Example Of Personal Budget
For food away from home for the first eight months of the year is spent 465 dollars which are about 4.1 percent and estimated spending for the rest of the year is 245 dollars which represent 2 percent of the total 6.3 percent spending of the total budget. In entertainment, I spent 680 dollars which are 6.1 percent of my budget. Out of the 6.1 percent of my annual spending at and of that percent 240 dollars is spending projected for the end of the year.
For personal care, my annual budget is 600 dollar which is 5 percent of my overall spending. For the following months, I am planning to spend 200 dollars which are 2 percent of my overall personal care budget. I will spend 480 dollars on transportation by the end of the year which represent about 4.3 percent of the overall spending. I have spent 430 dollars on healthcare for this year which represent 4 percent of overall spending budget.
Mandatory expenses are expenses that are necessary for a person to have a healthy functioning life whereas discretionary expenses are expenses that are not necessary for a person to have a healthy functioning life. My mandatory expenses are personal care, transportation, education, gasoline and motor oil, healthcare and other car expenses. For discretionary expenses, I categorized entertainment, food away from home, and miscellaneous …show more content…
I would like by next year to cut down that spending by 50 percent. The way I want to accomplish this goal is by reducing my miscellaneous monthly budget to 30 dollars a month unless there is an item that I must absolutely buy. I also need to cut down on spending for entertainment and food away from home. Instead of dining out frequently I am going to make a conscious effort to eat at home and bring home cooked food to school so that I don’t eat out. For entertainment, I need to reduce spending because it’s a discretionary expense and I can reduce it without it affecting my quality of