Before i proceed with my financial recap, I do love to enlighten people on what I real understand by financial recap and its advantages in our life.
definition
In my understanding, Financial recap can be defined as the process of taking records of your financial income and how you spend it on daily basis.
Advantages
- it help us to be mindfully of our spending
- it help us to identify problem areas
- it help us to prepare our budget better
- it help to improve financial security
- it enable us to increase our savings
- it help in tracking our financial progress
- it enable us to know things that consume must of our money
my financial recap for the past seven (7) days
Like I said earlier, I will be sharing with you my financial recap starting from 29th of may to 4th June. There are a lot of people that always have a break down or budget of how much they intend to spend every week, but personally, I don't do that. I spend base on needs that arise. Sometimes I spend above 10000 naira in a week, and sometimes I spend even below 1500 naira a week. So it all depend on how much I have and what my needs are. Below is my recap for the past 7 days.
sunday
| Items | price in naira | price in steem |
|---|---|---|
| Cash at hand | 33,000 | 212.9 |
| Bread | 500 | 3.23 |
| Milk and suger | 250 | 1.59 |
| Transport | 200 | 1.3 |
| Offering | 150 | 1.005 |
| Pepper and onion | 100 | 0.67 |
| Fish | 500 | 3.23 |
Looking at the table above, I was having 33,000 naira (212.9 steem) at hand. And since it was Sunday, I bought bread, milk and suger before going to church. I spend 200 naira on transport, and 150 on offering. After church service, I went out to buy fish, onion, and pepper so as to prepare meal for my self. That was all I spend on Sunday.
Monday
| Items | price in naira | price in steem |
|---|---|---|
| Soap | 350 | 2.25 |
| Coka-cola | 150 | 0.97 |
| Biscuit | 150 | 0.97 |
| Razor blade | 50 | 0.32 |
| Onion, pepper, spices | 700 | 4.52 |
On Monday, I bought my bathing soap before going to school. While in school, I bought drinks and biscuit for myself because I got hungry, and they was no chance for me to go back home. After school, I bought razor to cut my nails, and in the evening I went out to buy onion and pepper in order to make stew that can sustain me for at least 3 days.
Tuesday
| Items | price in naira | price steem |
|---|---|---|
| Transport | 300 | 1.94 |
| Water | 250 | 1.61 |
| Bread | 500 | 3.23 |
| Milk and suger | 250 | 1.59 |
On Tuesday, I went to check on a friend, and I spend 300 naira on transport. On my way back, I bought sachet water at the rate of 250 naira. On arriving home, I realised that my bread and milk has finished, so I went out to buy them at the near shop.
Wednesday
| Items | price in naira | price in Steen |
|---|---|---|
| Drinks | 300 | 1.94 |
| Salt | 150 | 0.97 |
On Wednesday, a friend visited me, and I bought a drinks of 300 naira for the two of us. In the evening, when I wanted to cook, I noticed that my salt has finished and I went out and bought it
Thursday
| Items | price in naira | price in Steen |
|---|---|---|
| Transport | 200 | 1.3 |
| Donation | 1000 | 6.45 |
| Beads | 250 | 2.61 |
On Thursday, I went to church for a program, and I spend 200 naira on transport. In the course of the program, we were asked to make donations for one church project, and I donated 1000 naira.
Friday
| Items | price in naira | price in steem |
|---|---|---|
| Water | 250 | 2.61 |
| Palm oil | 900 | 5.8 |
On Friday, my water got finished and I went out to buy one sachet which cost me 250 naira, and I also bought palm oil for 900 naira so that I can use it to cook.
Saturday
| Items | price in naira | price in steem |
|---|---|---|
| Rice | 2000 | 12.9 |
| Spaghetti | 1600 | 10.3 |
| Beans | 700 | 4.51 |
| Transport | 300 | 1.94 |
| Garri | 800 | 5.16 |
Today being Saturday, I spend a lot of money because some of my food stuffs got finished. So I went to the market and bought rice, spaghetti, beans, and garri. All the stuffs I bought cost 5100 naira, and I spend 300 naira on transport, which make up a total of 5400 naira (34.9 steem)
Have you made mistakes in the finances above? Or are there any unplanned bills that surfaced?
Looking at the things that I spent most of the Money on, I don't think I have made any financial mistakes because, all the things were necessary for me to spend on. Talking about unplanned bills, I have spend 1000 naira on church project, and its something I never planned for. Nevertheless, I am not regretiing it.
What have you learned in the process, positive or negative? How do you plan to keep achieving the positivity in your finances or how to avoid such negativities in the future?
From my financial recap, I have learned a lot. Firstly, it have taught me to spend mostly on my needs rather than wants. Talking about how I plan to continue achieving positivety in my finance, I will continue writing down all my weekly expenses so that I can easily dectate mismanagement in my finance. With that, I will be able to avoid negative result or spending above my income.
Thanks for reading me through.
I invite @Dice-artist, @blessedlife, and @geoscary21 to participate in this contest.
You have made a detailed list of your financial recap in the past 7 days, thanks for informing us on how you've spent your finances.
Steem on
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you so much.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You are welcome
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Indeed the financial recap helps us to track our financial problem. you have extensively expressed your self by definition what recap is and it's benefits.
Your budget for the week was so cool, and you actually managed it well.
I wish you all the best.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you. I appreciate your kind comment
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Note: You must enter the tag #fintech among the first 4 tags for your post to be reviewed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank so much
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi, once upon a time a boyfriend told me to take notes of my diary spents and I remember by that time I used to spend a lot of money because I was everyday outside. I think it's very advisable to do this weekly recap so we can make changes if we have to. Financial education is very important. Thanks for inviting me, I'll be doing it again because it's very helpful.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly ma'am. Keeping a financial recap is very important.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit