1 powerpay spending plan july 2009. 2 marsha a. goetting ph.d., cfp ®, cfcs professor &...
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PowerPaySpending Plan
July 2009
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Marsha A. Goetting Ph.D., CFP®, CFCSProfessor & Extension Family Economics SpecialistDepartment of Agricultural Economics & Economics
Keri D. HayesPublications AssistantDepartment of Agricultural Economics & Economics
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PowerPay Calculators Web site(Utah State University-Extension)
https://powerpay.org
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Choose Montana
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User Login
• If new member, click [New? Sign up now]
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Screen that AppearsEnter New User Information,Click Submit
Screen
Example
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Click Spending Plan Tab
Screen
Example
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Spending Plan •Compare spending habits •Recommended percentages from financial experts
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Spending Plan
•Basic Spending Plan•Extended Spending Plan
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Instructions1. Enter monthly take-
home pay2. Enter monthly living
expenses3. Calculate to review
results
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Example (Basic Spending Plan)Monthly Take Home Pay 4000
Necessary Living Expenses: Mortgage (including utilities & supplies) Food Transportation Clothing
1600700200200
Other Expenses: Medical Auto Insurance Life Insurance Educational Advancement Credit Obligations (including car pmt) Savings Recreation & Entertainment
385135100
0625100300
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Screen
Example
Then Click Calculate
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Results (Basic Spending Plan)• Total Necessary Living
Expenses = 67.5%• Recommended Living
Expenses: 75%• $4,000 Monthly Take Home Pay
- 4,345 Total Monthly Expenses
-$345 Net Cash Flow
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Example
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Results (Basic Spending Plan)
• After clicking calculate: Percentages appear
for % of Your Income sections
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% of Your Income
Screen
Example
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Extended Spending Plan
• More specific• Better understanding
of “real” living expenses
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Extended Spending Plan Categories1. Savings2. Housing3. Food4. Clothing5. Transportation6. Debt Payments
7. Transportation8. Debt Payments9. Taxes/Social
Security
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Extended Spending Plan Categories
10. Health & Life11. Personal12. Contributions13. Gifts14. Personal
Improvement15. Work
16. Recreation17. Misc.
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Example (Extended Spending Plan)
Monthly Take Home Pay 6,000
Savings: Savings Account Retirement Fund Other
50250
0
Housing: Rent/Mortgage Payment Property Tax, Insurance Gas, Electricity Telephones, Cell Phones Water, Sewage, Garbage Maintenance, Repair, Tools Cleaning, Yard Care
120083
125100
251550
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Screen
Example
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Example (Extended Spending Plan)
Housing con’d.: Furniture, Appliances Other
250
Food: Groceries, Food Supplies Meals Eaten Out Special Occasions Other
600125
500
Clothing: Clothing Laundry, Dry-cleaning, Repair
10015
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Example
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Example (Extended Spending Plan)
Transportation: Vehicle Payments Gas, Oil Auto Repairs, Tires Auto Insurance, Licensing Public Transportation Other
295200
20135
00
Debt Payments: Credit Cards Loans Other
230135
0
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Example (Extended Spending Plan)
Taxes/Social Security: Additional Income Tax (these are additional income taxes, such as quarterly payments, that are not withheld from paychecks)
0
Health and Life: Doctor/Dentist Drugs, Prescriptions Health Insurance Life Insurance Other
50100125100
0
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Example
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Example (Extended Spending Plan)
Personal: Toiletries, Haircuts, etc. Postage Other
50150
Contributions: Church Donations Charitable Contributions
5025
Gifts: Gifts Cards, Wrapping Paper Other
10150
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Screen
Example
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Example (Extended Spending Plan)
Personal Improvement: Tuition Books Supplies Magazines/Newspapers Lessons Equipment/Computer Other
04030250
500
Work: Professional or Work Dues Other Gifts/Donations Child Care
1225
500
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Example
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Example (Extended Spending Plan)
Recreation: Hobbies Pets Movies Cable TV/Satellite Internet Camera, Film, Developing Club Memberships Vacation Expenses Babysitting Fees Other
2040505555500
50250
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3333
Screen
Example
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Example (Extended Spending Plan)
Miscellaneous: Allowances Mad Money Alimony, Child Support Other
0000
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Screen
Example
Then clickCalculate
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Results (Extended Spending Plan)
Total Monthly Income $6000.00Total Monthly Expenses $5395.00Net Cash Flow $605.00
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Example
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Results (Extended Spending Plan)
• After clicking calculate: Percentages appear
for % of Your Income sections
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Screen
Example
% of Your Income
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PowerPaySpending Plan
July 2009