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Unformatted text preview: 516 C Daily Spending Diary Effective short-term money management and long-term financial security are depen- dent on spending less than you earn. The use of a Daily Spending Diary will pro- vide information to better understand your spending patterns and to help you achieve desired financial goals. The following sheets should be used to record every cent of your spending each day in the categories provided. Or you can create your own format to monitor your spend- ing. You can indicate the use of a credit card with (CR). This experience will help you better understand your spending habits and identify desired changes you might want to make in your spending activities. Your comments should reflect what you have learned about your spending and can assist with changes you might want to make. Ask yourself, “What spending amounts can I reduce or eliminate?” Many people who take on this task find it difficult at first, and may consider it a waste of time. However, nearly everyone who makes a serious effort to keep a Daily Spending Diary has found it beneficial. The process may seem tedious at first, but after a while recording this information becomes easier and faster. Most important, you will know where your money is going. Then you will be able to better decide if that is truly how you want to spend your available financial resources. A sincere effort with this activity will result in very beneficial information for monitoring and control- ling your spending. Using a Daily Spending Diary can help to: • Reveal hidden aspects of your spending habits so you can better save for the future. • Create and achieve financial goals. • Revise buying habits and reduce wasted spending. • Control credit card purchases. • Improve recordkeeping for your measuring financial progress and filing your taxes....
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This note was uploaded on 09/23/2011 for the course FINC 2400 taught by Professor Caudill during the Fall '07 term at Auburn University.
- Fall '07
- Personal Finance