Page 40 - Workbook1E

#9
STEP 9—Assign Expenses to Pay Periods
You’re ready to assign each expense to one or more pay periods. Like many people, Dave and Marie’s mortgage is due the 1st of the month, so little money’s left to fund much else if the whole mortgage is taken from one pay period. When possible, split larger expenses into two or more pay periods.
When to Make Payments
Review each of your expenses and the available income. Assign when to pay every expense—by pay period—according to the availability of money. You can split expenses to be funded by multiple pay periods.
Note: You need to consider the due date of your various bills. Refer to Dave and Marie’s sample for guidance. Check your entire Worksheet to be sure you haven’t missed anything and that all totals balance.
NOTE: Step 10 on your Worksheet—columns 1st, 2nd and 3rd Month Actual Income and Expenses—will still be blank. They’re for your future Monthly Plan Summaries which you’ll learn more about in the last Section of this Workbook.
You’ve Done It!
You have a complete Spending Plan and a system to carry it out. This Spending Plan can become your best friend or toughest manager. It’s up to you. Make it easier by following your financial philosophy and sticking to your guidelines for spending and managing your financial resources— you’ll love your success. When you free yourself from debt and achieve financial fitness, you’ll be in control of your life and your future.
Now you’re ready to learn about your Spending Register where you’ll track everything you spend.
“We first make our habits, and then our habits make us.”
~ Unknown
C Using Your Spending
Register
A basic principle of financial fitness is to consistently track your spending. Learning this discipline is the key to being successful. It enhances your awareness of what’s happening to your money. Then you can change old habits and make fully informed decisions about spending. Your Spending Register is an essential tool for mastering your money.
36 Workbook 1: Building a Spending Plan that Works