Stop budgeting and start using my 15-second Spending Plan to get control of your money!
- A budget is what you estimate you will spend
- Your 15-second Spending Plan is what you intend to spend
- A budget is nearly impossible to explain and memorize
- Your 15-second Spending Plan is easily explained and memorized
- A budget estimates every little expense and is very controlling
- Your 15-second Spending Plan covers only key expenses and lets you spend the rest of your money freely and without guilt!
- Your 15-second Spending Plan is easy to build. See below!
- Quickly create a what-if plan to compare to your as-is plan
A simple Google Sheet for all skill levels.
This Google Sheet is easy for anyone to use.
Follow the steps below to build your 15-second Spending Plan.
Enter your take-home pay amount and how often you are paid.
Enter your fixed recurring expenses. These are the monthly bills where the amount is typically always the same each month, such as rent/mortgage payments, cell phone, and cable TV. Then enter the percentage your significant other is paying towards these bills.
Enter your periodic recurring expenses. Periodic expenses are predictable recurring expenses that are paid infrequently. Examples are real estate taxes, car insurance, and homeowner’s insurance. Then enter the percentage your partner is paying towards these bills.
A sinking fund is a way of saving money for a specific purpose. Short-term sinking fund items are for expenses that you know will occur at some point within the next year. Examples would be car repairs, friend’s weddings, and gifts. A sinking fund can also be used for long-term purposes. What about that island getaway, future home renovations, or a new car?
Enter your partner’s take-home pay amount and how often they are paid.
Enter your variable recurring expenses. These are the monthly bills where the amount varies each month, such as electric and natural gas utility bills. Enter the estimated yearly amount you will spend on the variable recurring expense and the percentage your partner is paying towards these bills.
Enter all the monthly debt payments you make each month. Note: exclude your mortgage payment as that is entered as a fixed recurring expense. Then enter the percentage each of you is paying towards the debt payment.
Many financial experts recommend paying down your debts by using the debt snowball method. The theory is that you make all the minimum payments on your outstanding debts and then put extra payments toward a specific debt until it is paid off and then move to the next debt. But how much should you put towards the snowball payment? Can you still pay all your recurring expenses and fund all your sinking funds if you make the snowball payment? Will you have enough money to spend freely after making the snowball payment? My 15-second Spending Plan will help you determine the logical amount for your debt snowball payment.
The dashboard summary gives you a complete view of your new spending plan. The top section shows how your and your partner’s money is being spent by recurring expenses, debt payments, sinking funds, debt snowball, and money you can spend freely knowing all your other spending is covered.
The second graphic shows the percentage of the total recurring expenses plus debt payments as a percentage of income. This percentage is compared to the recommended 60% maximum. One partner may be paying more than their fair share of their income. Have an open conversation about the results and make adjustments as needed to even things out.
One night at dinner my son jokingly summed up in 15-seconds the spending plan I had helped him set up. I said to him “That is amazing”, I have to make it easy for everyone to do what you just did! So, I created this easy-to-use Google Sheet to automatically create a 15-second Spending Plan for you, and your partner, plus a combined one for both of you. You now have complete control over your finances just like my son does! As a bonus, I also created a 50/30/20 rule version to help you understand how your 15-second spending plan compares with the 50/30/20 rule guidelines.
Build your 15-second Spending Plan today!
Simply download my Google Sheet today and complete the 3 easy steps to have total control of your finances just like my son!