| March 14, 2016

beginning immediately, you’ll begin a daily journal detailing all of the income you receive, as well as all of the expenditures of your money. This will include all cash expenditures no matter how small (e.g., for a soda in a drink machine), all checks written, and any credit card purchase made. At the completion of the first 30 days of expenditures, you’ll prepare a summary of your expenses by allocating each expenditure to one of the following categories:

Student Loans
Scholarship Proceeds
Interest Earned/Dividend Received

Category 1: Housing-Related Expenses
A. Mortgage Payment or Rent
B. Utilities
• Electricity
• Gas
• Cable
• Telephone/cell phone
• Water
C. Insurance (Home or Renters)

Category 2: Living Expenses
A. Food
• Meals/Groceries
• Snacks
B. Transportation
• Bus/Taxi/Uber
• Auto Loan
• Gasoline
• Auto Repairs/Maintenance (Oil change, tires, repairs, etc.)
• Insurance
C. Clothing
D. Cosmetics
E. Entertainment
• Travel-Related
• Movies
• Sporting Equipment, etc.
• Other (Describe)
F. Insurance (Life, Medical, etc.)

Category 3: Savings
A. Contributions to Savings Plans
B. Contributions to Retirement Plans

Category 4: Other
(Describe in detail. E.g., personal loan payments, church and other charitable contributions, etc.)

At the end of the first 30 days, prepare a summary of each expenditure and then determine what percentage of your total monthly expenses were accounted for by each of the above categories and sub-categories. Honestly critique whether or not you could have avoided making any of those expenditures.

After preparing the analysis of your first 30 days’ expenditures, prepare a budget for the following 30 days. Include in your budget all of the categories in which you recorded expenses in the first 30 days. Add a new category to your budget, if it doesn’t already exist, to include saving 3% more of your money than you reported above. For example, if you save nothing in the first month, plan to save 3% of the income you expect to receive. If you saved 2% in the first 30 days, plan to save 5% in the second 30 days. Your total budget must allocate 100 percent of your project income.

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