Spending Smart

So what happens when you don't use a spending plan? Basically, you're pretty much operating in the dark when making money decisions. You're also spending your money haphazardly-meaning that you probably end up spending more on things you really don't need. What happens is that you run out of money and have nothing left for the things that are really important to you. Or, worse, you overspend and end up in debt, something we'll talk more about later. However, a spending plan helps you avoid all this and helps you make the most of your money.

Track your spending for a week, and assess how your spending matches your financial goals. Try to fill in the table for the last seven days. If you can't remember every dollar you spent or received, that's OK. Just do the best you can.

Weekly Spending Calculation

When it comes to money, you have a choice. Life is a lot easier, though, if you handle it wisely and respectfully and take personal responsibility for your decisions and actions.

Source: National Endowment for Financial Education - http://hsfpp.nefe.org

Spending Smart

Spending Smart

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