PowerPoint Presentation
Creating MySpending Plan
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1
Step 1Track Current Income and Expenses
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1
Step 2Personalize Your Spending Plan
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Personalize Your Spending PlanStep 1 -
Track Current Income and Expense Step 2 - Personalize Your Spending
PlanStep 3 - Allocate Money to Each CategoryStep 4 - Implement and
ControlStep 5 - Evaluate and Make AdjustmentsHow will you develop a
spending plan?What is the intended time period for your spending
plan?What categories will your spending plan include?
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1How will you develop a spending
plan?
Paper and pencil SpreadsheetMoney management computer
softwareApplications
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1
Step 3Allocate Money to each Category
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1What is the intended time period for
your spending plan?What categories will your spending plan
include?Usually concurrent with pay periodReference tracking from
the Income and Expense Statement Do any categories need added,
changed, or removed?
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Allocate Money to Each
CategoryReference tracking from Step OneDetermine what changes to
makeStep 1 - Track Current Income and Expense Step 2 - Personalize
Your Spending PlanStep 3 - Allocate Money to Each CategoryStep 4 -
Implement and ControlStep 5 - Evaluate and Make Adjustments
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1When allocating money
consider:ContractualNon-contractualTrade-offs and opportunity
costsGoalsContractual expensesRequired to pay expense for a
specific amount of time - not easy to reduce or eliminate Easy to
reduce or eliminateRent, Internet, Cell phoneFood,
entertainment
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Spending Plan GuideWhat variables may
cause these percentages to be different?
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Net Gain or Net Loss?
Net Gain?Net Loss?Add more money to savings or another
expenseIncrease incomeDecrease expensesBoth
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1
Step 4Implement & Control
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Implement and ControlStep 1 - Track
Current Income and Expense Step 2 - Personalize Your Spending
PlanStep 3 - Allocate Money to Each CategoryStep 4 - Implement and
ControlStep 5 - Evaluate and Make AdjustmentsUse a control system
to stay on track
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Control SystemsInternet-based spending
plan programDepository institution programsCheck register
systemEnvelope system
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1
Step 5Evaluate and Make Adjustments
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1Evaluate and Make AdjustmentsStep 1 -
Track Current Income and Expense Step 2 - Personalize Your Spending
PlanStep 3 - Allocate Money to Each CategoryStep 4 - Implement and
ControlStep 5 - Evaluate and Make AdjustmentsIs your spending plan
helping you reach goals?Do you need to make any adjustments?
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1SummaryA spending plan is an important
financial planning toolHelps achieve goalsMake your spending plan
work for youMake sure to control, evaluate, and adjust your
spending plan
Step 1 - Track Current Income and Expense Step 2 - Personalize
Your Spending PlanStep 3 - Allocate Money to Each CategoryStep 4 -
Implement and ControlStep 5 - Evaluate and Make Adjustments
Take Charge Today August 2013 Spending Plans Slide #Funded by a
grant from Take Charge America, Inc. to the Norton School of Family
and Consumer Sciences Take Charge America Institute at the
University of Arizona2.2.5.G1