1. summarize the results of your data collection, ( I have done the budget report just have to summarize and answer the questions below)
2. reflect on what you discovered from the tracking experience, and
3. develop a plan to spend your money with a purpose in the future.
(2) Summarize the results of your data collection:
On page 3, please record the summarized results of your tracking in the “Actual” column. I have provided some common income and expense categories to get you started, but you can add your own and/or change the categories provided. If you do not have an inflow or outflow in a category provided, please do NOT put any information on that line; leave it blank.
At the bottom of each section (inflows, outflows), record the totals.
At the bottom of the page, summarize the total inflows, total outflows, and use those numbers to calculate your net cash flow. A negative number should be noted as such, and would be considered a net cash outflow (deficit). A positive number would indicate a net cash inflow (surplus).
(3): Reflect on what you discovered from your tracking experience:
In a TYPEWRITTEN, DOUBLE-SPACED summary, address ALL of the following questions:
What patterns did you notice in your spending? For example: Were there particular categories where you spent more money than others? Were there certain days of the week where you found you spent more or less than other days? If you didn’t see any patterns, that’s ok – just tell me that!
Did you have a surplus or a deficit?
What did you learn about your spending habits over the past month?
What changes will you make concerning how you save or spend your money?
How will you implement these changes in the future? BE VERY SPECIFIC with plans! For example: If you’re going to spend less eating out, what will you actually DO to accomplish that? Will you pack lunches? What changes in your routine will that require?
Step 4: Develop a plan to spend your money with more purpose in the future:
Prepare a spending plan (or budget) for the next month by completing the “Budget” column. You may need to add new categories for any inflows or outflows that you did not experience while tracking but do expect to see in the coming month. You should use your experience from your tracking month to help you develop your budget. You should also incorporate your answers to the last two questions in the bullet points above into your budget.
