Lesson 1: Money Smart Choices (6-8)
Handout 7

My Spending Plan

A good spending plan has three basic characteristics:

  1. It lists all of your sources of income (revenue).
  2. It lists all of your expenses (expenditures), and how much money you plan to spend on each.
  3. It’s realistic. This quality is the most important. Your spending plan must be realistic in order to work.

Now that you’ve learned about the parts of a spending plan, it’s time to create one. To create your plan, start by listing your monthly income and expenses. Remember, these totals must match! 

 Monthly Income Amount 
 Allowance $
 Job (take-home pay after taxes) $
 Gifts $
 Tips or bonuses $
 Chores or work at home $
 Chores or work for others (babysitting, mowing, pet sitting, etc.) $
 Interest on savings $
 Other income $ 
 Total monthly income $

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 Monthly Expenses/Expenditures Amount
 Savings  $
 Personal (cosmetics, haircuts, clothing)  $
 Eating out/snacks  $
 School functions  $
 Sports fees and hobbies  $
 School fees and supplies  $
 Transportation (bus or subway fare)  $
 Cell phone or pager  $
 Other expense:  $
 Other expense:  $
 Investments  $
 Donations (charitable giving)  $
 Total monthly expenses  $