What is a Spending Plan and Who is Dave Ramsey? – FT003
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?
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Come On! You know you want to!
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%
Andrew’s Blog: http://gallupfcu.blogspot.com
Andrew’s Twitter: http://twitter.com/#!/Adhunt586
Jim’s Twitter: http://twitter.com/#!/jcollison
Contact the show at firstname.lastname@example.org