Developing a Spending Plan provides instructional content, assessments and activities that will inform participants on how to create a spending plan and keep track of their financial health.
After completing this lesson, participants should be able to:
•Explain what a spending plan is and the benefits of having one
•Determine their household’s income
•Calculate their monthly expenses
•Explain methods for tracking your expenses
•Describe the importance of financial goals in spending plans
•Create a workable spending plan
•Describe three methods for determining their financial health—net worth, debt-to-income ratio, and the liquidity ratio
•Explain the importance of communicating about money with their spouses/significant others
•Describe approaches to starting a conversation about money with their partners