Page 32 - Workbook1E

“Solvency is entirely a matter of temperament and not of income.”
~ Logan Pearsall Smith
#1
Now here goes... get last month’s pay stubs, checkbooks, credit card statements, calendars and receipts together and
take out your Spending Plan Worksheet. Then simply follow along with Dave and Marie’s sample Worksheet at the end of this section and head toward your own financial freedom.
The first section of the Worksheet is in two parts covering two areas each: your Income and your Expenses. The Income portion
of Steps 1 and 2 is first on your Spending Plan Worksheet.
Income Section:
STEP 1—Identify Income Sources
Dave and Marie looked over their records and tax returns and noted the following sources of income:
1. Both have full-time jobs.
2. Dave also has a part-time job selling health products.
3. Marie receives monthly child-support payments from her ex-husband for their daughter.
4. Dave and Marie receive quarterly dividends from stock Dave’s parents gave them as a wedding present. (They divide the quarterly dividends into the average per month.)
STEP 2—Record Your Actual Monthly Income
Refer to the top section of Dave and Marie’s sample at the end of this section to see how they completed the Income portion of Steps 1 and 2. Note they determined their monthly income was $7,000.
Record Your Income
Using their sample as a guide and your records, you can now complete the Income part of Steps 1 and 2 on your Worksheet. Please fill out
your entire Worksheet in pencil, so you can easily make changes or adjustments along the way. Once you’re done, you’ll have a clear picture of how much income you can depend on each month.
When you’ve completed the Income portion of Steps 1 and 2, you’re ready to move on to the Expense portion and discover more about your spending. It’s the key to the success of your entire plan. How and where you spend money is precisely what you’re learning to monitor and manage.
28 Workbook 1: Building a Spending Plan that Works