Experiment #1: Analysis

Ok, it's been a while since i've been on here. Thankfully, finals are over and I can continue posting. I just added up everything and put them into categories. I broke it into needs/wants, and then from there, I broke the categories down further into sub categories. Here is my finding

Needs- $181.95
- Gas- $50.50
- Other Expenses- $131.45

Wants- $110.08
- Cigarettes- $32.50
- Coffee- $9.41
- Food- $21.19
- Fun/Going out- $46.98

Looking at this, I spent a total of $292.03. Below is the percentage make-up of needs/wants

Needs- 62.31%
Wants- 37.69%
Total- 100%

When I was looking at different budgets, I decided that I don't want my wants to be any more than 30% of my total check. I'm not too far off, only 7.69% off. Out of the wants, I am looking at what I can cut out of my budget, so that my wants will only be between 25%-30%

My most costly want is obviously smoking. I am taking a big step to quitting. Recently at my doctors, I received a prescription for a drug called Chantix. The purpose of it is to reduce the physical side-effects of smoking cessation. I've planned to start taking that and quit for my new years resolution.

If I remove smoking from the list, my wants would be reduced to $77.58, which would make my wants only be 26.57%.

Conclusion- I will be able to meet my goal of spending under 30% of my budget on wants by quitting smoking. Considering smoking is related to my finances, I have decided to post about the progress I will have made quitting smoking. These posts will begin in the new year.

I highly recommend you to try this experiment if you have not already done so. I have become a lot more aware of my spending habits through tracking my weekly spending.

Experiment #1 Day #7

Expenditures for Day #7 12/11/08

12:00 - Doctor Co-Pay - $10.00
12:45 - Prescription Co-Pay - $10.00
14:20 - Gas - $15
19:30 - Coors Light Thirty Rack - $24.99
19:35 - Wendy's Dollar Menu Items - $3.15

Total - $63.14
Total So Far - $299.16

Experiment #1 Day#6

Hey, I've been MIA for a few days. I decided to head home for the weekend to relax before finals this week. I have two tests tomorrow (Monday), and then one on Wednesday & Thursday. So I may not be posting too much between now and Thursday. I have decided to cut the length that I track my spending to 7 days. By the weekend, I will have analyzed the data and I will put it up in a post for you.

Expenditures for Day#6 12/10/08

16:40 - Dunkin Donuts Large Coffee - $2.15
20:15 - Cigarettes - $6.50
20:15 - Amp Energy Drink + Large DD coffee - $4.60

Total - $13.25
Total So Far - $236.55

Experiment #1 Day #5

Expenditures for Day#5 12/09/08

12:40 - Dunkin Donut's Large Hot Coffee - $2.15
16:50 - Dunkin Donut's Large Hot Coffee - $.96 (she charged for me a donut! =))
16:50 - Amp Energy Drink - $2.25
21:05 - Cigarettes - $6.50

Total - $ 11.86
Total So Far -$ 223.30

***Today I received $15 Dollars, via paypal, from completed surveys***

IF YOU STUMBLED UPON THIS EXPERIMENT RECENTLY, YOU CAN CHECK OUT THE PAGE THAT INTRODUCES THIS EXPERIMENT HERE

Experiment #1 Day #4

Expenditures for Day #4 12/08/09

Just two bags of Doritos Chips - $2.00

Total - $2.00
Total so far - $211.44

Experiment #1 Day#3

Expenditures for Day #3 12/7/08

18:00 - Stamp - $.45

Total - $.45
Total So Far - $209.44

Experiment #1 Day #2

Expenditures for Day #2 12/6/08

13:30 - Atm Fee - $2.00
13:45 - Contact Lenses - $95.00
20:00 - Marlboro Menthol Lights - $6.50

Total Spent on 12/6/08 - $103.50
Total So Far - $208.99

It is only the second day and I'm starting to get a little worried. Out of my $270 check, I only have $61.01 remaining. I'm going to have to conserve a LOT! Luckily, thanks to some surveys I've recently redeemed, I will have around $15.00 dollars coming in before the end of the week.

Experiment #1 Day #1

Below are the expenditures on 12/05/08

11:15 - Medium Coffee from Dunkin Donuts - $2.00
11:15 - Marlboro Menthol Lights - $6.50
11:30 - Gas - $35.50
11:30 - Coca-Cola - $1.75
11:15 - ATM Fee - $3.00
12:52 - McDonalds - $5.00
15:30 - Haircut + Tip - $16.00
18:30 - Atm Fee - $1.75
18:30 - 375 mL Smirnoff Vodka - $6.99
18:30 - 2 Red Bulls - $5.50
18:30 - Coors Light 18pk - $15.00
21:00 - Marlboro Menthol Lights - $6.50

Total for 9/5/08 - 105.49

Experiment #1 (Continued)

Tomorrow is coming upon us fast. I can't wait until after it is over, so I can find out what I waste my money on. Also, one thing I might change is instead of tracking my money for one week, I will track it for two weeks. I figure this is more practical considering I get paid every two weeks. I received my bi-weekly pay-stub yesterday, even though my direct deposit does not credit until tomorrow morning. I will have 275 to last me two weeks. I'm really hoping I can make it stretch.

Experiment #1: Tracking & Analyzing My Expenses (12/5/08 -2/ 12/108)

Every single paycheck I receive, it is almost a guarantee that, in total, about $30 to $40 Dollars is spent, but unaccounted for. I'm going to use the scientific method to answer why this happens

Question: See Above /\

Background Research: I've learned that this happens to many people. The answer to this, that comes up most, is to faithfully track ones spending for a week straight, and then analyze what you have spent and what can be cut out.

Hypothesis: I believe that by diligently tracking my expenditures, I will be able to find where that extra $30 to $40 dollars goes.

The Experiment!: My experiment will be to track my spending, beginning on my next pay day, which is December 5th. Each night I will report my spending in a posting. Finally, on Sunday December 13th, I will analyze my expenditures.

Analyze Data: On that Sunday, I will analyze the data, and draw a conclusion.

I've tried to track my spending in the past, but I always end up forgetting to record on some days. Perhaps since I committed to it on here, I may feel more compelled to be more aware of my spending. We will see this Friday!