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- Assignment–Expense Log and Reflections
The goal of this assignment is to help you understand where your money goes. You can then determine how to re-direct spending patterns of behavior.
Step 1: View your bank statement from the past month (cash, credit, gifts, etc.). You will not post this confidential information on the Canvas system.
Step 2: After you have reviewed your spending habits, categorize each expense using the PERK system. Label each expense using the below.
P postpone – what expenses can you put off
E eliminate – what can you cut out of your budget
R reduce – what can you do to cut costs
K keep – what do you have to keep
After you have prepared your analysis, you will write a reflection on your spending habits. Make sure you address the following:
- Overall what do you do well when it comes to spending?
- Are you spending on things you really need or are you buying things you want?
- What did you learn about your spending habits?
- What surprises you about your spending habits?
- What are you goals for spending?
- What is your overall assessment of your spending habits?