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Word Count: 632
The simplest definition of personal finance would be ones ability to save budget and spend money over a course of time That being said there are different aspects from which you can make those decisions In this essay I hope to understand my purchases make decisions and finally find out what the consequence of each decision is Personal Financing involves analysis of spending and my financial situation budgeting and setting goals of various time-lengthsMy financial situation at the time being is accumulatively BD 1000 in the bank the income being my parents My assets including furniture jewelry memorabilia and electronics come to a total of BD 2060 Because of my age and having no job my liabilities and expenses are BD 0 My networth remains as BD 2060 My spending habits have been developing over the past nine weeks from buying food from the cafeteria to buying videogames My spending depends on my mood and whether I want to buy it or not Categories such as food and entertainment were spent most on because of personal choicesI followed the rules of budgeting by estimating my income and trying to work out how much money to put on the side for unexpected expenses recommended to be at around 15 of total income and budget for fixed and variable expenses I estimated my budget to be around BD 500 and from that I decided to keep BD 260 for my unexpected expenses such as medical bills or buying gifts For my fixed expenses being only internet I left BD 40 In my variable expenses entertainment has BD 70 food has BD 50 my phone bill has BD 30 and clothing has BD 50 I decided to budget it this way because the categories with most amount of money are in my opinion the most deserving of a trade-offThe difference between my spending and my budget is that my spending on internet
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