Page 39 - Workbook1E

The Spending Plan Worksheet Made Easy
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STEP 7—Assign Responsibility
Will you and your spouse share the responsibility for handling bill payments and buying what’s needed each month? Or will only one of you perform the whole task? If you’re like most couples, you divide up at least some of the categories so you can both buy needed items. This isn’t about who earns the money to pay for it, but who actually writes the check or makes the purchase. Whatever you decide, make sure you’re in agreement. Skip this step if you’re single.
Who Pays Expense?
Review each category of Final Expenses on your Worksheet. Record every expense in either the Husband or Wife column. You can also share some expenses like taxes, which typically come out of each person’s paycheck. Remember to consider things like the Auto expense, which you probably both need for gas, etc. Dave and Marie’s sample Worksheet may help you determine how you want to delegate your expenses.
STEP 8—Split Income by Pay Period
Since you probably don’t receive all your income the first of each month, you need to record when you do. Determining when you’ll have the money allows you to decide when you’ll be able to pay or fund each expense.
Look at Dave and Marie’s sample to see how they recorded their income. Both their full-time jobs pay them twice a month, and the child support is also split into two payments. Income from Dave’s part-time job and the stock dividends comes at the end of each month.
When are you Paid?
Now record when you receive your income and how much you receive on your Worksheet. A pay period may have more than one source of income like Dave and Marie. Just add and record them together.
“Only he who keeps his eye fixed on the far horizon will find his right road.”
~ Dag Hammarskjold
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