financial planning for hidden expensesCopyright 1999 by Michael
Ham
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
IntroductionAll summer long the ant steadily accumulates a food
storeseed by seed, leaf by leaf. The grasshopper spends the summer
without a thought for the future, to perish miserably when winter
comes. Being an ant means that you steadily put aside money that
you know you will need in the future. The individual amounts are
small, but they accumulate over time. And when winter arrivesin
terms, say, of a month when the auto insurance, auto registration,
and house insurance all come due and the hot water tank and
dishwasher fail completelyyour daily living expenses are totally
unaffected because you are financially ready. This workbook helps
you plan your spending and see the effects of that spending on your
income, both immediately (as when you spend the money) and
long-term (as you set aside the money to maintain and replace your
purchasesfor example, money set aside to replace the tires and
battery for your car, the roof and carpeting for your house). By
seeing exactly where your money must go, you have a better sense of
the amount of money you actually have for discretionary use: you
get a better sense of your current financial limitsyour means. Your
happiness depends on on your living within those limits. As one of
Dickens's characters put it:
Annual income twenty pounds, annual expenditure nineteen
nineteen six, result happiness. Annual income twenty pounds, annual
expenditure twenty pounds ought and six, result misery.Many people
are unaware of the implicit expenses they have committed to pay,
and so they think they have more discretionary income than they in
fact doand they spend it. They don't see the hidden part of the
iceberg, which wrecks their financial ship just as it was coming
in. When the time comes to pay the piper to replace some vital
appliance or make an annual payment, they find themselves short.
And miserable. This workbook will let you know just exactly how
much you are free to spend. One benefit is that you don't have to
record exactly where they money goes: you're perfectly free to
spend it as you wantup to the limit that you've set. So long as you
stay within that limit, you can be sure that you'll have the money
you need for the future: to pay expenses and to buy those
big-ticket items you have planned for.
Instructions for use1. To move within the workbook, use
Ctrl-PgDn (to next page) and Ctrl-PgUp (to previous page). Or you
can click on the appropriate tab at the bottom of the worksheet. 2.
Review the Frequently Asked Questions (next page) 3. Go through the
pages in order, filling in the blanks. You can make entries
wherever you see a blue font. If you don't know exact amounts, use
your best guess. Some entries are labeled to remind you of possible
entries; you can overwrite irrelevant labels. Calculations are done
for you. 4. When you get to the summary page, look at where you
stand. You will probably make several passes through the workbook,
refining and adjusting your entries, before you're satisfied. 5. In
the initial few months, you will probably get some periodic bills
that you've overlooked. Add them to the workbook in the appropriate
location and adjust figures as needed.
Contents of the workbookFAQs Frequently asked questions, and
their answers. Review this before you start.
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Your income Cash reserve Savings Fixed expenses Replacements
Weekly allowance Periodic purchases Future purchases Summary
QuickForm Tips Your worksheet WYM License
Just your take-home pay, which is what you control and spend. A
reserve equal to 3-6 months of take-home pay. A portion of your
income set aside to fund your retirement. Expenses that you must
pay over the course of a year. You also must pay to replace things
that eventually wear out. Partly discretionary, partly not; paid by
cash from your pocket. Discretionary purchases paid by check
periodically. Big-ticket discretionary purchases that you must save
for. A summary of your income and where it goesand where you are.
You can switch to this format once you're familiar with the method.
Ideas to help pare your expenses. An unprotected worksheet for your
own use; you can add others. You agreed to the terms of this
license agreement.
Go on to the next page (press Ctrl-PgDn).
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FAQs
Frequently Asked Questions
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
1. Can you briefly summarize what this workbook is based on? In
a nutshell, the method consists of 4 steps: a. Recognize that you
have a limited amount of money that you can spend. Not only that,
the limit is specific. It is very important for you to discover the
exact amount that is your limit. b. Realize that some decisions and
some possessions imply future expenditures. For example, if you
decide to buy a house, you not only have taken on monthly mortgage
and property tax payments, you have taken on: insurance, costs
associated with upkeep (lawn equipment purchase, repair,
replacement; replacement of appliances (furnace, washer, dryer,
refrigerator, dishwasher, hot water tank, etc.) and of parts of the
house (roof, exterior paint, interior paint, carpeting, draperies,
etc.)), and so on. This is not to say that the house and the
intangibles of owning a house (privacy, security, comfort, etc.)
are not worth these expenses, but it is important to recognize your
commitments to pay for these things when they fall due. c. Your
paycheck arrives with some amounts deducted to cover some expenses:
federal and state taxes, social security payments, medical
insurance, perhaps a 401(k) plan. But additional deductions must be
be made to cover lifestyle commitments that youve already made:
auto insurance, auto registration, auto maintenance, auto parts
(e.g., replacing tires, battery, brakes, etc.), and so on. Your
employer won't make deductions for these, which are the result of
your choices, but you know you must pay when the time comes. You
must be the one to make these deductions so that you have the money
ready when it is needed. d. Finally, balance and refine the list of
deductions so that everything is covered and you know exactly how
much you can spend without dipping into money thats already been
committed to pay future expensesthat is, until you know exactly
what you can spend and stay within your means. Note that using this
spreadsheet lets you explore the implications of new
purchaseswhether you can in fact afford the purchase and all the
expenses that it implies. This method lets you clearly see the
financial implications of your lifestyle and your desired
lifestyle, the income you have compared to what you've already
committed yourself to pay and what you want in the future. When
you're able to look at the whole picture, you may decide that some
planned purchases are not worth the change in your lifestyle that
would be required to fund them and their implied expenses. 2. This
workbook often asks me to provide monthly or annual amounts, and I
simply don't know those amounts. What do I do? Wait to collect the
information? Definitely not. Enter your best guessa glance through
your checkbook and credit card bills will give you some idea. Start
with that, and then you can refine the figures over time. Note that
the weekly allowance does not require detailed itemization: you can
spend that amount (but not more) each week with a free conscience.
The things that will probably require some on-going work are the
monthly and periodic billsin your first cut, you're likely to
overlook some. But as the bills arrive and you pay them, add them
to the appropriate category and adjust the overall budget
accordingly. Within six months, your plan should be very solid. An
example of estimation: Suppose you drive your car around 17,000
miles a year, and you get service every 7,500 miles. The service
typically costs: 7,500 mile service: $90 15,000 mile service: $230
30,000 mile service: $400 So every 30,000 miles you have two 7,500
mile services, one 15,000 mile service, and one 30,000 mile
service. The average cost for the 4 services is $202.50: two at
$90, one at $230, and one at $400, a total of $810, which, divided
by 4, gives the average service cost of $202.50. The average
monthly mileage is 17,000 divided by 12: 1,417 miles. So you will
expect to have a service every 5.3 months (7,500 mile service
interval divided by 1,417 miles per month). You would enter the
(average) cost of $202.50 and the number of months as 5.3 in the
Fixed Expenses chart.
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FAQs
If your first service happens to be the $400 30,000-mile
service, you just go ahead and pay it. You will almost always have
enough in that account, since you are accumulating money for many
fixed expenses. This will in effect "borrow" the money from the
other accounts, but you pay it back the next time your car is
serviced (since you will have saved up $202.50 for the $90
7,500-mile service). It will all come out even in the long run. 3.
My savings will accumulate not only the money I deposit, but also
interest. How is that shown? Interest amounts are not shown. The
interest will vary as amounts are added to and taken from the
savings, but not showing the interest is an error in the
conservative direction: the interest amounts will simply move you
to your goals faster, or (equivalently) give you a slightly greater
financial cushion. In most cases, the interest amounts are
relatively small compared to your overall cash flow. The exception
is when the money gathers interest (or capital appreciation if it
is in stock) over a long periodas for retirement savings. Even here
you might want to ignore the growth due to interest or capital
appreciation and focus on the cash amounts you're saving, since you
don't know what impact inflation might have on your long-term
savings: you can treat the accumulated compound interest or the
capital appreciation as a hedge against inflation, at least until
the time to use the savings draws near. 4. How can I know how much
I can afford to put in the cash reserve or savings when I start
filling out the workbook? You don't. Just make your best guess, and
then at the end, as you review the Summary, you'll probably find
that you need to revisit your earlier worksheets and revise your
estimates. This allows you to explore "what if?" questions as well
as trim the amounts to match your income. In your first pass
through the worksheets, enter what you think might work. You might
also want to look at how much you probably should be saving for
retirement. Take a look at the "Ballpark estimator" at
http://www.asec.org (note: it is .org, not .com). 5. Some of the
amounts turn out to be trivial. For example, a $10 pet license paid
once a year comes out to $0.83 per month. Should I just ignore
these expenses? No, enter all expenses that you can identify,
regardless of how small the monthly amounts. Those monthly amounts
add up, and the idea in any case is to identify the amount of money
that you have already committed to future expenses. Saving for a
hot-water tank that costs $250 comes out to only $1.04 per month,
assuming a 20-year life. Very easy to save, and very nice to have
the $250 in hand when the water heater finally diesas it will. This
plan attempts to cover all your expenses, and one way of looking at
the expenses is that there are two types: those that you pay from
your weekly allowance and all others. If you don't put the annual
pet license in the plan elsewhere, you'll have to pay it from your
weekly allowance when the license fee is due. Why take the hit in
your allowance? Move as many expenses as possible to the other
categories. For example, if you pay a gym fee of $30 once a month,
you can put it in as a periodic purchase, from which account it
will be paid. Otherwise, once a month you have a $30 expense you
have to pay from daily allowance. Unsatisfying. 6. How do I record
and track the money I spend from my weekly allowance? There's no
real need to record and track these expenses at all. The weekly
allowance is the money you have to spend after accounting for all
foreseeable expenses and prudent savings. You can spend it any way
you want. You will, of course, want to spend some for food (unless
you are on a unbelievably strict diet :) and other personal needs.
All the tracking you need is to take the weekly allowance in cash
at the beginning of the weekend (so that you have money for the
weekend), go to the supermarket and buy the food you'll need for
the coming week (so you don't go hungry), buy whatever you want
from the list you accumulated during the previous week, and then
count and keep track of how much cash you have leftwhich must last
you the week. You get no more cash until the next weekly allowance
day. In return, you don't have to record any of those expenses. In
fact, as you work with this plan, you will realize that you don't
have to track and record expenses at all, except for making sure
that all regular and predictable expenses, including future
purchases, are entered into the plan. Then, as you limit yourself
to spending your allowance on routine weekly things, your money
automatically accumulates to cover the other expenses. Sometimes,
though, it is very helpful to know how much is on hand for
replacements, or for fixed expenses, or in the cash reserve, or for
future purchases. As you accumulate a larger total, you may want to
open separate
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FAQs
savings accounts by category and transfer the appropriate amount
into each account monthly. Then, when one of those expenses comes
due, you can withdraw the money from the appropriate account. 7. I
work two jobs, but the workbook assumes that I'm working only one
job. How do I handle that? All the income figures are in fact taken
from the annual income, so you can actually enter any amounts you
want in the take-home pay and the number of paychecks a year. The
simplest way is to figure out for each income the total annual
take-home pay, add those amounts, and enter that in the "take-home
pay from check" box and then enter just a "1" in the "number of
paychecks per year" box. The annual total will then be correct, and
all the other figures follow from that. Example: in one job you get
a weekly paycheck of $425 in take-home, and in the other you are
paid twice a month with take-home of $725 per paycheck. The annual
take-home income for the first is 52 (weeks) times $425, or
$22,100, and the annual take-home from the other is 24 (twice a
month) times $725, or $17,400. So enter $39,500 ($22,100 plus
$17,400) as your take-home from the paycheck, and 1 as the number
of paychecks per year. 8. My children get an allowance. How do I
account for that? You can do it a couple of ways. One way is to
increase your own weekly allowance by the amount of the children's
allowances, and pay them from your weekly allowance. This is
probably simplest. The other way is to include the children's
allowance in the Fixed Expenses. Suppose they each get $10 per
week. This amounts to a monthly amount of 2 x $10 x 4.33 (4.33
weeks per month), or $86.60 per month. By setting aside the $86.60
per month for the Fixed Expense, you'll have enough to cover their
allowance from this account. If you have other questions, email
[email protected]. Go on to the next page (press
Ctrl-PgDn).
