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Part 1

For the next seven days, keep a diary of all your spending and saving decisions. Using the diary below, record your decisions with the dollar amount you either spent or saved.

Spending and Saving Diary

Day/Date Spending Decisions Saving Decisions
Item Amount Amount


Day 1

     


Day 2

     


Day 3

     


Day 4

     


Day 5

     


Day 6

     


Day 7

     

Part 2

  1. Circle all the expenditures you made for the last week that you consider essential.

  2. Of the expenditures not circled, which could you do without?

  3. Why did you purchase these items which, on reflection, you have decided you could do without?

  4. What was the opportunity cost of each of your spending decisions?

  5. How much were you able to save?

  6. What trade-offs could you have made with your spending and saving decisions?

  7. How can an understanding of opportunity cost and trade-offs help you make better spending and saving decisions in the future?