it possible to achieve specific goals through careful spending and thoughtful living A budget on the other hand, is a list of what you owe, what you earn and where your money goes 2

3. THREE ESSENTIAL PARTS A spending plan should Allocate funds to pay bills, which include both essential living expenses and debt repayment Create a plan to build three types of savings Emergency (Car repairs, home maintenance) Set-Aside (Vacation, holidays) Long-Term (Retirement, children’s education) Provide allowance for each adult member of the family 3

4. CREATE YOUR SPENDING PLAN Bills 4

5. CREATE YOUR SPENDING PLAN Savings 5

6. CREATE YOUR SPENDING PLAN Spending Allowance 6

7. WHAT CAN A BUDGET & SPENDING PLAN DO FOR YOU? A budget and spending plan: Puts you in control Helps you create a visual spending picture Helps you prevent impulse spending Helps you decide what you can and cannot afford Enables you to keep track of how you spend your money 7

8. WHAT CAN A BUDGET & SPENDING PLAN DO FOR YOU? A budget and spending plan: Gives you something to look forward to when you spread spending money throughout the month Helps you create a savings plan Helps you end the financial “binge/starve” cycle Helps you decide how you can protect yourself against the financial consequences of unforeseen events 8

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