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Name: GOH TEE SENG

Course: USCC1152 MANAGING PERSONAL FINANCE


Title: Daily Budgeting Records
Lecturer: Mr. Tan Wei Xiang

A budget is an itemized summary of likely income
and expenses for a given period.
It helps to guide us on how much money we can
allocate for different needs.
Typically created using a spreadsheet
Its an invaluable tool to help us prioritize our
spending and manage our money

Wasteful expenditures, adapt quickly as our
financial situation changes, and achieve our
financial goals
RM0.00
RM100.00
RM200.00
RM300.00
RM400.00
RM500.00
RM600.00
Expenses on various categories within 5 weeks
Actual Expenses
Budget Expenses
Bar chart 1 showing comparison between actual and budget expenses
within 5 weeks
RM0.00
RM100.00
RM200.00
RM300.00
RM400.00
RM500.00
RM600.00
Rental Food Transportation Entertainment Education Others/Miscellaneous
Expenses on various categories within 5 weeks
Actual Expenses
Budget Expenses
Food is a little over my budget expenses.
All the foods have a price hikes for about 25~50%.
Others/Miscellaneous is not over my budget expenses as I
predicted
Entertainment only takes 3% of my overall actual
expenses
Not included in my budget expenses as I would like to
save some money.

Total of both expenses within 5 weeks
Total actual expenses within week 3 to week 7 = RM
1306.90
Total budget expenses within week 3 to week 7 = RM
1285.00
Extra or over budgeting expenses within week 3 to
week 7 = RM 21.90
23%
21%
16%
3%
0%
37%
Actual Expenses
Rental
Food
Transportation
Entertainment
Education
Others/Miscellaneous
The other/miscellaneous has the
highest percentage in my actual
expenses.
Pie chart 1 showing the actual expenses within 5 weeks in
the form of percentage.
1. Needs vs Wants
Needs are the basic things that are
required for our safety and health,
including food to keep us alive,
clothing to keep us warm, and a
shelter to protect us.

Wants, on the other hand, are items
you desire but are not critical to life.
These may include movie, designer
jeans, new phone or a new bike.


2. Saving
Generally, savings should take up the 10 percent of a budget.
Although savings is the smallest percent of a budget ratio, but
it can help students prepare for the future.
The benefit of savings will consist of an emergency fund, as
well as retirement savings and any investments such as stocks,
bonds and real estate investment property.
Conclusion
Creating a personal financial budget is a critical step in
achieving our objective. But, its a process of learning how
to properly manage our budget and avoid risks that will
help keep our personal finances in order and establish the
foundation for a successful financial future.
Throughout this assignment, I have learnt to develop and
maintaining a budget, and how proper financial planning
can help us to keep control of out financial goals.