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Your income
Your income
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
This workbook is aimed at those whose paychecks vary little from
check to check. It can also be used by those (such as people paid
on commission or who work paid overtime occasionally) whose pay
varies from check to check; these people will enter their average
take-home pay. Start by entering your take-home pay (or your
average take-home pay if the pay varies) from a recent paycheck. If
youre a couple, you may have two incomes; if you have only one
income, use only the Income 1 column.Income 1 Income 2
Take-home amount from check: How many paychecks per year?
$0.00 0Income 1
$0.00 Paid weekly = 52 checks per year Paid every 2 weeks = 26 0
Paid twice a month = 24 Paid monthly = 12Income 2
Annual take-home pay Monthly take-home pay Available Monthly
pay
$0.00 $0.00 $0.00
$0.00 $0.00 $0.00 Only 95% of your take-home will be allocated.
$0.00 $0.00
Total Annual take-home pay: Total Available Monthly Pay:
You must not allocate every penny of whats coming in, especially
at first. There will be surprises, unforeseen or forgotten
expenses, variations from the average, etc. Base your planning on
95% of your take-home pay; the 5% remaining is a safety net. This
plan focuses on monthly amounts because many payments
(rent/mortgage, utilities, credit cards, auto loans, etc.) are made
monthly. But the plan will also take care of your daily expenses.
Wait and see. Go on to the next page (press Ctrl-PgDn).
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Cash reserve
Cash Reserve
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
The first step in allocating your income is to figure out how
much you need in your cash reserve. The cash reserve is
increasingly important as employers become more accustomed to
downsizings and layoffs as a way of protecting their profit line.
Dont be scared, be prepared. The expense categories are in order of
importance, from most imperative to most discretionary. The Cash
Reserve is first because it preserves your independence and gives
you a choice. Humphrey Bogart called his cash reserve the FY Fund
because with it he had the choice of refusing roles he didnt want.
Without a cash reserve, your company may force you to do things
with which you have profound moral and ethical disagreements simply
in order to keep your job. Such actions do terrible damage to your
self-respect and your comfort with who you are. In extreme cases,
ones distaste with what he has done can result in shutting down
feelings and self-knowledge simply to avoid the pain of knowing.
With a cash reserve, you can walk if you feel you should. A common
rule of thumb is to have ready at least 3 months take-home pay in
an account from which you can withdraw money with no prior
noticefor example, a passbook savings account (which unfortunately
pays low interest) or a money-market account (better interest).
Depending on your situation, you might want 4, 5, or even 6 months
of take-home in reserve. Your degree of caution will be influenced
by the economy, the demand for people in your line of work, the
volatility of your industry, your level (those at a higher level
usually must look longer to find a new job), whether you would
likely have to move, etc. To give you an idea of the range:
Three-month reserve = Six-month reserve = How big a cash reserve do
you want? How much cash reserve do you now have? Difference You can
leave this box blank $0.00 $0.00 Great! $0.00 $0.00
Obviously, once you have achieved your cash reserve goal, you no
longer include this monthly payment in your plan, which frees up
money for other purposes, such as retirement savings, savings for a
house, etc. Go on to the next page (press Ctrl-PgDn).
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Savings
Savings
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
The cash reserve is a ready reserve. It cant be invested in any
long-time investments, such as a mutual fund or stocks, because you
may have to call on it at an inopportune time. So it is in a money
market account, a passbook savings, or some other account where you
can get to it at any time. In addition to your cash reserve, you
need some regular savings that can be invested to growyour own
retirement plan. I certainly recommend (highly) that you
participate in any 401(k) or similar plan offered by your employer,
but you may want to save more than that, or you may want to have a
long-term savings plan where you have more control and can, for
example, withdraw money from the savings if needed. In that case,
you will want to be routinely putting money aside to grow,
long-term, in a mutual fund, common stocks, or other such
investments that will appreciate over time. Also, you should take a
look at the "Ballpark estimator" at http://www.asec.org (note:
.org, not .com) to get a ballpark estimate of the retirement
savings you'll need. The typical rule is to save 10% of take-home
pay, or Amount you will save/invest for the future each month:
$0.00 per month in your case. $0.00
Go on to the next page (press Ctrl-PgDn).
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Fixed expenses
Fixed expenses
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
Fixed expenses are predictable expenses that occur with
unfailing regularity and must be paid. They can be: Monthly:
utilities, rent/mortgage, credit cards, phone, auto loan, etc.
