Diary of a Conscientious ShopperThe 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: ItemPricePayment FormsPlanned/ImpulsiveMonIntuit Quicken Deluxe 2008$45.00cashPlannedbooks$10.
50cashimpulsivejournals$10.00cardplannedTuepork meat$20.00cashplannedtable wine$50.00cashplannedpaper$5.
67cashplannedbread$3.00cashpalnnedThursUSB$100cashplannedT-shirts$135cashimpulsivebag$30cashimpulsiveprinter$300cardplannedFridayDVD$25cardimpulsivepen$3cashplannedpants$150cardimpulsivefood$30cashplannedSaturdayfood$15cashplannedtraining gear$15cashplannedvitamins$50cashplannedSundayfood$20cashplannedgift$37cashplannedFrom 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. BibliographyBudgets and Budgeting (2000) from Encyclopedia of Business and Finance. USA: Macmillan Co.