Last Thursday I presented a brand new workshop in Wichita, KS titled Your Spending Plan.
Attendees were asked to bring a list of their monthly and annual expenses as well as their income. During the course of the workshop, I showed them, like the title of the event states, how to create their own Spending Plan.
I also showed them how to:
- Reduce expenses
- Plug financial leaks
- Streamline spending
- Implement the Snowball Debt Repayment System
The event was very well received and I’ll be doing it again soon.
One of the questions I often get asked is what’s the difference between a Spending Plan and a Budget?
Technically, they’re the same thing. They both tell your money where to go instead of you wondering where your money went.
The reason I prefer to use the term Spending Plan is that for most people, the word “budget” has a negative connotation. It feels like punishment. Whereas the term “Spending Plan” brings to mind the idea of creating a plan for where you want to spend your money. A much more pleasant way to think about money.
Since my goal is to teach day-to-day money habits in a positive manner, I much prefer the term – Spending Plan.