Every other month: water bills, perhaps Quarterly: Some auto
insurance Twice a year: Other auto insurance Annually: auto
registration, home/renters insurance, license fees, etc. But all
fixed expenses must be paid when they are due. They are not
discretionary. With this plan you will spend the appropriate amount
from EACH paycheck toward these expenses. That way, when bills
arrive, the money to pay them is in your account and you simply
write the check and mail itno sweat. Total of detail below: Your
monthly fixed expenses: $0.00 of your total monthly $0.00
Bills paid each monthFirst, lets look at the bills that arrive
monthly. For some of these, you will have to estimate the amount.
If you have a choice (for example, with your gas and electric
bill), elect a budget plan in which the company bills you the same
amount each month. It makes things simpler. Modify the following
columns to match your own situation. In some cases, you must
estimate the amount. If you have records for the past year, you can
just use the average. If you have some bills that you pay weekly
and that are not optionalyou must pay themlist them and include the
MONTHLY amount. Multiply the weekly amount by 4.33 to get the
monthly amount. Average monthly amount $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00
Bill Rent/Mortgage Gas & Electric Auto loan Phone Cell phone
VISA MasterCard AmEx Discover other other other other other other
other
All other fixed expensesThese are all the other
non-discretionary bills. Estimate the amount of each payment, then
tell how frequently you pay it. Think of every bill that you get
during the year that you must payfor example, your auto
registration would be included here, but not your subscription to
Pen Worldthat's discretionary and will be taken care of later.
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Fixed expenses
In your first year of using the plan, you will probably discover
some oversightsbills that you get every six months or every year
that you forgot to include. When that happens, add them to the
table and update the total weekly amount. Paid every Each how many?
payment months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 Average monthly amount
Bill Auto insurance Home/renter's ins Water/sewage Long-term
care ins Auto registration Auto maintenance Dental visit Routine
physical Prescription drugs Tuition Professional assn dues Pet
checkup Other license fees Auto club Other annual dues other other
other other other other other other
Go on to the next page (press Ctrl-PgDn).
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Fixed expenses
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Fixed expenses
pdate the total
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Replacements
Replacement expenses
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
This is where many people go astray. Everyone has things that
must be replaced when they wear out. Most people will spend the
replacement cost over the life of the thing (car, refrigerator,
suit, tires) on other things and thus not have the money at hand
when the day of reckoning comeswhen, for example, the mechanic says
You need to replace the brakes right now, or when the plumber comes
up out of the basement with a grim expression, or when you realize
that you can no longer find programs that run on your old IBM
PC-XT. By spending the money that will inevitably be needed for
replacements, people have a (temporary) feeling of prosperity. But
eventually the piper must be paid. Spending the replacement money
is like sawing off the limb youre sitting on. A renter might have
little on the list beyond typical auto replacements (tires, auto
battery, and the auto itself) and perhaps furniture (for example,
replacing a couch every 10 or 15 years) and electronic equipment
(for example, replacing a stereo every 7 years, a computer every 4
years). A home owner will have a long list: roof, exterior paint,
carpeting, hot water tank, range, refrigerator, washer, dryer. The
nice thing is that most of these things have a long lifea roof is
good for 15 or 20 years, a hot water tank for 10 to 15 years. The
result is that the monthly set-aside for these items is not muchbut
when the time eventually comes, as it will, the money is there.
This is not to say that being a renter is preferable to owning a
home. Much is a matter of individual preference, and owning a home
has its own advantages: the ability to have a garden, the freedom
to customize or remodel as one wants, the increased sense of
privacy and control, the building up of equity, and so on. This
plan, however, focuses on planning for predictable expenses, and
the homeowner's replacement list is part of those predictable
expenses. Note that you enter only the replacement cost
(out-of-pocket dollars). If youre going to trade in your current
car, enter only the cash amount you think youll need beyond the
trade-in. Youll have to make a judgment call on some items. For
example, what about an expensive business suit? Does this come out
of the personal allowance as clothing, or is it a true mandatory
replacement? If you actually must have a suit to make your living,
then I would think it should be in Replacementsits not a
discretionary purchase. But its up to you: its your plan. The total
monthly amount being set aside for replacements is Item Tires
Battery Misc auto parts Next car Couch Chair Mattress TV Computer
Printer Roof Carpeting Refrigerator Range Hot water tank Furnace
Vacuum cleaner Glasses Exterior paint other $0.00 of your monthly
total: Cost per month $0.00
Cost to Est. Life Replace (in months) $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0
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Replacements
other other other other other other other other other other
other other other other other other other other other other other
other other other other other other other other other other
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
Go on to the next page (press Ctrl-PgDn).
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Weekly allowance
Weekly allowance
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
Weekly 1
Weekly 2
Weekly allowance from lists below: This amount from each
allowance: The average per month is $0.00
$0 $0 from your
& &
$0 $0 $0.00
a week. (Forget cents in the weekly allowance.) goes to pay the
shared household expenses. (There are 4.3333 weeks per month:
52/12.)
