1.6 Action plan

In this module, you've learned a lot about income, expenses and budgets. Now you can put your learning into practice. Use this action plan to track your progress as you take the next steps to manage your income and expenses, now and in the future.

Income, expenses and budget checklist

Use this checklist to make sure you are balancing your income and expenses and making progress toward reaching your financial goals.

Step

I'm OK

Needs work

Where to find more information

I add up my net income from all sources.

 

 

My sources of income worksheet

I record my daily expenses and calculate what I spend each month in various    categories.

 

 

Know what you spend

My monthly expenses worksheet

I check my discretionary spending regularly and cut back if necessary.

   

 

Cutting back my discretionary spending worksheet

I reduce my expenses by negotiating better plans for my banking services, credit cards and telecommunications services.

 

 

Make your money go further

I use a balanced monthly budget. If my budget doesn’t balance, I look for ways to reduce my expenses or increase my income.

 

 

My monthly budget worksheet

I manage my monthly expenses by using an envelope system or staying within the spending amounts in my budget.

 

 

The envelope system

I set short-, medium- and long-term financial goals. I know what they cost and how long I have to reach them. I have accounted for these goals in my budgeting system.

 

 

Budgeting to reach my goals

I revisit my budgeting system at least monthly to make sure my estimates are realistic, to spot any overspending and to stay on track to reach my goals.

 

 

Keep your budgeting system alive
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