Identify Unexpected Spending Habits Money Challenge
Ok, so you may have noticed that we are running a bit of a theme at the moment. That’s cause I want us to test for weak spots. Because once we have identified them, we can eliminate them.
Our first challenge was to track our expenses and identify what we didn’t need. This time we are going to track our expenses one more time for a period of seven days. The difference is that this time for every expense you are going to write “Expected” or “Unexpected” after it.
The idea is to work out what things you buy on impulse. Now I’m a bit ahead of you on this challenge because I’ve already tracked mine and surprise CHOCOLATE was right at the top of the list.
For clarification, unexpected is when you put fuel in your car (an expected expense) but while you pay for the fuel you buy a chocolate frog (unexpected, you didn’t intend to buy a chocolate frog).
Another example is when you go to the stationary store because you need new printer cartridge but see funky new highlighters and throw them in the trolley as well. Cartridge = Expected, Highlighters = Unexpected.
Let’s recap this challenge:
The challenge is to identify your unexpected spending habits
Step One – Track your income for 7 days
Step Two – Beside each expenditure mark it as Unexpected or Expected (or just use U or E for short)
Step Three – At the end of the week, tally up how much you spent unexpectedly and for added bonus points, try and identify what caused you to spend the money (was it boredom, hunger, cravings etc).
What strategies can you implement to avoid spending the money next time?
Maybe you need to eat before you go near a shopping centre? Maybe you need to write a stationary list and stick to it before you hit Office Works?