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Comprehensive analysis.docx - Katie Sipraseuth Dr. Zuiker...

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Katie SipraseuthDr. ZuikerFSOS 310115 October 2020Understanding and Learning how to deal with MoneyTwo strengths of my financial situation would first be that I did not spend a lot of moneyon things I didn’t need like clothes. During the summer I tend to spend a lot of money on clothesespecially when one of my favorite stores were ten minutes from my home. However, the storehas closed now, and I refused to shop online, so that has helped me save money. Another strengthof mine is not spending too much on take out. Again, during the summer I often like to go out toeat or buy lunch or dinner for work instead of cooking because it’s quick. I usually would spendaround $100 when it comes to that but currently, I spend around $80. When I buy take out, Idon’t only buy food for myself, but I also buy food for my two younger siblings. Thus, myexpense on buying take out is often a bit high. What I can improve on when it comes to myfinancial situation is first making sure I know my priorities and focus on that. For example, Ihave had credit card debt for about three years now and I have yet been able to pay it off. Iusually pay $100 or $200 for my bill, but sometimes I would grab my credit card for gas andgroceries because I wouldn’t have enough money in my checking. After doing my balance sheet,it looks like I have a lot of left over but I don’t. I often get asked from my parents, “where is allyour money?” Well, for example, let’s say I get a paycheck of $500, I put $100 towards mycredit card debt, $300 towards car payment, $89 towards phone bill, and that would only leaveme with around $11. Thus, it is tough for me to pay off my debt completely and save. This wouldlead on to my second improvement, which is to save more money. Sometimes I am lucky to put

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Term
Spring
Professor
N/A
Tags
Debt, Personal Finance, Credit card, credit score, Credit history

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