EDU 561: ENTERPRISE, INNOVATION & ENRISHMENT IN EDUCATION

ASSISGNMENT 1: PERSONAL MONEY TRACKER

REPORT ON MONTHLY EXPENSES

The Personal money tracker and summary of my monthly expenses shows my

income, expenses and savings for four weeks. It displays my cash withdrawals,
spending and amount of savings in a month. As seen in the personal money
tracker and summary of my expenditure and savings, it can be said that my % of
cash remaining is 23% which is not a healthy and positive one.

Firstly, it can be analyzed that I have committed myself in spending more from my
income rather than saving more. For instance, I have spent money every week in
recharging my phone and buying cosmetics. In addition, I have done impulsive
buying while doing shopping since the amount spent on shopping have fluctuated
every week.

Moreover, I have not planned well for my expenses, thus I need to plan my
monthly budget financially well. I need to apply the entrepreneurial, innovative
and enrichment in education skills to have some sense of financial stability as
well.

Therefore, I have learnt that I need to develop skills and confidence to become
more aware of financial risks and opportunities through information, instruction
and/or objective advice. I should be able to make informed choices, to know
where to go for help and to take other effective actions to improve my financial
well-being”.

Thus, I have also learnt from the assignment that I need to be prepared for
important life events like university, wedding, buying a house, starting a business,
etc. Personal finance can also help me to earn interest and help my money grow.
In addition, it will help me to reduce the temptation of spending irresponsibly. On

the same note, it will also help me to access loan that can assist me in the future.
The key component of personal finance is financial planning, which is a dynamic
process that requires regular monitoring and reevaluation.

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