Financial Strategies and Resources for Adoptive Families

Creating Your Plan

Budgeting and spending plans are based on the money you bring in and the money you pay out.

Start developing your plan by listing your current income and expenses.

WORKSHEETS/TIPS—BUDGETING AND SPENDING PLAN

Next, compare your income and expenses to determine where changes need to be made.

If you came out ahead, consider moving some of that money into the savings column. If you came out short, find expenses that can be reduced, eliminated or put off for a future time, or look at increasing your income.

Next, set some goals—short-term (three months or less), medium-term (three-12 months), and long-term (1 year or more). Setting goals can help you strengthen the habits of planning ahead and being smarter with your current spending.

WORKSHEETS/TIPS—GOAL SETTING

Finalize your spending plan by adjusting it to reflect your goals.

A technique for managing your spending is to separate your “needs” from your “wants.” Needs are what are essential to us; wants are what we don’t need to survive but that we would like to have. “Wants” can be purchased after “needs” have been provided for and when you have sufficient resources to pay for them.