The financial tech podcast is back and this week Jim Collison and Andrew Hunt walk thru the basics of a spending plan. Oh, so you are talking about a budget? Nope, listen and hear how a spending plan is different and why you need to have one!
So is it possible to create a Spending Plan that Works?
When you sit down to budget spend every single dollar “on paper.” Includes – Spending, Saving and Sharing. A Zero balanced budget leaves no room for slush money, you are way less likely to fudge when every dollar is accounted for. Remember its your money! If it takes $1000 per month to feed your family, so be it! Remember you can’t spend more than you have – this isn’t the federal government. Averages are not usually a good thing but people want to know where they stack up:
· Charitable giving: 10-15% of Income
· Saving: 5-10% of Income
· Housing: 25-35%
· Utilities: 5-10%
· Food: 5-15%
· Transport: 10-15%
· Clothing: 2-7%
· Medical: 5-10%
· Personal: 5-10%
· Recreation: 5-10%
· Debts: 5-10%
Give us some feedback! What did you like? What other topics do you want us to talk about? Do you have a specific question you would like us to address on air?