Create a system to track income and expenditures

Life’s Financial Journeys

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

Once discretionary and fixed expenses have been determined, creating a tracking system is equally important to ensure that long-term goals are reached.

Be diligent about recording all expenses and checking them weekly. Bank accounts, credit cards, mortgages, etc. can be linked via user name and password. The tracking website will automatically upload personal income and expenditures.

The following resources may assist you in creating a system to track income and expenditures and setting up a budget:

How to Create a Budget

Setting Financial Goals

Deciding Where to Spend Your Money

Setting Up a Spending Plan

Creating a Spending Plan

Military Life Tasks

1. Budgeting finances
2. Reducing debt
3. Finding housing
4. Protecting against risk
5. Managing taxes
6. Saving for education
7. Preparing for retirement
8. Updating your estate plan
9. Explore Your Benefits

Budgeting finances Subtasks

1. Decide how much money to spend on each category of expenditures (Discretionary vs. Fixed items)
2. Create a system to track income and expenditures
3. Setting up bill pay while deployed
4. Establish a rainy day fund


NAPFA Consumer Education Foundation
8700 W. Bryn Mawr Ave., Suite 700N
Chicago, IL 60631
(847) 483–5400 ext. 106