Last week your challenge was to see where your money is currently going. This week your challenge is to decide where your money should be going. Your first step is to download and fill out the Bank On Memphis Spending Plan worksheet.
Make sure to plan for all your income and all your expenses, particularly those discretionary items that we talked about last week. This spending plan is just for you, so there is no right or wrong answer. Be sure to set aside an amount to put into your savings each month - no amount is too small! Let us know how is the Financial Fitness Challenge going so far, by sharing your progress in the Financial Fitness Challenge Facebook Group this week. |
Download the Bank On Memphis Spending Plan
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Tips For the Week
- Tip#1: Make this a family activity. Invite your kids and all the members of the family to sit down at the table and work on your spending plan together. This will help the whole family become aware of what the household expenses and income are, and how they can help achieve one of the goals you set in Week 1.
- Tip#2: Your expenses should not exceed your income. If this happens, go into detail about your income and expenses. Is there a way to increase your income, or decrease your expenses? An example would be: calling your cable company and asking about a lower cost plan. Check Bank On Memphis's "Reduce Your Spending Worksheet" for more tips.
- Tip#3: Adjust and Re-evaluate your spending plan. Your life is constantly changing, so your income and expenses will probably change also. Update your spending plan each month with your planned and actual expenses.
Share your progress in the
Financial Fitness Challenge Facebook Group
Financial Fitness Challenge Facebook Group