Accounting for my expenses trial – Days 5 to 9

For 30 days, I’ve decided to watch and account for all my expenses.

Ok, I know it looks like I haven’t been working on this because I have not posted in the past 5 days, but I have! First, still good at reporting all my expenses every day. Second, I took my accounting a step further (that’s my geek side) by downloading a Family Budget Planner Excel document at the following website:

http://www.vertex42.com/ExcelTemplates/family-budget-planner.html

I’ve added a tab on my file, and I’ve decided to rename all my categories according to their classifications. So at least, I don’t have to worry about inventing that.

The one thing that I notice, is how little cash is wasted in those first 9 days. I mean, I used to waste cash like crazy. Whenever there were coins or bills in my pocket, I felt they had to be spent somehow, and now that I am accounting for everything, I don’t spend it. I hope this will continue, as it will do me a world of good.

Second, I have realized that there will be a necessary follow up to this trial. My first 30 days, I watch how my money is being spent, but I think that I’m going to have to do another 30 days of cost-cutting, or at least maintaining a budget.

Third, on day 1, I thought Entertainment was what could cause my financial doom, but it may be otherwise. Maybe I could save on some other ways. For example, Business expense are 25% of my expenses. These make me go overdraft, and therefore I pay interest on them, and probably some bank fees; I went to the accountant at my work place, and they said I could ask for money advance, so that I won’t pay the interest!

I am sure there will be many other ways to save money, and that I won’t have to cut down too much on the having fun !!!

Here is my graph at the moment:

expenses_day_9

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