What is the easiest way to create a spending plan?

The best way to begin a spending plan is to track your income and expenses for one month.  Then, evaluate your monthly income versus your monthly expenses.  Determine if there are areas that you may be spending more than you realized and set an amount your are comfortable with.  Red to Black offers free counseling to help Texas Tech students with topics like creating a spending plan.  You can also download our sample Monthly Spending Plan in Adobe Acrobat. 

What kinds of activities should I include in my spending plan?

Any activity that is providing you with income and every activity that you are spending money on should be included in your budget, even if you spend less than $1 per month.  The best way to determine what you should include is to write down every purchase for one month and then create categories from your list.  We have created a sample Monthly Spending Plan that you can download in Adobe Acrobat.   

I've always thought that creating a spending plan would restrict me and I wouldn't be able to do the things I want to do.  Is this true?

No way!  An established spending plan can actually help you achieve your goals.  It allows you to have the money to do the things you want to do.  Creating a plan can help you have more cash for things you want by showing you where your extra money goes so you can choose what to spend it on.  We have posted a sample Monthly Spending Plan that can be downloaded.   

It's hard for me to stick to a  budget.  Any suggestions to make it easier?

One reason people find it difficult to stick to a budget is because they compare it to dieting (being deprived).  If you can focus on the results of budgeting (attaining goals:  vacation, new car, home, etc.), it can help you say no to short-term wants so that those other goals can be obtained.  Focus on the big things you can buy or do in the future if you stick to your budget, and not on the small things you're tempted to buy or do now.

I will be getting married soon.  Any suggestions to help make the marriage financially successful?

There are several recommendations for couples before getting married to help ensure a successful marriage. An important part of premarital counseling is financial counseling. Sessions with a financial counselor can cover topics such as financial goals, debt, and setting a joint budget among other topics commonly resulting in financial stress and tension. We have created a packet of Premarital Financial Information that can be downloaded.