Your Spending Plan

There are the 6 steps to making a spending plan: 

1) Assess your financial situation, 

2) Set financial goals, 

3) Create a budget based  on projected income and expenses, 

4) Monitor spending patterns, 

5) Compare your budget to what you’ve actually spent, 

6) Review progress and revise as needed.

How to calculate estimated Net Income (take home pay):

• Monthly gross income   x .22% tax = deductions.
• Monthly Gross income – Deductions = Net Income

Net Income is used to pay for the following Fixed and Flexible expenses:

FLEXIBLE EXPENSES Groceries Clothing Recreation Savings Health Allowances Hair/Grooming Laundry Gifts/Christmas Diapers/Formula FLEXIBLE EXPENSES Groceries Clothing Recreation Savings Health Allowances Hair/Grooming Laundry Gifts/Christmas Diapers/Formula Be realistic! If you can’t pay for these then get a roommate or don’t move out!