When ask the percentage of income an individual spend on food, transportation, house, children, etc., most will show a blind face.
It is always good to start off our financial planning by finding out where we spend our money. Do consider using a spreadsheet.
On the first left column, list down the category. My broad categories are Food, Transportation, Children, Books, Clothing, Utilities, Insurance, Entertainment and Donation+Offering.
You can further break down the broad category into smaller categories such as food at home and eating out.
As for the first row, put date. The last column would be total. From here you get to work out the total amount you spend on each category. After 2 to 3 months, you will be able to find out your spending pattern.
