My Financial Recap For the Last 7 Days | by @wase1234
Hello Steem4nigeria, this is a wonderful contest and I am happy to participate. Most of us don't track our finances so I really see this contest as a good initiative to awaken us. Before I start with my financial recap, I am going to tell you all the advantages of keep track of our finances.
Advantages of Tracking Finances
Tracking your finances makes us see how much we spend on irrelevant things and it goes along way to help stop the habit.
Keeping track of our finances is a good way to help us not to exceed our budget for a certain period of time be it days or month. When we find ourselves spending more than we should, it helps us adjust.
Keeping track of financial activities helps us save money because when we see the things we spend on, we can limit them and it can creat enough space for part of the money to be removed with the purpose of saving.
Tracking finances gives us a sence of self management and not to fall into unfortunate situations of not knowing when we running of of money.
My Financial Recap For The Past 7 Days
I will be telling you guys of my financial transactions for the past 7 days beginning Wednesday 25 May till today June 1. So usually, I have a maximum of 10,000frs (65 steem) to spend per week. What I will be doing is I will present a table for last week Wednesday to this Wednesday for my cash receipts and expenses for each day. The balance of the previous day will be used to start the next day.
Note that receipts will be added and expenses will be subtracted. To signify subtraction, the amounts will be put in bracket.
Wednesday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 10,000frs | 65 steem |
| Transportation expense | (100frs) | (0.7 steem) |
| Balance | 9,900frs | 64.3 steem |
On Wednesday I went to a my friend Suzanne's house where I stayed the night due to a blackout at my place. So transportation there was 100frs (64.3 steem). I also had lunch and dinner there.
Thursday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 9,900frs | 64.3 steem |
| Transportation | (100frs) | (0.7 steem) |
| Bought hangers | (1000frs) | (7steem) |
| Food items | (500frs) | (3.3 steem) |
| Light bills | (2,750frs) | (17.6 steem) |
| Balance | 5,550frs | 35.7 steem |
On Thursday I had to go back home so hence the transportation expense. I also had to pay my light bills as well as buy hangers to partake in the steem entrepreneur make them smile contest. I have stock of food in the house so when I have to cook I just have to buy the few I don't have that's why my money for food stuffs is so low.
Friday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 5,550 frs | 35.7 steem |
| Transportation | (100frs) | (0.7 steem) |
| Balance | (5,450frs) | (35 steem) |
The food I prepared on Thursday lasted till Friday so I had nothing to do with money except spend on transportation to visit a friend who paid my transportation back.
Saturday
| Element | Price (FCFA) | STEEM Price |
|---|---|---|
| Starting Balance | 5,450frs | 35 steem |
| Transportation | (500frs) | (3.3 steem) |
| Cash Receipt | 1000frs | 6.5 steem |
| Balance | 5,950frs | 38.2 steem |
On Saturday I went to visit @graciella so I spent the above amount on transportation. I was served good food while at hers. When leaving her place her mom gave me 1000frs which was well appreciated so hence the cash receipt.
Sunday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 5,950frs | 38.2 steem |
| Transportation | (400frs) | (2.6 steem) |
| Offering | (300frs) | (2 steem) |
| Food | (1,500frs) | (9.7 steem) |
| Candle | (200frs) | (1.3 steem) |
| Balance | 3,350frs | 22.6 steem |
On Sunday I had to go to church and attend a meeting so my transportation amount increased. Also I ran out of candles so I bought two more, then I spent some money on purchasing food to eat as well as my offerings in church.
Monday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 3,350frs | 22.6 steem |
| Food items | (1,500frs) | (9.7 steem) |
| Balance | 1,850frs | 11.9 steem |
On Mondays we have ghost town in the English speaking sections of the country so we don't go out. So I only spent on food that day.
Tuesday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 1,850frs | 11.9 steem |
| Snacks | (300frs) | (2 steem) |
| Balance | 1,550frs | 9.9 steem |
I had leftover food from the previous day so I didn't spend on eating but I bought snacks at school though 😁.
Wednesday
| Element | Price (FCFA) | Steem Price |
|---|---|---|
| Starting Balance | 1,550frs | 9.9 steem |
| Food items | (2,550frs) | (16.4 steem) |
| Shopping | (5,700frs) | (36.6 steem) |
| Transportation | (350frs) | (2.3 steem) |
| Maintenance | (800frs) | (5.2 steem) |
| Deficit Balance | (7,850frs) | (50.6 steem) |
Today I went to the market and did some shopping both for personal stuff and food items. I had to incure transport as well. At home, I had some maintenance done so I also had to incure that expense.
I always try to stick to my budget as much as I can. But still I think there is a mistake I made in my weekly spending which was going shopping without really allocating funds to to incure that expense. Nevertheless the shopping was needed because what I bought was really needed. From my budget allocation above, I notice that what I spent on most is transport and food items.
I don't think I made any mistakes with my budget because first of all I work on a very tight budget so it's not easy to keep the balance.
This process has really been positive for me because I have been able to see just how me I spend ok everything clearly. So it's been a very positive encounter though I entered my budget of the previous week.
To maximize positivity, I think I will have to try to increase my income sources because for now I consume autonomously (consuming without earning). I do have other sources of income like my petite business but I am still trying to grow it so I can't be pulling money of of it yet. Anyways I hope I can find a way to to cut down my expenses Abit so as not to keep having deficits.
But overall it has been a really eye opening experience taking part in this contest.
Thanks for reading 👐.
Thank you for the quick review 🤗
Vote well appreciated 👍
You have taken your time to summarize your expenses in the last seven days. Well-done!
Thank you 👍👍
What an expenses dear, you made it very detailed and easy to follow, it is not easy trying to satisfy our desires but you are trying, thumbs up 👍🏽
Thank you ooo
It's definitely not easy
That's nice.
Budgeting is very important so you can easily track your finance.
Shopping 5700
Offering 300
Okay ohhh
Mouff
You have adequately kept a record of how you had spent in the last 7 days and I enjoyed the touch of accounting you brought in with the starting balance and the remaining balance at the end of each day. Great effort. Your contest entry is well acknowledged, thanks for participating.
Thank you very much, I appreciate 🤭
Calculating all of this together is a lot, wow, you area spender and I agree with no debate..😀
😹😹😹 thanks
You are welcome
Wonderful post my friend you are doing well, see your amazing vote
Unforseen things normally happens. At times what we wished don't really come true. I am happy that you have realised that, you didn't plan for the things you bought during the week. I am confident that, going forward you will increase your budget or add contingency to your budget in case unplanned things happen then you call fall on it. I can say that, your budget is well structured with detailed information. I wish you the best friend
Thanks friend
I'll take everything you said into consideration
You are welcome