Every Friday you take your weekly allowance in cash from the
bank. The amount you take will last you until the following
Fridayor else you go without and make do. (Its a good idea to have
a jar of quarters for things like parking for those times you run
out of cash during the week, and to have a cupboard of basics like
spaghetti and canned foods to tide you over.) You spend your weekly
allowance however you want, but thats it: once spent, you wait
until the following week to get more money. If you want to blow it
all on books or a fine wine one week, so be itbut wait until the
following Friday to replenish your pocket money. Your feelings of
prosperity or poverty depend to a large degree on how comfortable
you are in this category. And note the weekly allowance amount is
not strictly discretionaryyou do have to have groceries, gasoline,
and the like. But you still have a lot of discretion in how you
actually spend your allowance. Its important that you deal in cash,
not in checks, credit cards, or ATM cards. Cash is real in a way
that the others are not. You can see it dwindle, and you quickly
become aware that buying this means that you wont be able to buy
that . You will learn to start listing for next week the things you
want but were not able to get this weekor did not want to buy this
week, so you could use the money for other things. Thats fineyou
are bumping up against the limits of your income, but in a way that
is not damagingbecause all the other surprise expenses are covered
by the amounts you're setting aside in the other categories.. To
give you an idea of what you should cover with your weekly
allowance, estimate your monthly expenses in the following. This is
set up for two people. If you live alone, ignore the second
column.Weekly 1 Weekly 2 income 1 income 2
Shared expenses--indicate split:
50% - 50%
Split based on pay is:
Shared expenses are divided between two allowances according to
the split indicated above. You may not have any shared expenses,
even if you are a couplesee next section. Shared household expenses
Item Pet food Home supplies other other other other other other
other other other Approx. monthly amount $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 Weekly amount
Separate expenses
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Weekly allowance
The next expenses to be covered by the weekly allowance are the
personal and (for couples) separate expenses. It is not unlikely
that the weekly allowances will differone person might have to pay
parking daily, the other not; one might have an expensive hobby,
the other an inexpensive hobby. Many couples divide the financial
responsibilities, so that one, for example, is responsible for
buying the gas and the other buys the groceries. These couples will
have no shared expenses, since all the expenses are covered by one
or the other's allowance. Settling the appropriate amounts for the
individual expenses will be a matter of negotiating and seeing the
others needs as clearly as one sees ones own. If you have not read
the excellent (and short) paperback book, Getting to Yes , by Roger
Fisher and William Ury, I highly recommend it. It describes a clear
and fair method of negotiation that makes it much easier for the
two parties in any negotiation to reach a fair agreement when
agreement is possible. This book is widely available. Allowance 1
Approx. monthly Item amount Groceries $0 Lunches $0 Parking $0
Books, CDs $0 Restaurant meals $0 Clothing $0 Laundry/cleaning $0
Personal care/cosmetic $0 Gasoline $0 Tobacco $0 Alcohol $0 other
$0 other $0 other $0 other $0 other $0 other $0 other $0 other $0
other $0 other $0 other $0 other $0 other $0 Allowance 2 Weekly
amount Item other other other other other other other other other
other other other other other other other other other other other
other other other other Approx. monthly amount $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Weekly amount
Go on to the next page (press Ctrl-PgDn).
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Weekly allowance
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Weekly allowance
sponsibilities,
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Periodic purchases
Periodic purchases
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
$0.00
which comes out of your monthly
$0.00
Periodic purchases are discretionaryyou can skip them if you
want. Periodic purchases are usually paid by check to the vendor,
rather than out of your pocket money (weekly allowance). Some
examples: Monthly: gym fee, club fees, etc. Annually: magazine
subscriptions, birthday presents, club dues, etc. In the following
table, list the item, estimate the amount of the payment, then tell
how frequently you pay it. In some cases, you may want to estimate
the average annual amountas with book clubs. Note that with most
magazine subscriptions, you can save substantially by renewing for
more than a year at a timefor example, look at the three-year
renewal rate and enter that amount with a 36-month frequency rather
than paying the one-year rate. Paid every Each how many? payment
months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 Average monthly amount
Bill Gym fee Birthday 1 Birthday 2 Birthday 3 Birthday 4
Birthday 5 Birthday 6 Christmas 1 Christmas 2 Christmas 3 Christmas
4 Christmas 5 Christmas 6 Anniversary 1 Anniversary 2 Anniversary 3
Magazine 1 Magazine 2 Magazine 3 Magazine 4 other other other other
other other other other other other other other other other
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Periodic purchases
other other
$0.00 $0.00
0 0
Go on to the next page (press Ctrl-PgDn).
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Future purchases
Future purchases
Balance available: $0.00
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
The purchases listed below will take
$0.00
from your monthly pay of
$0.00
This wouldn't be much of a plan if it didn't allow you to plan
(and set aside money) for those things you've always wanted. If
"you" are a couple, you will have to establish a way to set
prioritiesperhaps flip a coin to decide who picks the first
priority, and then take turns after that. Or perhaps set an amount
(say, $500) and take turns putting the amount toward the purchases
nearest the heart of each. But however you do it, you can find how
how much to set aside with this worksheet and have it part of your
monthly spending plan. You can enter today's date by holding down
the Ctrl key and pressing the ; key. When you set the date for the
purchase, the worksheet computes the number of months and figures
the cost per month. You need the date to buy because before that
date you will not have accumulated enough money for this item and
you can't take money from the other accounts without running into
trouble. That money is already earmarked to pay specific upcoming
expenses. Today's date Cost (use Ctrl-;) $0.00 20-Feb-99 $0.00
3-Mar-99 $0.00 17-Mar-99 $0.00 $0.00 $0.00 Number of months away 20
11 23
Item Trip to Paris New reading chair College for Pat House down
payment Oriental rug Vacation in Aruba Orthodontia etc. etc.
Date to buy 1-Oct-00 1-Feb-00 1-Feb-01
Cost per month $0.00 $0.00 $0.00
Go on to the next page (press Ctrl-PgDn).
