Your Family Spending Plan Page 2
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4Weekly Expenses. Using Worksheet II, list the amount
Did you spend too much for one item with not enough
your family spends for items purchased weekly.
to cover other items? You may need to evaluate your
Include any day‐to‐day expenses as well as bills paid
spending and saving to see what changes can be made.
by the week. If you have any expenses not listed on
the form, write them in.
Family Spending Plan
Add the total weekly expenses. Multiply this amount
Practice keeping financial records so you can use real
by 52 to get an annual estimate of your total weekly
amounts in planning instead of estimates. Your
expenses.
records show what you actually spent for each budget
category and can help you see where spending can be
Monthly Expenses. On Worksheet III, list all bills and
adjusted.
expenses you pay by the month. If you have any
expenses not listed on the form, write them in.
Use a calendar, ledger, or some other method to record
your expenses. Then use the Monthly Spending Plan
Add the monthly expenses. Multiply this amount by
worksheet to compare what you actually spent with
12 to get an annual estimate of your total monthly
what you planned to spend. This will help you allocate
expenses.
money for all expenses.
Annual Expenses. Some expenses come irregularly,
After you develop a monthly spending plan, consider
once or twice a year. On Worksheet IV, list expenses
future goals and plan for a longer time period. For
that have not already been recorded. Unexpected or
example, when the car is paid off, will that money be
emergency expenses could also be recorded here.
saved, put on another debt or just spent? Or will it be
Listing these expenses before they happen will help
set aside in a car replacement fund?
you set aside money ahead of time.
Don’t be discouraged if the plan doesn’t work the first
Add the yearly expenses.
time. It takes time and sometimes several adjustments
to make a spending plan work.
Step 3
To compare your expenses with your income,
Monthly Spending Plan
complete these blanks:
Actual
Planned
Total Monthly Income
$
Total Family Income (I)
$ for Weekly Expenses
$
Weekly Expenses (II)
$ for Monthly Expenses
$
Monthly Expenses (III)
$ for Annual Expenses
$
Annual Expenses (IV)
Balance
$
Total Expenses
Do expenses equal income? If expenses are greater
than income, you will need to decide what to do.
Review your expense lists again (Worksheets (I, II, and
III). Are there items that can be reduced? Postponed?
Eliminated?
Consider the needs and wants of the entire family.
Involve everyone in the planning discussions. Were
you unable to get some of the things you wanted?
Your Family Spending Plan
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Texas A&M AgriLife Extension Service
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