Budget Report 3 Questions

1. How are you closer to achieving your financial goals by following budget #2?

- I have completed all of my smart goals for the month of November.

2. Please describe your experience with the envelope system.  Did it help you to control

spending? Will you continue to use the system?  

- I was unable to complete the envelop assignment. I wasn’t able to go to the bank to

withdraw the money. I didn’t spend more than I was supposed to this month in the

category that I chose to do it with. I probably wouldn’t use the envelope system because I

feel that it is more work to go to the bank to withdraw the cash for each envelope.

3. What changes did you plan to make to budget #3 because of your experience with budget

#2? What is the difference with your actual expenditures?

- I added a medical category because I forgot to add it last month. I also added a retirement

fund category as well to start saving up for retirement.

4. If you haven't already, when do you intend on starting your retirement plan?

- I started a 401K in August and I plan to start investing $100 a month into my bank

account starting in the month of December 2020.

5. What are your future plans for investing (within the next 5-10 years)?

- I plan to continue contributing to my 401K and hopefully after graduation in my new job

I hope to also contribute to a Retirement Saving Account. I also plan to save at least $100

each month in my bank account.

6. What changes have you seen in your spending since starting to use a budget?
- I have noticed that I have spent more since starting a budget. However, I feel better when

I spend money instead of worrying about not having enough for the future. I am able to

enjoy life a little more and feel like I don’t have to save everything I make.

7. What are your future plans for purchasing a car and a house (within the next 5-10 years)?

- I plan to save a little each month towards a car and a house payment. I plan to make sure

that I don’t purchase a house or a car outside of my budget range. I will use the step

learned in class to help make smart decisions.

8. If the majority of your support comes from mom and dad, what can you do to start being

financially responsible for yourself? (self-sufficient)

- I can start to pretend to pay house and car payments and save them in my bank account.

That way when I have to pay for a car or a house I will have a down payment and

hopefully be able to lower the monthly costs. I can also talk to my parents about paying

for the phone bill or other expenses that they cover for me.