Spending plan

Spending plan.

A spending plan can help you manage your money more effectively, live within your income limits, reduce your reliance on consumer credit, and save for the things you want.

You create a spending plan, or budget, by dividing up your income so that it covers your regular expenses -- both essential and nonessential.

It's a good idea to include some income for your emergency fund -- typically about three months of income -- and ideally some for your investment account. As a starting point, some people use what they spent the previous year to figure out their spending plan for the next year.

You may want to check the Bureau of Labor Statistics website (www.bls.gov) for the average nationwide expenditures for housing, food, and other costs. But you may have to modify that information to reflect local costs and your own situation.

References in periodicals archive ?
The 2015 spending plan predicts sales tax collections of about $12.
45 billion) government spending plan for 2013 in the early hours of Tuesday, after disagreement between the two major parties pushed talks past a notional midnight deadline.
Once you have a grip on your monthly spending and can identify your spending patterns, draw up a spending plan or expenditure plan.
Schwarzenegger termed the budget, "the good, the bad and the ugly" as he signed the $85 billion compromise spending plan through to June 30, 2010.
DUDLEY - The Dudley-Charlton Regional School Committee last night reduced its budget by more than $300,000, voting to amend the fiscal 2008 spending plan to $42,980,636.
Spending plan cuts Homeland Security image consultant.
The spending plan must receive final approval from President Bush.
A $4 million funding increase for community colleges is included in the state spending plan for fiscal year 2005, as part of the $5 billion state spending plan awaiting approval by Gee.
Japan's biggest semiconductor maker, said it plans to spend 350 billion yen on a consolidated basis for fiscal 2000 which ends March 31, 2001, up from its earlier spending plan of 320 billion yen.
The President's spending plan constitutes anything but a rubber stamp of the past two administrations' research agendas.
805 billion spending plan for the 2014-15 financial year.