Add your current annual living expenses to the
lifetime plan
- Click Planning.
- Click Planning Tools, and then click
Lifetime Planner.
- In the left pane, click Expenses, and then
click Living expenses.
- Near the top of the page, click Estimate
Expenses.
- Choose one of these methods to estimate your current living
expenses:
- If you've created an Advanced Budget, click Use the
annual Budget estimate.
- If you don't have an Advanced Budget, but have created a
lifetime plan, take a look at the table's Remaining
funds amount. Then, click Use this
estimate, and type how much of the remaining funds you'll
use for living expenses. (Ideally, you've allocated just enough to
savings, taxes, loans, life insurance, and other expenses so that
the balance shown equals what you need for living expenses.)
- If you want to use another estimate, click Use this
estimate, and then enter that amount.
Notes
- For best results, use the estimate calculated by the Advanced
Budget (assuming you've set up a budget there already). When you
click Use the annual Budget estimate, Money links
directly to the information in the Advanced Budget. As you update
your budget, your annual living expenses on the Living
expenses page are automatically adjusted.
- The estimates from your lifetime plan and budget plan may be
different. Some of the difference is due to the fact that subtotals
for income, taxes, savings contributions, life insurance payments,
loan payments, and other expenses are all rounded to the nearest
$1,000. Here's what's included in the Lifetime Planner estimates:
- Income. Salaries from your career and your
partner's career, other earned income, and rental income.
- Taxes. Payroll taxes for Social Security and
Medicare and taxes on rental income.
- Savings contributions. Contributions to
taxable, tax-deferred, and retirement accounts and to accounts for
a child.
- Life insurance payments. All life insurance
payments.
- Loan payments. All loan payments.
- Other expenses. Property taxes.
- Click Planning.
- Click Planning Tools, and then click
Lifetime Planner.
- In the left pane, click Expenses, and then
click Living xpenses.
- Click New.
- In the Adjustment name box, type a descriptive
name for the living expense adjustment.
- Specify when the expense adjustment will start and end.
- Specify whether the living expense will be a percentage or
dollar amount.
- Click increase or
decrease.
- Enter the percentage or dollar amount, and then click
OK.