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Even though creating a budget and spending plan might sound like exactly the same thing, there is a very subtle but important difference between them which can help you manage your finances more effectively. Unlike a budget that tells you how you should be spending your money, a spending plan tracks how you’re spending your money so that you identify where you need to change your spending habits and how you can save more.
Creating a spending plan will enable you to take control of your own finances by:
When you create a spending plan, it’s important to look at areas where you can make changes. As a rule of thumb, aim for the following expenditure breakdown: