Financial Fitness Spending Guide
The
Virginia Society of CPAs (VSCPA) offers tips to preparing your personal spending plan. Essentially, there are three basic steps to getting your personal spending into shape:
- Determine income
- Estimate expenses
- Adjust spending to income available
Download and print a spending guide, or use the work sheet below to analyze your income and expenses. Once these items are down on paper, you can see where your money is going. Then you are better prepared to decide where you would like to allocate your money and where you can cut back/save. If you are developing a spending plan for your entire family, total the weekly income and expenses for all family members.
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Week 1
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Week 2
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Week 3
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Week 4
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Monthly Total
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INCOME
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| Take home pay |
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| Investment income |
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| Alimony/Child support |
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| Disability income |
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| Social security |
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| Gifts |
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| Other income |
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| TOTAL |
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FIXED EXPENSES
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| Mortgage/Rent |
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| Savings/Investments |
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| Dues (Church, civic clubs, etc.) |
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| Insurance premiums (health, auto, homeowner, etc.) |
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| Auto payment |
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| Bank loans |
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| Credit cards |
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| Other fixed expenses |
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| TOTAL |
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VARIABLE EXPENSES
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| Food |
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| Utilities |
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| Household (repairs, appliances, etc.) |
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| Health |
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| Pet care |
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| Recreation/Entertainment |
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| Clothing |
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| Other |
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| TOTAL |
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| TOTAL FIXED & VARIABLE EXPENSES |
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| TOTAL INCOME - |
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| TOTAL EXPENSES = |
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| SURPLUS or DEFICIT |
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