Creating a Spending Plan Worksheet is the first step in planning, preparing and saving money. Your spending plan should contain items you actually use and those that you don’t. You can use the Spending Plan Worksheet to help you determine your spending needs.
Start by writing down the monthly budget that you have been using. Keep the amount you have saved and the money that you currently spend on hand. These are what you need to know. You can then look at the amount of money that you are spending out of pocket each month.
What are your expenses and how much money do you spend on food, clothing, transportation, entertainment, home improvement and bills each month? Be honest about all expenses on the spending plan worksheet. Do not be overly concerned with including some expenses on the worksheet. The more categories you add the less detailed it will be.
Look at each category and list the items that you are responsible for paying each month. Label these items. Separate food, entertainment, household expenses and miscellaneous expenses. If you purchase most of your food from the grocery store, it would be a good idea to place this as groceries. The only item that you would need to budget as entertainment would be eating out if you go out more than twice a month.
You now have a spending plan that is completely detailed. You may want to create a separate spending plan worksheet to include additional items that don’t get paid for every month. You can be as detailed as you like, but it’s important to keep this chart organized and useful. Review the spending plan every six months and adjust any extra funds that you have allotted to a specific category that you pay for.
If you were thinking of retirement, this type of cash flow is important to have in your monthly cash flow. This could include savings accounts, real estate, business income and cash in the bank. Once you have listed out all of the money that you currently have available for retirement, use a portion of the standard retirement contributions to list out how much you plan to save each month for retirement.
Starting a business is a good decision. You can choose a business based on your preferences, but there are several different business types to consider. Keep a list of business opportunities that you can incorporate into your lifestyle and pay for with a monthly budget. You can use a Spending Plan Worksheet to keep track of what you are earning, spending and investing.
Imagine being able to purchase an entire new book for one hundred dollars instead of fifty. You don’t have to budget this money each month, but this new book may inspire you to complete some tasks that you don’t think you would be able to complete. With the help of a good Worksheet you can make those ideas a reality.
