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My Money, Lesson 5: Spending Plans

ID

354-077

Authors as Published

Heather Greenwood, Family and Community Sciences agent, Fauquier County

This week, your task may take some guessing. First, fill out the income chart to figure your monthly income. Second, without looking at your spending logs, write down how much you spend on each item in a month. Add up your spending. Look back to last week's activity for credit bills. Is your spending more than your income? Next week we will work on matching income and spending.
IncomeMonthly Amount
Your Take Home Pay 
Spouse's / Partner's Take Home Pay 
Child Support (received) 
Alimony (received) 
TANF 
Disability Income 
Unemployment 
Other: 
TOTAL INCOME$
Income - Expenses 
TOTAL INCOME$
TOTAL SPENDING-
INCOME - SPENDING$


SpendingMonthly Amount
Fixed Spending 
Rent or Mortgage 
Car payment 
Furniture payment 
Other loan payment 
Car insurance 
Health insurance 
Disability insurance 
Life insurance 
Savings 
Other: 
Flexible Spending 
Electric bill 
Gas / Heating / Fuel bill 
Water bill 
Phone bill 
Other utilities: 
Total credit payments 
Car repair 
Oil change (car) 
Grocery store 
Eating out costs 
Clothing 
Cleaning supplies 
Doctor / Dentist 
Medicines 
Entertainment 
Charity / Church 
Child care 
Education 
Other: 
TOTAL SPENDING$

Spending Log

You now have 3 weeks of spending logs and 1 more to go. Is it becoming a habit to write down your spending? What changes have you made in the last 3 weeks? Do you feel more positive about how you spend your money? Here is the 4th spending log!
DayTimePurchase$ AmountMy Feelings
     
     
     
     
     
     
     
     
     

For more information, contact your local Virginia Cooperative Extension Office.


Reviewed by Mabel Dianna Edlow, Extension Specialist, Virginia State University

Rights


Virginia Cooperative Extension materials are available for public use, reprint, or citation without further permission, provided the use includes credit to the author and to Virginia Cooperative Extension, Virginia Tech, and Virginia State University.

Publisher

Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.

Date

May 1, 2009


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