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Summary
Summary
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
And here's your plan. Revise your entries on the earlier pages
as needed to make expenses total less than Monthly Available, or to
accommodate changes in your income or expenses. Once you begin
using QuickForm, use that page exclusively for your work. The
summary information below is based on the detailed worksheets (with
text) on the pages preceding this one. The QuickForm Summary is
based on the information in the QuickForm sheet. A picture of where
your money goes
0%Cash reserve payments Savings
Fixed expenses Replacement expenses Weekly allowance Periodic
purchases Future purchases
Monthly available Total of outflow Cash reserve payments Savings
Fixed expenses Replacement expenses Weekly allowance Periodic
purchases Future purchases
$0.00 (Your spending plan should leave 5% of monthly pay
untouched in case of errors, surprise expenses, upswings of
averages, etc.) $0.00 Wonderful!! You made it with this much to
spare: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
You must save this much until you reach your cash reserve goal.
Not much you can do about thisyou must invest for your future. Not
much you can do about theseyou must pay them. Not much you can do
about thesethese things must be replaced. You can elect to spend
less for some things to reduce this amount. You can drop items from
the list to reduce this amount. You can take items off the list or
wait longer to buy to reduce total.
The benefit, with the income and outgo balanced, is that you can
spend freely within your limits, knowing that future needs will be
taken care of. You will not have an uneasy feeling that you may be
spending too much and getting into trouble later. Instead, youll
know exactly how much you can spend in safety. You will know how to
live within your means by knowing the limits of your means. Let us
know your experience with this plan: [email protected] If
your experience is positive, tell your friends about our Web site:
http://www.withinyourmeans.com Thanks. Done!
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QuickForm
QuickForm
Licensed to: namenamenamenamename emailemailemailemailemailemail
da/te/date
Once you have become familiar with the method, you may wish to
use these worksheets since the text on the previous pages will be
familiar.
0%Cash reserve paymentsSavings Fixed expenses
Replacement expensesWeekly allowance
Periodic purchases Future purchases
Initially, the table entries below are simply copied from the
tables on the previous pages. Once you start making new entries on
this page, you'll have to continue to use the QuickForm versions,
since the previous worksheets will not reflect the data you enter
here. The summary on this page is built from the data on this page.
Monthly available Total of expenses Cash reserve payments Savings
Fixed expenses Replacement expenses Weekly allowance Periodic
purchases Future purchases $0.00 (Your spending plan should leave
5% of monthly pay untouched in case of errors, surprise expenses,
upswings of averages, etc.) $0.00 Wonderful! You made it with this
much to spare: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Not much you can do about this--you must invest for your future.
Not much you can do about these--you must pay them. Not much you
can do about these--these things must be replaced. You can elect to
spend less for some things to reduce this amount. You can drop
items from the list to reduce this amount. You can take items off
the list or wait longer to buy to reduce total.Income 1 Income
2
IncomeTake-home amount from check: How many paychecks per year?
Annual take-home pay Available Monthly pay
$0.00 0 $0.00 $0.00
$0.00 0 $0.00 $0.00 $0.00 $0.00 $0.00 0 months
Total Available Monthly Pay:
Cash reserveHow big a cash reserve do you want? How much cash
reserve do you now have? When do you want to reach your goal? In
Per month $0.00
SavingsAmount you will save/invest each month: $0.00 Per month
$0.00
Fixed ExpensesBill Average monthly
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QuickForm
Rent/Mortgage Gas & Electric Auto loan Phone Cell phone VISA
MasterCard AmEx Discover other other other other other other
other
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Paid every Each how many?
payment months $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 Average monthly amount
Per month
$0.00
Bill Auto insurance Home/renter's ins Water/sewage Long-term
care ins Auto registration Auto maintenance Dental visit Routine
physical Prescription drugs Tuition Professional assn dues Pet
checkup Other license fees Auto club Other annual dues other other
other other other other other other
ReplacementsItem Tires Battery Misc auto parts Next car Couch
Chair Mattress TV Computer Printer Roof Cost to Est. Life Replace
(in months) $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 Cost per month Per month $0.00
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QuickForm
Carpeting Refrigerator Range Hot water tank Furnace Vacuum
cleaner Glasses Exterior paint other other other other other other
other other other other other other other other other other other
other other other other other other other other other other other
other other other other
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Weekly AllowancesWeekly 1 Weekly 2
Weekly allowance from lists below: Of which, this to shared
expenses: Shared expenses--indicate split: Based on income:
$0 $0Weekly 1
$0 $0Weekly 2
Per month
$0.00
50%income 1
50%income 2
Shared expenses are divided between two allowances according to
the split indicated above. Shared household expenses Item Pet food
Home supplies other Approx. monthly amount $0 $0 $0 Weekly
amount
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QuickForm
other other other other other other other other Allowance 1 Item
Groceries Lunches Parking Books, CDs Restaurant meals Clothing
Laundry/cleaning Personal care/cosmetic Gasoline Tobacco Alcohol
other other other other other other other other other other other
other other
$0 $0 $0 $0 $0 $0 $0 $0 Approx. monthly amount $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Allowance 2
Weekly amount Item other other other other other other other other
other other other other other other other other other other other
other other other other other Approx. monthly amount $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Weekly amount
Periodic purchasesPaid every Each how many? payment months $0.00
0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0
$0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 Average
monthly amount Per month $0.00
Bill Gym fee Birthday 1 Birthday 2 Birthday 3 Birthday 4
Birthday 5 Birthday 6 Christmas 1 Christmas 2 Christmas 3 Christmas
4 Christmas 5 Christmas 6 Anniversary 1 Anniversary 2 Anniversary
3
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QuickForm
Magazine 1 Magazine 2 Magazine 3 Magazine 4 other other other
other other other other other other other other other other other
other other
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Future purchasesPer month: Today's date (use Ctrl-;) 20-Feb-99
3-Mar-99 17-Mar-99 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 Date
to buy 1-Oct-00 1-Feb-00 1-Feb-01 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00 0-Jan-00
0-Jan-00 0-Jan-00 Number of months away 20 11 23 Cost per month
$0.00 $0.00 $0.00 $0.00
Item Trip to Paris New reading chair College for Pat House down
payment Oriental rug Vacation in Aruba Orthodontia etc. etc. 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 End of tables
Cost $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
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Tips
Tips (unprotected worksheet)Include your own tips as you learn
more about your financial patterns. Password for each protected
sheet is 123 General When thinking of a purchase, decide whether
the attraction is external or internal. External purchases are
purchases you would not have thought of making if you hadn't seen
the item. Internal purchases are purchases you're being pushed
toward because of a neede.g., a filing cabinet. If you walk through
a department store and your eye is caught by a sweater, that is
external. If you're out looking for something that will keep you
warmer in the apartment and you see the sweater, that's internal.
