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QUESTION
Assignment
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| Subject |
Economics |
Pages |
3 |
Style |
APA |
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Answer
Tracking of Personal Expenses
The articles read
https://www.moneyunder30.com/no-more-budgets.
The above articles summarize the best ways through which personal budgets can be tracked.
https://www.researchgate.net/publication/266655414_Money_talks_Tracking_personal_finances
This article highlights the reasons as to why tracking of expenses is important to an individual
Tracking of personal Expenses
Personal expenses refer to expenses which are incurred by an individual in meeting day to day activities. Personal expenses tend to be recurrent in nature and if not kept in check, one could end up consuming more that he or she receives as an income at the end of the month (Kaye et al.,2016). Personal expenses are used to meet for needs which cannot wait or else necessities without which it is impossible to survive. These expenses therefore include: food expenses, rent, purchase of clothing, payment of school fees among others. Typically, people do not keep track of these expenses. The reason for failing to keep track of these expenses is due to their recurrence nature. It therefore, assumed that a list of these expenses would be too bulky to manage.
While it is true that keeping a track of personal expenses would be a cumbersome exercise, it is a good practice. This is due because, one who keeps a track of his or her expenses is able to spend within his or her income (Kaye et al.,2016). This will help in avoiding unnecessary debts, that would otherwise be a burden to pay. Secondly, keeping a track of personal expenses stimulates savings. This is because, one is able to project from the expected income, the amount that will be spent on necessities, and the amount that can be saved for future use. The savings can be used during emergencies, investing in other profitable opportunities and even helping others. Tracking of expenses also helps one in knowing the daily worth, other than the net worth. The daily worth in this case, refers to a minimum amount that one would need to at least live a descent life. With this information, it becomes easy to negotiate for salaries and other income. It is therefore evident, that keeping track of personal expenses, is good practice that should be embraced.
REFERENCES
David Waiver (2021). How to Budget: 4 Easy Steps to Get You Started. Retrieved from: https://www.moneyunder30.com/no-more-budgets.
Kaye et al (2016). Money Talks: Tracking Personal Finances. Retrieved from: https://www.researchgate.net/publication/266655414_Money_talks_Tracking_personal_finances
pageid=235&guideid=15
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