Hrm/531 Week 1 Classification

Based on the expense in November through January I’ve divide it into seven categories which are utilized, transportation, Store/Grocery, restaurants, school, loans, and Health/clothing. After tracking my spending most of the money went into the loan and utilizes categories. The Loan category is made up on two loans which are my car and school loans. In my loans I spend around a total of 840 dollars per month. Even though I made my final car payment in April most of my spending is still in the loan category. Utilizes is my second most expensive category which is made up of my internet, trash, insurance, electric, and cell phone. Unlike my loan expense spend close to three hundred dollars on utilizes and this is with the electric, insurance, and the internet divide between my brothers, parents and myself. Before we started tracking our

The only reason I was able to reduce my spending in gas was because of the price of gas going down. I spent exactly twenty dollars on gas, which lasted me for a week based on my daily routine. Since the price of gas has gone down I’ve been saving four to six dollars a week. Currently I live with my parents so I don’t worry about buying groceries, but I spend a lot on junk food and sodas. Since tracking our spending I’ve given myself a budget of forty dollars a month for groceries. I managed to reduce my cost and spent about twenty dollars a month on groceries.

The way I keep track of my spending was through Microsoft Excel by splitting each category into five sections. In my grocery/store category I have one section to describe each item that I purchase and another section to write down the day that I purchase them. The next section is the amount that I want to spend each month and another section tells actual amount that I spend for each month. The next sections show if I saved any money or went over my budget for the