Question

For one week, keep track of how you spend your money. At the end of the week, you may be surprised to see where your money goes. After you fill out this chart, answer the questions below.

a) Have you ever tracked your spending for a week before?
b) What surprised you the most about your spending habits?
c) How do you plan to adjust your spending based on this tracking?
d) Do you think tracking your spending is a helpful financial habit?

Answer 1

Tracking your spending for a week is a helpful financial habit that can help you identify areas for adjustment and manage your money more effectively.

Step-by-step explanation:

Tracking your spending for a week is a helpful financial habit as it can provide insight into your spending habits. It can be surprising to see where your money goes and identify areas where you can potentially adjust your spending. By tallying your spending each day and at the end of the week, you can determine if you need to make changes in your spending for the next week. The PACED model, which stands for Plan, Add up your income, Compare, Evaluate, and Decide, can help you manage your money more effectively.