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Spending - Head Matters


3. Spending plan

Next, Jose wrote a very basic spending plan that he thinks will help him spend more responsibly so that he has enough money at the end of the month and can even save a bit in case of an emergency.

Here’s Jose’s new monthly spending plan


 Rent  $500
 Groceries  $250
 Bills  $100
 Cell Phone  $50
 Gas  $150
 Eating out and snacks  $100
 Entertainment  $100
Other  $150
Savings  $200

Jose decides to divide his variable expenses by four so he knows about how much he can spend on things like groceries and entertainment each week. Here’s what he gets:


 Groceries  $62
Gas  $37
 Eating out and snacks  $25
 Entertainment  $25
 Other  $37


Now Jose has the beginning of a plan. If he sticks to these numbers, he won’t have to waste money on pay day loans. He’ll also be more confident in his financial situation and he’ll have some savings in case something comes up that he isn’t expecting. Soon he can get more detailed with his budget so that he really knows where his money goes and can plan for the future. This is a great start!

The spending plan is one step in creating a budget. It’s very important to plan your spending so that you don’t end up in an uncomfortable financial situation. Visit the money management course  to learn more about budgeting.

Keep Your Receipts 

  1. They’re a record of your major purchases
  2. They’ll help keep your budget accurate and current
  3. You’ll need them if you want to return or exchange something
  4. They can be used as proof of purchase for warranties
  5. You’ll need them to be reimbursed for purchases made for your employer (expense reports)
  6. You’ll need them as proof for your tax deductions if you’re audited
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