Question

These tasks need at least 10 days of continuous involvement. Please concentrate and be organized. 

1.Craft a budget for 10 days and keep tabs on it. 

2.Please go to your Google store or Apple store and download a Budget tracker free application. Record all your daily expenses and analyze them at the end of the month. What have you learnt? Ideas? 

3.Calculate how much food you are wasting in your home. Statistically, each resident in UAE is wasting annually approximately 197 kg of food. How can you decrease it to be a more responsible consumer? 

4.Thinking about your spending pattern, what could you do better? What is your biggest challenge in terms of expenses? 

5.What is your saving pattern? How can you save more money in the future? What is your motivation for saving? Discussion at the end of the exercise: -What kind of challenges have you faced during this timeframe? Why? -How do you feel at the end of this exercise? -Discuss the main lessons you have learnt from this exercise.

Answer 1

1)

In this exercise I have learned to stick to my budget. Spending money on unwanted things has been stopped. I got to know how many issues have been in spending money. I have learned to spend money wisely. Keeping a budget tracker helped to save money as I can see how much I was spending and it helped me to meet my financial objectives.

 

2)

I could record my budget by some app. and I can set a limit to use the money, it shows how much money I have used for unwanted things, food and clothes etc. by an app or any software or I could simply write on paper and stick it on my wall. I am a money spender where I Will put my money into a lot of unnecessary things. As I have done this exercise I would like to save my money for the future.

 

3) I can be more responsible by-

Go through your cash astutely on the things you should have – these are our requirements

i. Set aside cash for the things you like however can live without – these are our needs

ii. Put in safe spot cash for unexpected costs – for instance, if your vehicle stalls and needs fixes.

iii. Stop incidental overspending.

 

Working out how much cash you need for regular basics like food, lodging, utilities like gas, power, telephone, and water, transport and clinical benefits can help you ensure you have enough for startling costs and crises.

 

4) My spending pattern was not good I was not thinking about the future. If I was thought about the future I would have spent more wisely like paying rent first, paying credit card bills, first, I would have spent on more important things as households, Fees Etc.

 

5)

I could be more responsible by saving Extra money for a secure future.

 

Save money in future:

First create a list of important like rent, utilities, credit card bills, transportation costs, gasoline, etc. then list other expenses like food, clothes, and entertainment, etc. sometimes adjust expenses if the money is needed for another emergency.

 

Lesson:

The motivation for saving money is for a secure future we don't what could happen in the future. There may be medical expenses and could be emergency. So saving money is important.