Conscious Spending

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Author Tutor Course Date Conscious Spending Deductive logic refers to the process of making logical deductions through reasoning by considering one or more factors to make logical conclusions. The concept can be applied to make conscious spending decisions. Healthy spending is not the same as deprivation. Also, just because a person has the money, it does not mean the money should be spent buying whatever the person wants. Differentiating essential and non-essential items is vital. One of the ways to become a conscious spender is through developing a spending log; this is a record of all items bought. The data can be assessed on a monthly basis to compare the money an individual receives versus the amount of money that is spent. In situations where it is not possible to create such a log using a debit card for every purchase can be used to achieve the same results. Online banking provides visual access to spending records. The next step is analyzing the information provided by online banking or manual spending logs a person has written down; the data can be used to point out unhealthy spending patterns such as areas where a person overspends and therefore help in making the necessary changes. From a personal perspective, the primary expenditures are directed towards gas, food, personal items such as beauty products and clothes, entertainment by going the movies, dinner, and concerts. At this point, it is essential to make keen evaluations on every expenditure separately. For example, making an evaluating how much money is spent on movies on a weekly basis. The third step is writing all the source of income. On a personal level, the two primary sources of income

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