If you're like most people, writing down your weekly expenses probably showed you some purchases you wish you hadn't made. But now's your chance to do better! Key in your spending plan estimates for the next calendar month, giving yourself firm but realistic limits on items like "Meals out" and "Family social events" that can tend to get away from us. When you're finished, print out your Plan and keep it handy. Then, at the end of the month, write in your actual spending and compare the two.
How do you compare?
Consumer Credit Counseling Services recommends the percentages below as a spending plan guideline. (Variations are due to income levels, family size and personal choice.)
Recreation & Entertainment (2-6%)
Savings & Investments (5-9%)
Fixed Assets (2-8%)
Family Necessities (2-4%)
Emergency cash (1-4%)