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National Foreclosure Mitigation Counseling in OHIO
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, […]
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How to Develop a Spending Plan
Develop a Spending Plan
A good way to start taking control of your financial situation is to develop a personal spending plan. A spending plan is a step-by-step plan for meeting expenses and financial goals in a given period of time.
How many of you already have a spending plan? What are some of the benefits of a spending plan?
Following a spending plan:
- Helps you know what your income and expenses are every month
- Reduces the anxiety of not being able to meet your expenses
- Gives you a sense of control over your money because a spending plan is all about choices—choosing how to use your money
- Helps you build assets that will improve the quality of life for you and your family
Spending Plan Tools
Keeping accurate records helps you successfully implement and follow a spending plan. Here are some recordkeeping tips:
- Keep financial records in a safe place or in a safe deposit box.
- Organize your files so it is easy to find important financial information.
- Keep your tax records for at least three years.
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