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Reflection On Budgeting

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Upon reflection of what my approximate spending amounts, I found that there are some things that I could cut or lower in my budget to help me meet my main life goal of being able to buy my own (and new) car. This is a goal that I have had for a while now, but with no real idea of how to save for one. I estimated my budget for a car at around $17,000 and realized that I need to cut some discretionary expenses to meet this goal. The large expense that I noticed was how much I spend eating out. I noticed that this money could be better used by being saved towards my goal to attain a new car. I believe that a reasonable goal for my spending on fast-food or restaurants could be reduced to $10 or less a month. I believe that on my own, I would be …show more content…

C is for cost. I will ask myself, can I get this item for a cheaper price? A is for how this expense with affect my overall budget. Will it hinder my current progress towards my goal? The second A is for alternatives. Are there any alternatives to this expense that would help me reach my goals? N is for need. Do I really need this? T is for time. Can this expense wait until later? My hope is that this small acronym would be easy to remember and serve as a “trigger” when I must make financial decisions. If for example, I was hungry after a long class and was considering grab fast food, I could use this acronym as a checklist for the decision. Cost? I would know that the cost of fast food is probably not worth it in the long run. Affect? I am now aware that I spend too much on fast food, and I need to reduce this expense to lower the effect on my long-term goals. Alternatives? I know that there are alternatives to fast food, such as preparing a salad or a sandwich at home. Need? While I may feel hungry and that I need to eat, I do not need to eat fast food. Time? While I may feel in a rush to grab a meal, waiting in long lines for the food may not be worth

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