Writing the problem (WRITE): I am typical university student who wants to budget my expenses for the

upcoming semester. I want to know how much I can spend without exceeding my monthly allowance of
P5,000. I want to budget my allowance to make sure that I can cover my essential expenses and still have
some money left for discretionary spending and savings

Understanding the problem (SEE):

To budget my monthly allowance covering my essential expenses, discretionary spending and
savings without exceeding P5,000.00. To solve this problem, I need to understand my essential
expenses, discretionary expenses, and other financial goals. I also need to take into account any
unexpected expenses or fluctuations in my allowance.
Devising a plan (PLAN):
Gather information: List my essential expenses (such as rent, utilities, food,
transportation), discretionary expenses (such as entertainment, skincare products, shopping,
coffee), and savings.
Formulate a Budget Plan: Divide the monthly allowance into categories based on my
expenses and goals. Allocate a certain amount for each category, making sure that essential
expenses are covered first. Adjust the allocations for discretionary expenses if budget plan
exceeds the limit.
Carrying out the plan (DO): Formulated Budget Plan:
Essential expenses:
 Rent: P 1,500
 Food: P 1,500
 Transportation: P 200
 Internet: P 500
 School Supplies: P 100
 Total essential expenses: P 3,800
Discretionary spending:
 Skincare products: P 300
 Coffee: P 200
 Entertainment: P 200
 Total discretionary spending: P 700
Financial goals:
 Savings: P 500
Total budget: P 5,000
Looking back (CHECK): I created a budget plan that covers my essential expenses, discretionary
spending, and financial goals without exceeding my monthly allowance limit. I just need to
check if the budget plan is realistic and feasible, taking into account my actual expenses,
allowance, and financial goals. To make this plan work I will also monitor my spending and
adjust the budget plan as needed based on my expenses and allowance.