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 ?
Amount in rise in spending by Chancellor The spending plan was fast-tracked to clear the decks ahead of Brexit, with the normal three-year settlement planned for next year.
30 to approve a spending plan for the 2020 fiscal year, which begins Dec.
Will submit spending plan in this respect to NFC's subgroup
Globe Telecom is moving forward its most aggressive spending plan as demand for bandwidth-hungry services such as internet TV continues to explode and with new competition on the horizon coming from state-run China Telecom.
Connecticut Water announced that the company's board approved an overall $85.7M capital spending plan for 2019 for its regulated public water and wastewater utilities.
Finance Minister Lim Guan Eng tabled next year's federal spending plan last Friday while the government launched the privately-operated FundMyHome on Sunday.
Pennsylvania enacted a spending plan for fiscal 2018 before the start of the year, but has yet to enact a revenue package to provide full funding.
Auto Business News-November 17, 2017--Volkswagen to discuss five-year spending plan amounting to EUR70bn
On Tuesday, the Oregon House passed the new state spending plan at $8.2 billion for the next two years - a funding level that's up 11.2 percent from the current budget.
'The Kuwaiti government remains determined on its capital spending plan and we continue to see an accelerated trend of project tenders and awards,' Sayer said.
The overall spending plan is 6.06 trillion Nigerian naira (about $30 billion), down from the 6.08 trillion naira (about $30.1 billion) budget Buhari presented in December.
Top US oil producers, which already were reining in spending before crude prices started to slip in June, are now looking to trim more fat from their budgets while reminding investors they must spend to grow.ExxonMobil it would keep its current spending plan intact, though it is about 15 per cent less than 2013.