Did You Tell Your Money What to Do?
Learn how to spend your money with intention with a Spending Plan.
Couples are made up of a saver…and a spender.
Which one are you?
The saver LOVES the idea of a budget. The spender calls them a party-pooper.
The spender hates the idea of a “budget” because they think it blocks them from spending money.
That’s why I call it a “Spending Plan” instead. The spending plan gives them permission to spend money every month. A spending plan is a plan to spend ALL the money every month.
Spenders LOVE that idea.
Try these easy tips to create a Spending Plan:
- Make a list of all the things you want to spend your money on each month. (e.g., dining out, clothes, spa visits, entertainment, retirement savings). You can group some into categories like Fun (dining out, spa, entertainment)
- Now list all the things you have to spend your money on (utilities, taxes, gas, etc)
- Next, allocate a % of your income to each item. (e.g., Groceries 5%, fun 10%, retirement 10%, taxes 20%). Make sure it adds up to 100%.
- Finally…write down how much you are spending currently on each item. Don’t guess, go through your bank statement and credit cards to figure it out. This is so important, don’t guess.
This should take you 30 minutes max and it will teach you so much about your money!
Don’t shortcut it. Make sure you account for every penny of your hard-earned money. Find out where it all went.
Bonus Money Tip:
Print out last month’s bank statement. Highlight all your spending on “wants”. Add it up. This month, reduce that number by 50% and invest it for your future.
Now watch what happens in your life.
Without a Spending Plan, you say things like:
- Hey, where’d all my money go?
- I have too much ‘month’ left after the money’s gone.
- My company just doesn’t pay me enough. Someday…I’ll save more when I make more. (btw, that never happens)
Know this: If you don’t have a plan to spend your money, Amazon, Uber Eats, and Nordstrom’s will. That’s why you need to save first, then live off the rest.
Most people spend their money and if there is money left over, they’ll save. That’s a terrible plan. Don’t make that mistake.
Need help setting up a Spending Plan for your family?
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Many people spend 10, 20, and 30 years working and end up with very little savings. Don't be one of them! Avoid these 12 financial mistakes so you can build wealth over your lifetime. Share them with friends, share them with family.
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