YOU control it. The allocations in your custom plan will depend on your age, total income, family composition, and the unique goals, values and lifestyle of your family. Two steps are essential before you begin developing your plan. First, sit down with your family and talk about what is most important to you. Secondly, collect information about your income and expenses for two or three months.
Many people tend to overestimate their income and underestimate their expenses.
This will help you be more realistic in your planning. Use the worksheets in this newsletter to develop your spending plan. Here are the steps. Determine your net monthly income. This is the money available to spend each month after taxes and other deductions are taken out.