Diary of a Conscientious Shopper - Finance Essay Example

 

 

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Diary of a Conscientious Shopper

The following are the items purchased for the past week and their corresponding price, payment forms and whether the commodity was bought on impulse or intentional/planned:

 
Item
Price
Payment Forms
Planned/Impulsive
Mon

Intuit Quicken Deluxe 2008
$45.00
cash
Planned

books
$10.50
cash
impulsive

journals
$10.00
card
planned
Tue

pork meat
$20.00
cash
planned

table wine
$50.00
cash
planned

paper
$5.00
cash
planned

chips
$15.00
cash
impulsive
Wed

chips
$15.00
cash
impulsive

recipe
$2.98
card
impulsive

cheese
$6.67
cash
planned

bread
$3.00
cash
palnned
Thurs

USB
$100
cash
planned

T-shirts
$135
cash
impulsive

bag
$30
cash
impulsive

printer
$300
card
planned
Friday

DVD
$25
card
impulsive

pen
$3
cash
planned

pants
$150
card
impulsive

food
$30
cash
planned
Saturday

food
$15
cash
planned

training gear
$15
cash
planned

vitamins
$50
cash
planned
Sunday

food
$20
cash
planned

gift
$37
cash
planned
From the table above, it can be deducted that the commodities bought for the entire week ranges from necessity (food) to luxury items (wine) and that the price spent ranges from a minimum of $3.00 to a maxima of $ 300.00. Most of the payment forms were paid in cash and a few items were paid on cash. Accounted spent money totaled to $1092.46 with an average of $156.07 spent per day. Fiduciary budget consist of well-planned spending and splurging were kept at a minimum level.

Maintenance of fiduciary budget for a week and monitoring of bought items, as well as stratification/identification of planned and impulsive buying, makes the spender more conscious on the value of the bought commodity as well as its utility value.  Also, it makes the individual more aware of the items he or she is buying and is encouraged to “limit the number of less-important items.” It discourages splurging and at the least, encourages saving.

Fiduciary budgeting gives the spender positive control on the amount of money you are getting and the amount of money that is getting out. It is the primary step in financial control —- maintaining organization in fiduciary. With the idea of financial diary, it is very possible that the individual can erect a financial limit for him/herself and possibly self-construct future fiduciary.

With it the spender may also be able to plan for the future—buy commodified items and analyze their import value—and choose spots for buying that is considered most “economic”. In whatever type of spending, it is most important that the spender maintains diary of financial spending—weekly, monthly or annually—and reflect on the outcomes of such spending.

 

Bibliography

Budgets and Budgeting (2000) from Encyclopedia of Business and Finance. USA: Macmillan Co.

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