Creating a spending plan that works for you | Progyny

Written by the Progyny Editorial Team — September 2025.

Where would you like to be financially?

What type of home, car, lifestyle, and retirement do you hope for?

And what gives you joy and satisfaction when you spend money?

It can be helpful to create a roadmap to work towards your financial goals, while meeting your spending needs. This process can help you focus your spending on the people and things that you value the most.

Here are the basics of creating a spending plan roadmap.

1. Discover your current financial situation

Getting a really clear picture of your finances can be eye-opening for some people. Try not to judge your spending habits or feel any guilt. You can’t change any spending habits if you’re not aware of them, after all! This is simply your starting point.

First, list your sources of income. Subtract taxes from the amount.

Then, identify where you spend your money. Look at 3 to 6 months of:

• Bank statements
• Credit card statements
• Cash spending (you’ll probably need to write down your purchases to do this)

To get a better idea where the money is going, put your expenses into categories like:

Are you spending more than you’re earning? Are you spending money where needed, and where you would like to? Check out guidelines for how much to spend on different categories. And consider what’s important to you.

2. Develop a monthly spending plan

A plan will give you spending limits for your categories of expenses. If you have a partner or family, be sure to discuss this with them.

Here are 2 approaches to consider:

• Zero-based budgeting: Put every dollar you earn into a category and track how you spend it. At the end of the month, there should be $0 left to spend. This requires careful tracking. It may be easiest if you have simpler expenses.
• 50/30/20 budgeting: This requires less detailed tracking and may work well if you have more expenses to consider. You’ll spend about:
  • 50% of your income on needs
  • 30% of your income on wants
  • 20% of your income on savings

3. Use tools to stay in your spending plan

Your goal is to stick to your planned spending. There are many ways to track your budget, so see what works best for you. Ideas include: ·

• Spreadsheets (see these budget templates)
• Tracking spending by hand
• Budget apps (see these budget app reviews)
• Cash envelopes for “fun” spending

4. Troubleshoot and adjust

We all get off-track sometimes. When that happens, try these strategies:

• Keep track of all your spending, even those small purchases.
• Take a fresh look at your budget. Could it be more accurate?
• Review your budget daily or weekly to make it a habit.
• Adjust your budget for monthly bills that go up and down a lot, like utilities.
• Revisit your “wants” to see if any can be set aside until a better time.

Your needs will change over time with things like lifestyle changes, childcare, education, and medical costs. You may increase your 401k and life insurance. Being mindful and planning can help you reduce stress and keep your spending plan up-to-date.

Remember, your Progyny Benefits Specialist is here to support you with any questions or help you need along the way.

Disclaimer: The information provided by Progyny is for educational purposes only and is not financial advice. Always consult a qualified professional for financial guidance.