Don't buy external purchases. Whenever you have an expense that's
not covered in the spreadsheet somewhere, think about how you can
include it so that the next time you'll have the money on hand to
pay it. In general, buy only things that you actually need in the
coming week. If you can, put off a purchase until the following
week. The more you postpone a purchase, the longer you'll have the
money that would have gone for the purchaseand the more likely it
is that you don't have to buy it at all. And if you actually forget
about the item during the wait before buying--well, that's a good
sign that it was an "external" item. Buying something you don't
need because it's on sale does not save you money. Beware
collecting: if you have a collection, you always have a ready-made
reason to spend money. If you do collect, think of natural ways to
limit the size of collection. Examples: Books about railroadsonly
as many as will fit into the "railroad" bookcase. Pensonly as many
as will fit into your pen cabinet. Silverwareonly x place settings.
Figurinesonly as many as will fit on the figurine shelf. A
predetermined limit makes those collected more precious and makes
you a more discerning collector. Buying a lottery ticket is not
making an investment. It purchasing an experience: hope, then
disappointment. Goals Your expenses and your future purchases
should be informed by your goals. Rather than letting your money
dissipate itself in all directions, you will find it has much more
power if you direct it toward a goal. The problem for many is that
their goals are vague and unformulated. Your local library has
books on personal goal-setting. Check the catalog for the subject
"goal-setting" and you will find their titles and location. Take a
look at them and see if you find one that you can work with. You'll
get more satisfaction from the money you earn if you see that it is
advancing you toward the goals you have chosen as important to
yourself. As mentioned on earlier pages, http://www.asec.org gives
you a way to estimate goals for retirement savings. Groceries
Groceries don't amount to a lot of your overall income, but they
amount to a lot of your weekly allowance. For that reason, it's
worth giving thought to ways to minimize your grocery bill: the
less you spend at the grocery store, the more money you'll have
each week to feel prosperous and comfortable. Here are some tips:
Thirty minutes before you go grocery shopping, eat a sandwich or
some other substantial snack. Use a list to minimize your time in
the store and to avoid looking randomly for something to buy. Look
for inexpensive and filling foods that are easy to cookbeans,
grains, vegetables, pasta. Consider taking a cooking class to learn
to enjoy cooking. Don't buy ready-to-eat meals or already-prepared
foods (e.g., pasta sauce, frozen dinners). It's cheaper and more
healthful to make your own.
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Tips
Catalogs Throw out mail-order catalogs as they arrive, before
looking at them. Money By minimizing your contact with any money
except your weekly allowance, you make it possible for the overall
plan to proceed, steadily moving you into the black. Here are some
ideas to keep from spending: Put your credit cards in your
suitcase. That way, you'll have them for a trip but they won't be
convenient when you see a book or CD or other impulse ("external")
purchase item. Have a box into which you put current bills as they
arrive. Have another box for paid bills, and a third box for the
miscellaneous stuff that would otherwise be put into the bill
boxes. Avoid contact with the checkbook. Take it out every other
Saturday just to pay bills. Have your payroll checks direct
deposited. Some companies allow you to direct deposit portions of
your paycheck in different accounts. Once you've determined the
amounts for your cash reserve and savings, you can have this amount
deposited directly into a separate savings account. As your balance
builds up, you might want to have separate accounts for Cash
Reserve, Savings, Fixed expenses (that are paid less frequently
than monthly), Replacements, and Future purchases. This more
clearly earmarks the money with its purpose, so that you are not
tempted to spend the growing (but already committed) balance.
Gambling If you have a compulsion to gamble and gambling is
disrupting your finances and/or your life, this workbook is not
likely to help, any more than a book on good nutritional practices
would help a person with an eating disorder. Compulsive gamblers
must seek out help that can address the compulsion directly, such
as Gamblers Anonymous (http://www.gamblersanonymous.org/). And, of
course, they must decide that they want to regain control of their
lives. Peer Group Be careful in how you compare your lifestyle
(clothes, car, domicile, etc.) with that of others. First, those
others may be incredibly overextended financially. Second, if you
are comparing with characters in a TV show (Friends , etc.) or a
movie, you are comparing yourself with a fiction. Those characters
are costumed and situated to be ultimately appealing and to
encourage consumption. Don't fall into the trap of keeping up with
the fictional Joneses who can get any item with a sentence in the
script. Insurance Your insurance should cover expenses you can in
no way afford. Thus the medical and liability coverage of your car
insurance should be set to the highest limitsit's cheaper than you
think, and if you do get in a catastrophic accident, you're
covered. Also look at the expected payoff for other coverage: for
example, rental car payments when your car is in for repair after
an accident. This is about $20/year. One day of car rental is
around $40. If you have any serious car damage, you can expect your
car to be in the shop for at least a week, which would pay for 14
years of this coverage. In addition, sometimes this coverage will
cover the deductible you would pay on rental car insurance, so that
you have no need at all to buy insurance offered by the car rental
agency. Life insurance should be at an amount to cover your needed
contribution. If you have a non-working spouse and young children
you hope to send through college, the total amount of life
insurance can be high. Look at term insurance. If you live alone
with no dependents, your life insurance needs can be quite low.
