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  • About Me
  • Facing Financial Uncertainty
    • Making Ends Meet
    • Managing Debt
    • Create A Plan To Communicate with Your Creditors
    • Communicate With Your Creditors
    • Plan Your Spending
  • Financial Assessment
    • Assessing the Financial Costs of Using
    • Maintain Organized Financial Records
    • Manage Cash Flow and Build Net Worth
    • What Are My Life Needs?
    • Identify My Life Needs
    • Plan Your Spending
    • Use Credit Wisely
    • Maintain Adequate Insurance Coverage
    • Manage Savings and Investments Wisely
    • Criteria for Selecting Savings and Investments
    • Types of Savings and Investments
    • Maintain Your Pre-Retirement Lifestyle During Retirement
    • Pay Necessary Taxes But No More
    • Create and Maintain A Current Estate Plan
    • Own a Business – Practice Management Assessment
  • Financial Worksheets
    • Cost of Substance Use For One Year Inventory
    • My Life Needs
    • Cash Flow Inventory
    • Net Worth Inventory
    • Sources of Income Inventory
    • Spending Tracker Inventory
    • Types of Expenses
    • How Does My Spending Compare?
    • How Much Do I Owe – Debt Inventory
    • Insurance Inventory
    • Savings and Investment Inventory
    • Location of Important Records
    • Personal and Family Information
    • Professional and Personal Advisers
  • Moving Beyond Losses
    • My Life! Create-Fund- Enjoy
    • Use Family Genogram to Observe Family Functioning Patterns
    • The Decades of My LIfe And How They Have Shaped How I Do What I Do
    • How We Form What We Do
    • Subsystems of the Non-Physical Self
    • What Was My Part?
    • Use My Creative Capacity to Find My Way Through Any Difficulty
    • At Peace or Disturbed
    • Forming How We Meet Our Life Needs
    • Choices and Consequences
    • Not satisfied – what next?
  • About Addiction

Impact of Addiction on Family and Finances

Consciously Form What We Do To Create Positive Financial Outcomes

  • Home
  • About Me
  • Facing Financial Uncertainty
    • Making Ends Meet
    • Managing Debt
    • Create A Plan To Communicate with Your Creditors
    • Communicate With Your Creditors
    • Plan Your Spending
  • Financial Assessment
    • Assessing the Financial Costs of Using
    • Maintain Organized Financial Records
    • Manage Cash Flow and Build Net Worth
    • What Are My Life Needs?
    • Identify My Life Needs
    • Plan Your Spending
    • Use Credit Wisely
    • Maintain Adequate Insurance Coverage
    • Manage Savings and Investments Wisely
    • Criteria for Selecting Savings and Investments
    • Types of Savings and Investments
    • Maintain Your Pre-Retirement Lifestyle During Retirement
    • Pay Necessary Taxes But No More
    • Create and Maintain A Current Estate Plan
    • Own a Business – Practice Management Assessment
  • Financial Worksheets
    • Cost of Substance Use For One Year Inventory
    • My Life Needs
    • Cash Flow Inventory
    • Net Worth Inventory
    • Sources of Income Inventory
    • Spending Tracker Inventory
    • Types of Expenses
    • How Does My Spending Compare?
    • How Much Do I Owe – Debt Inventory
    • Insurance Inventory
    • Savings and Investment Inventory
    • Location of Important Records
    • Personal and Family Information
    • Professional and Personal Advisers
  • Moving Beyond Losses
    • My Life! Create-Fund- Enjoy
    • Use Family Genogram to Observe Family Functioning Patterns
    • The Decades of My LIfe And How They Have Shaped How I Do What I Do
    • How We Form What We Do
    • Subsystems of the Non-Physical Self
    • What Was My Part?
    • Use My Creative Capacity to Find My Way Through Any Difficulty
    • At Peace or Disturbed
    • Forming How We Meet Our Life Needs
    • Choices and Consequences
    • Not satisfied – what next?
  • About Addiction

Plan Your Spending

To create a plan for what expenses will be paid and when they will be paid, identify the sources of your income, the amount you receive from each source, and when you receive the income.

What are your sources of income?

1.            Earnings from wages, salary, tips, commission

2.            Unemployment

3.             Savings or investments – interest, dividends, rent, or principal dollars  (money you put in)

4.             Gifts – money received from relatives or friends

5.             Annuities, social security, retirement benefits, veteran benefits, supplemental security income

6.             Public assistance

7.             Child support or alimony

8.             Profits from business, investments or farm

9.             Loan proceeds

10.           Selling somethingHow frequently do you receive your income?  Frequency can be daily, weekly, 

How frequently do you receive your income?  Examples of frequency are daily, weekly, biweekly, twice a month, once a month, seasonally, or annually.

How much income do you receive?  Total the amount of income you receive from each source.

You can use the “Sources of Income” Worksheet to inventory the sources and amount of your income.

Sources of Income

In setting up a spending plan, create your cash flow worksheet to match the frequency with which you receive income.  The examples below show how cash flow worksheets might be set up for different frequencies of income.

Cash Flow Worksheet

Example of a weekly income (4 x per month)

  Week 1 Week 2 Week 3 Week 4
Income $673 $673 $673 $673
Food $116 $116 $116 $116
Housing $283 $283 $283 $283
Transportation $140 $140 $140 $140

Example of a biweekly income (26 weeks – 2 per month +2)

  Week 1 Week 2
Income $1346 $1346
Food $  234 $  234
Housing $  567 $  567
Transportation $  280 $  280

Example of a twice a month income (24 weeks)

  Week 1 Week 2
Income $1458 $1458
Food $  253 $  253
Housing $  614 $  614
Transportation $  304 $  304

Example of a monthly income

  Month
Income $2916
Food $  506
Housing $1228
Transportation $  608

For each paycheck, identify what you have available to spend and what expenses will be paid out of the income you have available.  In choosing what will be paid and when, consider due dates of upcoming bills.  Identify your most important expenses.

Food

Medicine

Household supplies and personal care

Utilities

Rent or mortgage

Transportation

Credit or loan payments

Contributions

Having a plan for what expenses will be paid out of each paycheck can help make sure bills are paid on time so you do not have to pay late fees.

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About Esther

Esther Maddux

Hi! I’m Esther – Resource Management Consultant.  Join me in discussing family and financial issues related to substance abuse and addiction.

 

Esther Maddux Counseling Services

emaddux@addictionfamilyfinance.com
Hours - Please email to schedule an individual appointment
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