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PowerPay Spending Plan

PowerPay Spending Plan. July 2009. Marsha A. Goetting Ph.D., CFP ® , CFCS. Keri D. Hayes. Professor & Extension Family Economics Specialist Department of Agricultural Economics & Economics. Publications Assistant Department of Agricultural Economics & Economics.

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PowerPay Spending Plan

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  1. PowerPay Spending Plan July 2009

  2. Marsha A. GoettingPh.D., CFP®, CFCS Keri D. Hayes Professor & Extension Family Economics Specialist Department of Agricultural Economics & Economics Publications AssistantDepartment of Agricultural Economics & Economics

  3. PowerPay Calculators Web site(Utah State University-Extension) https://powerpay.org 3

  4. Choose Montana 4

  5. User Login • If new member, click [New? Sign up now] 5

  6. Enter New User Information,Click Submit Screen that Appears Screen Example 6

  7. Click Spending Plan Tab Screen Example 7

  8. Spending Plan Compare spending habits Recommended percentages from financial experts 8

  9. Spending Plan Basic Spending Plan Extended Spending Plan 9

  10. Instructions Enter monthly take-home pay Enter monthly living expenses Calculate to review results 10

  11. Example (Basic Spending Plan) 11

  12. Screen Example Then Click Calculate 12

  13. Results (Basic Spending Plan) • Total Necessary Living Expenses = 67.5% • Recommended Living Expenses: 75% • $4,000 Monthly Take Home Pay • - 4,345 Total Monthly Expenses-$345 Net Cash Flow 13

  14. Screen Example 14

  15. Results (Basic Spending Plan) • After clicking calculate: • Percentages appear for % of Your Income sections 15

  16. Screen Example % of Your Income 16

  17. Extended Spending Plan • More specific • Better understanding of “real” living expenses 17

  18. Extended Spending Plan Categories • Savings • Housing • Food • Clothing • Transportation • Debt Payments • Transportation • Debt Payments • Taxes/Social Security 18

  19. Extended Spending Plan Categories • Health & Life • Personal • Contributions • Gifts • Personal Improvement • Work • Recreation • Misc. 19

  20. Example (Extended Spending Plan) 20

  21. Screen Example 21

  22. Example (Extended Spending Plan) 22

  23. Screen Example 23

  24. Example (Extended Spending Plan) 24

  25. Screen Example 25

  26. Example (Extended Spending Plan) 26

  27. Screen Example 27

  28. Example (Extended Spending Plan) 28

  29. Screen Example 29

  30. Example (Extended Spending Plan) 30

  31. Screen Example 31

  32. Example (Extended Spending Plan) 32

  33. Screen Example 33

  34. Example (Extended Spending Plan) 34

  35. Screen Example • Then clickCalculate 35

  36. Results (Extended Spending Plan) 36

  37. Screen Example 37

  38. Results (Extended Spending Plan) • After clicking calculate: • Percentages appear for % of Your Income sections 38

  39. Screen Example • % of Your Income 39

  40. PowerPay Spending Plan July 2009

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