For this budget exercise, I found that the category I will spend most of my money on is other car expenses as I am going to buy a car next month. My projected spending for that category is 3700 dollar from September to December which represents about 33 percent of my budget. I don’t’ have spending input from January to August because I have yet to have a car. Following other car expenses, my biggest expenses are miscellaneous where I will spend 1,563 dollars which represent 14 percent of my budget. When I break it down I have already spent 520 dollars from January to August and I am expected to about 1043 dollars from now until the end of the year. The last four months of the year represent 9 percent of the overall annual miscellaneous percentage.
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I didn’t start paying for transportation until this month and for the educational expenses that are twice a year at the beginning of each semester. I don’t have any car expenses yet until next month and I buy new glasses once a year. The only mandatory expense that I spend monthly on is personal care and hygiene. For my monthly spending, the vast majority of my spending is on my discretionary spending.
Based on my review of 2016 spending estimates I have realized that I am supposed to have more money saved because I don’t live on my own and don’t possess a car yet surprisingly I don’t have a lot of money saved. Most people spend the majority of their money on rent, utilities, car loans, gas and car insurance. Since I don’t have to spend money on any of these categories, in theory, I am supposed to save money but I don’t because I still have some budget deficit in some …show more content…
Overall for the budget calendar year 2016 I mostly ran on a surplus rather than deficits. The difference between the US government and my budget is enormous because the government spends and sponsors on thousands of programs whereas my spending categories are pretty small. The similarities between my budget and the Federal government budget are that both budgets has an element of mandatory and discretionary categories and based on these categories there is a decision on how to spend
I didn’t start paying for transportation until this month and for the educational expenses that are twice a year at the beginning of each semester. I don’t have any car expenses yet until next month and I buy new glasses once a year. The only mandatory expense that I spend monthly on is personal care and hygiene. For my monthly spending, the vast majority of my spending is on my discretionary spending.
Based on my review of 2016 spending estimates I have realized that I am supposed to have more money saved because I don’t live on my own and don’t possess a car yet surprisingly I don’t have a lot of money saved. Most people spend the majority of their money on rent, utilities, car loans, gas and car insurance. Since I don’t have to spend money on any of these categories, in theory, I am supposed to save money but I don’t because I still have some budget deficit in some …show more content…
Overall for the budget calendar year 2016 I mostly ran on a surplus rather than deficits. The difference between the US government and my budget is enormous because the government spends and sponsors on thousands of programs whereas my spending categories are pretty small. The similarities between my budget and the Federal government budget are that both budgets has an element of mandatory and discretionary categories and based on these categories there is a decision on how to spend