Take a moment and think about your income. Let’s begin by looking at how much money you receive each month from income sources such as: paychecks, tips, commissions, overtime, child support and alimony, public assistance (TANF), advanced earned income credit (EIC), social security and pensions, unemployment and disability compensation, veteran’s benefits, interest and dividends, and other income not listed here. To make your SMART goals a reality, you need to know how much money you have each month, and how you spend it. The first topic we will discuss is income sources.
Financial tools can motivate you to spend less than you make, help you achieve goals, and improve communication.
With the right tools, a plan can go from a negative to a positive in a short amount of time. They think it’s “something I’ve tried but cannot follow,” or “it’s something that limits my fun, or it’s something that limits my freedom or a combination of all of them.”Īll too often, these feelings come from frustration. People often think of a spending plan negatively. They include: income sources, a spending and savings plan, fixed and flexible expenses, identifying and plugging spending leaks, and decreasing your spending. There are five things to think about in the process of creating your plan.
#FLEXIBLE EXPENSES HOW TO#
In this presentation, we will learn about how to make a spending and saving plan. You also learned about five methods that you can use to track your expenses. You learned about the importance of knowing how and where you spend your money. The presentation, Building a Financial Success Plan: Tracking Your Expenses, discussed information about budgeting and tracking your expenses. Idaho Assistive Technology Project (IATP) Slide 1: Part 2: Building a Financial Success Plan: Making a Spending and Savings Plan Video In these presentations, you will learn about each step needed to develop a financial success plan and the tools to keep it on track.įinancial Success Plan: Making a Spending and Savings Plan Transcript The final step in building a financial success plan is to develop a spending and savings plan that identifies spending leaks and corrects them by reducing your spending.īuilding financial success is a process.
Developing that plan includes understanding how you value your money, tracking your expenses, and setting goals.
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