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Spending Plans. Advanced Level 2.05. What is a Spending Plan?. An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time. A budget. Why is a Spending Plan an important part of financial planning?.

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spending plans

Spending Plans

Advanced Level

2.05

what is a spending plan
What is a Spending Plan?

An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time

A budget

why is a spending plan an important part of financial planning
Why is a Spending Plan an important part of financial planning?

Help manage your money in a positive manner

Analyze the opportunity costs of your trade-offs to maximize financial well-being

Increase net worth

Helps set and reach goals

money management tools
Money Management Tools

Statement of Financial Position

Income & Expense Statement

Spending Plan

What is my future money management plan?

What is my financial position today?

How have I managed my

money in the past?

Determine what changes to make

Make changes

a forward looking income and expense statement
A forward-looking Income and Expense Statement

May use the same template for both the Income and Expense Statement and the Spending Plan 

spending plan development process
Spending Plan Development Process

Step 1 - Track Current Income and Expense

Step 5 - Evaluate and Make Adjustments

Develop the spending plan

Maintain the spending plan

Step 4 - Implement and Control

Step 2 - Personalize Your Spending Plan

Step 3 - Allocate Money to Each Category