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July 20, 2006
What Happened to My Paycheck?
We spend without knowing where the money went.
The paycheck is gone, but where did it go?
A spending plan is a positive way to look at where our money is going—to clearly see our spending pattern.
First and foremost, a spending plan recognizes personal basic needs, from food to a savings account.
Before we get to the point where we create a realistic spending plan, we map out an ideal spending plan.
It has no limits. We go to town and write down what we'd truly love to be spending money on.
We start by keeping track of income and expenses for six weeks. We look at how we spend in each category—savings, personal care, baby-sitting, entertainment, medical and dental care, gifts, vacations, and so on. Are we overspending somewhere?
Where do we deprive ourselves?
What are our physical, emotional, mental, and spiritual needs?
Begin to immediately record your daily expenses and income. Also, make note of your emotional state when you are spending.
Understanding your emotions when you spend is going to help you make changes and begin your path to financial success.
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