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Spending Performance: 16 November 2021

Well my budget is not looking too healthy at this point.

The month has all of a sudden started looking very red and very tight.

To be honest, I haven’t helped myself at all. I made some terrible decisions at the end of last week which has seen my budget tighten up and expenses spiral out of control?

So where did it go wrong.

For starters let me just say that I had planned in Car Insurance (£367) and Car Tax (£210) this month—those are the two hikes in the white lines you see on 11th and 15th November. Nothing wrong with those, those expenses were accounted for.

As you can see from the summary box, I am over budget by £132.21. That overspend comes from last weekend when I splurged on a night out in town, which ended up costing me £172. Ouch.

I don’t know what came over me, I clearly didn’t think it through well enough and didn’t consult my budget in the decision-making process. In fact, I was rather out of touch with my budget and not keeping close enough contact to it, hence just spending willy-nilly like I had cash to flush.

Anyway, I have made the mistake, I can feel the pinch now in my budget, and I’m having to live with the red line and tightened wallet for the rest of the month. One expenditure set me completely off-course.

What’s my plan for not letting that happen again?

Well I have to keep closer to my budget so that I have the very real consequence of expenses in mind as I make decisions.

I also need to research properly and consider the financial ramifications of every decision and choice before I make it. If money is going to be spent, try to figure out how much potentially could be spent (worst case scenarios) and decide whether that is an expense you are willing to commit to.

In any case, the milk has been split. I have to find ways now to live within the remaining budget for the rest of the month.

I have spent more of my budget at this point this month than I have at this point in the last two months. That tells you how fast I’m burning through cash this month.

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