Sooner or later, many people need long-term care insurance. The
problem is that this insurance becomes unavailable the minute you
know for sure you'll need ite.g., you or your partner is diagnosed
with a long-
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Tips
term disabling disease such as Alzheimer's, Parkinson's, Lou
Gehrig's, or the like. If you've known of elderly people being
moved to successively lower quality care facilities as they exhaust
their savings, you understand the importance of this type of
insurance. Home ownership Home ownership is considered a goal by
many. It's true that one builds up equity in the residence over
time, and the value of the home can appreciate as a capital
investment (or not). But be aware of the number and amount of
implicit expenses that come with the purchase of a home: the upkeep
of the structure, the eventual replacements (carpet, furnace, hot
water tank, dishwasher, etc.), and the payments that persist even
after the mortgage is paid (property tax, insurance, etc.). On the
other hand, don't lose sight of the non-monetary values: privacy,
control, ability to customize, etc. Commuting Commuting involves
many expenses beyond the cost of gas and time. Take a look at the
book by Joe Dominguez and Vicki Robin titled Your Money or Your
Life to analyze the overall costs associated not only with your
commute but also with your job. Incidentally, their financial plan
is similar in some respects to this, except that I have set up this
plan to minimize the daily recordkeeping of expenses: so long as
you stay within your weekly allowance for all your daily spending,
you don't need to keep records and you know that you're putting
aside enough money to put you in the black overall. Life enjoyment
Look for free entertainment. The local library is not only a source
of CDs, videos, books, and magazines, it also offers much
informationabout local events (free and low-cost), classes and
discussion groups, and ways to save money. Make the library a
regular weekly stop. Outdoor activities at local parks and state
parks are a great way to burn off steam and get exercise that's
different from your routine activities in the workplace. And these
are free or very low cost. Volunteer work can bring great enjoyment
as well as doing a social goodbig brother/sister programs, tutoring
schoolchildren, adult literacy programs: all these benefit both you
and the participants.
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Your worksheet
Your worksheet (unprotected worksheet)This worksheet is not
protected, so you can use it as you will--tracking credit card
balances as they decrease, working out projections of balances by
taking compounded interest into account, etc. You can, of course,
add additional worksheets as you wish using Insert, Worksheet.
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Within Your Means end-user license agreement single-userLicensed
to: namenamenamenamename emailemailemailemailemailemail da/te/date
THIS IS THE LICENSE YOU AGREED TO BEFORE DOWNLOADING THIS
SPREADSHEET. By clicking the "YES" button, you indicated your
acceptance of these terms. This is a legal agreement between you,
the user, and Within Your Means. BY CLICKING ON THE "YES" BUTTON,
YOU AGREED TO BE BOUND BY THE TERMS OF THIS AGREEMENT Within Your
Means SPREADSHEET LICENSE 1. GRANT OF LICENSE. Within Your Means
("WYM") grants you a limited license to use one copy of the WYM
Excel spreadsheet (the "Software") on a single, single-user CPU. 2.
COPYRIGHT. The Software copyright is owned by WYM, protected by
United States copyright laws and international treaty provisions,
and licensed, not sold, to you the end user. WYM does not transfer
title to the Software to you, but retains the rights to make and
license the use of all copies. Therefore, you may make no copies of
the Software, or reproduce it in any way, except that you may
either (a) make one copy of the Software solely for back-up or
archival purposes, or (b) copy the Software to a single hard disk,
provided you keep the original and any copies solely for back-up or
archival purposes. You may make a second copy for a second computer
(e.g., a laptop) so long as they do not both run simultaneously. 3.
OTHER RESTRICTIONS. You may not rent or lease the Software, but you
may transfer the Software on a permanent basis, provided you retain
no copies and the recipient agrees to the terms of this Agreement.
4. TERM. The term of this license is for the same period of time as
copyright protection inheres in software. You may terminate it at
any time by destroying the Software, together with all copies
thereof. It will also terminate if you fail to comply with any term
or condition of this license. Upon such termination, you agree to
destroy the Software and accompanying materials. 5. IMPLIED
WARRANTIES. WYM OFFERS NO WARRANTIES AND NO IMPLIED WARRANTIES
COVERING THE SOFTWARE, INCLUDING ANY WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE. 6. NO LIABILITY FOR
CONSEQUENTIAL DAMAGES. IN NO EVENT SHALL WYM OR ITS SUPPLIERS BE
LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, OR CONSEQUENTIAL
DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF
BUSINESS PROFITS, BUSINESS INTERRUPTION, LOSS OF BUSINESS
INFORMATION, OR OTHER PECUNIARY LOSS) WHETHER BASED ON CONTRACT,
TORT, OR OTHER LEGAL THEORY, ARISING OUT OF THE USE OR INABILITY TO
USE THIS WYM PRODUCT, EVEN IF WYM HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. 7. ENTIRE AGREEMENT. This Agreement
contains the entire agreement and understanding between the parties
and supersedes any proposals, discussions, or negotiations between
them related to the subject matter of this Agreement. This
Agreement may be amended,
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altered, or modified only by a writing dated subsequent to this
Agreement and signed by WYM. This Agreement shall in all respects
be interpreted, construed in accordance with, and governed by the
internal laws of the State of California, without regard to the
rules on conflict of laws. Should you have any questions concerning
this Agreement, please contact WYM through email at
[email protected].
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