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Personal Finance Exercise
Organization of My Expenses
Food Expenses
Grocery: $132
Fast Food: $7.75
Entertainment Expenses: $50
Clothing Expenses: $72
Savings: $120
Brief Commentary on My Spending Habits
Proper organization of my expenses for two weeks eventually helped me identify the specific areas that become the reason for my overall high expense in the end. I thoroughly observed all the categories of my expenses and some areas gave me a real surprise. The critical scrutiny of my expenses for two weeks indicates that my expenses were high for clothing, entertainment, and overall grocery items. I need to cut down the expenses for these specific areas. In the previous two weeks, I spent a large portion of my income on clothes which should be overcome in the next weeks to regulate the balance between my expenses and financial resources.
The detailed analysis of my overall expenses for two weeks indicates that I need to focus on some specific areas to handle my expenditures in a better way. The high cost of clothing eventually reduces the total amount of my savings for the rest of the days of this month. The total cost for the area of entertainment was also increased because I went with my friends to the movies. This specific expense eventually disturbed my overall spending for two weeks and I had to reduce my expenses and develop a financial approach for other categories of expense. Additionally, I also bought expensive products in these weeks that increased my expenses for the former two weeks. The categorization of my expenses for two weeks helped me realize that I should seriously reconsider my habit of spending on different areas. It is important for me to strictly regulate my expenses to achieve a balanced approach to my budget. I need to expand my savings to successfully handle the concern of increasing expenses.
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