Consumer Financial
Protection Bureau
Learn more at consumernance.gov 1 of 2
Consumer tips for
managing spending
Managing spending and keeping up
with your budget can be difcult tasks,
but there are ways to make it easier
to manage your spending and reach
your nancial goals—and improve your
nancial well-being.
This worksheet helps you recognize common
spending challenges and come up with ways you
can take action to manage your spending.
Improving your nancial well-being means you:
§ Have more control over day-to-day, month-to-
month nances
§ Have a greater cushion to absorb a nancial shock
§ Are getting on track to meet your nancial goals
§ Have more nancial freedom to make the
choices that allow you to enjoy life
Step 1: Identify spending challenges
Which of these common spending challenges apply to you?
Check those that apply to you.
¨ I don’t track or budget my income and spending because it’s a hassle.
¨ I have tried to use a budget, but tracking my income and spending is too
complicated and/or takes too much time.
¨ I struggle to pay my bills and expenses because I have inadequate or
irregular income.
¨ When I overspend I often think I can spend less later to make up for it, but I
nd it’s hard to do.
¨ I don’t think about the money I spend when using my debit or credit card to
make purchases.
¨ I like to treat myself and others occasionally even if I can’t afford it.
¨ My nancial situation is discouraging, so I avoid thinking about it.
If you’ve checked one or more of these boxes, try out some of the tips on the
next page to better manage your spending.
Consumer Financial
Protection Bureau
Learn more at consumernance.gov 2 of 2
Address spending challenges
1. Start by getting a handle on where all your money goes
§ Track your spending for a week or a month to see how much you’re
spending in different categories.
2. Create a budget
§ Create a household budget. (For an easy-to-use budget worksheet, go to
My New Money Goal at consumernance.gov/MyNewMoneyGoal).
§ Decide how much money you can set aside or save for special occasions
so that you can enjoy life without overspending.
3. Decide how much to spend
§ Set a weekly spending limit based on your budget for small purchases
that can add up and keep you from achieving your aspirations. Consider
setting aside cash for these purchases at the beginning of the week and
not spending more than you set aside.
§ Check your balances before going shopping, and set a spending limit
based on your budget.
4. Keep track of where you are
§ Compare your actual spending to your budget, monthly or more
frequently. Make adjustments to your budget if it is regularly out of line.
§ Check your balances regularly on accounts, credit cards, and prepaid
cards. You can check your balances online, at an ATM, on your
smartphone, or by calling your bank or credit union. Be aware that these
services may incur fees—check with your nancial service provider.
§ Sign up for balance alert text message services from your nancial institution.
Create a personal plan for managing spending
Steps I will take to manage my spending:
Pick one or more of the solutions above or come up with your own ideas
1. _______________________________________________________________
2. _______________________________________________________________
3. _______________________________________________________________
4. _______________________________________________________________
Step 2:
Step 3:
