Developing a Spending Plan
Do you ever wonder where all your money goes? Can you only afford the minimum payment on bills? Developing a spending plan will help you to take control of your financial future. Some of you may already be familiar with how to budget, but others may not be. A budget is simply a plan for spending and saving money. It allows you to see your total income and where that income is going.
The primary purpose of a budget is to find out where your money is going and to help control spending. To see exactly how can help you do the following exercise for one week: keep track of every purchase you make for a week, along with your standard monthly bills. Once you determine where your money is going, it is easier to see where you can save and improve spending habits.
Study Objective: Download the weekly spending tracking form