Spending Log Benefits

The ability to track everything one spends money on is an extremely useful tool that spending logs provide. In a spending log, individuals are able to record the items that they purchase and the amount spent per day. Essentially, this tool can be used to prevent spending money on wants and desires. Additionally, it allows one to see which items are resulting in the greatest financial losses throughout a specific period of time. The spending log has many great advantages, and I have benefited greatly from using one this month. Firstly, every single expenditure is listed in my spending log for the past month starting on October 5th. I made sure to record each expenditure as soon as possible so I would not forget to incorporate it into my spending log. Additionally, all of my financial obligations are being met as I am able to pay for West football games that I am required to go to as a Redstorm leader. I am also able to pay for gas throughout the month. These purchases can be made because my salary is approximately $120 per week, and I am spending about $75 per week. Therefore, I am able to save about $45 per week, and consequently, I am satisfied with my spending habits. The $45 that I save each week will add up over time and allow me to purchase larger and more important items in the future. My spending habits do not match my values because health, family, academics, and savings are my most important values. However, I have not
Although I knew that my weekly salary was $120, I had no idea that my expenditures are approximately $75 per week. The spending log allows me to look at my purchases and decide what my money should be spent on in the future. It is a great organizational tool as I never have to question where my money has gone. Most importantly, the spending log allows me to make sure that my money is being spent on my most important