10.03.2022 By America Saves

Saving For The Unexpected Resource: 6 Steps to Establishing a Spending and Savings Plan

Establishing a Spending and Savings plan is an important step in gaining control over your finances, but it's more important to create a budget you can actually stick to. Join members of the America Saves team, as we walk you through creating a Spending and Savings Plan.

To Prepare:

1. Collect all sources of income. Have pay stubs, earning statements, and/or bank statements that show exactly how much you get paid. If your income varies, look at the last 3-6 months of documents to determine your baseline earnings. Include ALL income sources. Write it down and keep it handy, along with your documents, in case you need to reference them.

2. Review your pay stub and bank statements. Write out ALL of your expenses, going back at least 3 months (but preferably 6 months). Remember to include subscriptions, like Netflix or the gym.

Take note of what you spend monthly on gas, dining out, groceries, entertainment, and even miscellaneous things like cash withdrawals and snacks at a convenience store. Look at your paystub and include any direct payments to a 401K, loan payments, child support/alimony, etc.

Again, write it all down and keep it handy in case you need to reference them during the
workshop!

3. Identify your financial goals. Is your goal to save more? To curtail your spending in certain areas? To be able to make a plan to pay off your debt? Know your goal for this workshop going in so that you can make adjustments in real-time during the workshop.

Another Thing To Note:

The workshop will be best experienced on a computer or tablet. Using a phone is possible, but it may be harder to work through the spreadsheet. The America Saves Spending and Savings tool is available to download.

Download the Spending and Savings Plan here.