Your Family Spending Plan
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4Your Family Spending Plan
Almost everyone would like to have more money.
Total all the individual yearly incomes to find the
However, more money isn’t always possible and
family’s yearly income. Add any interest, dividends or
doesn’t always solve the problem. Most people must
other income. Use this sum as the total family income
get along on what they have.
available for expenses.
Whether a family has a lot of money or just a little, a
Worksheet I
sound plan for spending and saving is the key to
having dollars for what is needed and wanted before
You:
the money disappears in unexpected ways. A
$
Take-home pay each pay period (after
spending plan can help a family:
taxes and other payroll deductions)
•
identify available resources
Number of times a year paid
•
plan for today and tomorrow
•
spend and save more effectively
$
TOTAL YEARLY INCOME
•
develop confidence, independence and
resourcefulness in handling financial problems
Spouse:
A plan for spending and saving possesses no magic. It
$
Take-home pay each pay period (after
taxes and other payroll deductions)
cannot change the amount of money you have. It
cannot make you save. Neither can it eliminate
financial crisis. But a spending plan can help control
Number of times a year paid
the use of money so it meets needs and wants.
$
TOTAL YEARLY INCOME
Preparing a Spending Plan
Other Family Members:
Essentially there are three basic steps in setting up a
$
Take-home pay each pay period (after
plan:
taxes and other payroll deductions)
•
determine income
Number of times a year paid
•
estimate expenses
•
adjust spending to income available
$
TOTAL YEARLY INCOME
Use Worksheets I through IV to record your income
$
TOTAL FOR ALL MEMBERS
and expenses. Once these items are down on paper,
you can see where your money is going. Then you are
$
Interest, dividends, other regular
better prepared to decide where you would like your
income
money to go.
$
TOTAL FAMILY INCOME
Step 1
Using Worksheet I, enter each person’s take‐home
pay. If someone is paid weekly, multiply by 52 to get
yearly income. If paid monthly, multiply by 12.
Step 2
Multiply by 26 if one is paid every 2 weeks and by 24
Use whatever financial records you have to estimate
if paid twice every month.
your expenses. Work from checkbooks, receipts and
current pay statements. Do not list the same expense
on more than one worksheet.
Your Family Spending Plan
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Texas A&M AgriLife Extension Service
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