STUDENT HANDOUT 1A PROJECT 1 OVERVIEW: EXPENSE TRACKING HOW DO I SPEND MY MONEY? The first step in creating a budget is to track your daily expenses. In this assignment, you will: Identify expenses incurred over the course of one month Include the date of the expense, a brief identification, and how much was spent . Determine how you would ike to categorize or group your expenses Sort and compile tracked expenses into these groups . It is easy to remember how much money you spend on fixed expenses like rent or car payments Variable expenses can be more difficult. ASSIGNMENT INSTRUCTIONS Using the 30-Day Expense Tracking Worksheet (Student Handout 1B], write down all expenses you incur during a 30-day period. At the end of the month, total your expenses on the Expense Totals Worksheet (Student Handout 1C) .Only write down transactions for goods or services. . Do not write down ATM cash withdrawals. As you spend the cash you withdrew, record each . If you have difficulty remembering how much you have spent, use an envelope to keep track . If you make a purchase that does not provide a receipt, use a scrap of paper to write it down . On days that you do not incur expenses, write "none" and put a O (zero) in the amount .If you are on a meal plan, divide the cost of your plan by the number of days in your billing transaction in your worksheet of receipts. and put it inside the envelope. column. cycle. (For instance. if you pay monthly for your meal plan, you'd divide the monthly cost by 30 to find your daily expense.) Use the categories listed at the top of your worksheet to label your expenses. If you do not see one that adequately describes the purchase, feel free to use your own. Make sure you add it to the bottom of the list under "other." This will be an important element when we start building your budget. Remember that this exercise is setting a baseline for your future budget. Spend as you would normally spend so that you can get an accurate picture of your spending behavio