A Fiscal Responsibility Plan is a document you create (we have a template and some easy to follow steps to help make this super simple) that takes into consideration what you can afford given your current state of bills, commitments and indebtedness. But it does far more than that. It takes into account future needs and allows you leverage the items to help provide for future planning.
In other words, it looks at what you and your family have as a present lifestyle component and also what is on the horizon – things like college, seasonal work, retirement and a host of other factors. It also provides a way to help you assess the relative weight of importance to each item so you are planning for the future.
Follow this link and download your own personal copy of the Fiscal Responsibility Plan.