Develop a spending plan


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


The information you have gathered is only useful if you take action. Compare the amount you are spending against your income and determine if there is a shortfall. Eliminate the shortfall by adjusting spending as you develop a new spending plan.

The following resources may assist you in developing a spending plan:

Setting Up a Spending Plan

Budgeting Tips

Budgeting Worksheet

Downloadable Budget Spreadsheets


Death of a Life Partner Tasks

1. Taking stock of your financial situation
2. Identifying your sources of income
3. Revising your spending plan
4. Revising your estate plan and advance directives
5. Examining Medicare, Medicaid, and long-term care issues

Revising your spending plan Subtasks

1. Review bank and credit statements
2. List and prioritize all monthly or annual account payments
3. Develop a spending plan
4. Evaluate the spending plan periodically

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