Data Tracking Activity: 

 

In this budget tracking assignment for September 2024, I applied the data communication process through four stages to gain insights into my spending patterns. First, during the data collection stage, I recorded my monthly expenses across three categories: academic, living, and personal. I tracked each expenditure—such as tuition, rent, groceries, and transportation—either paid by my parents or myself.

 

Next, in the formatting stage, I organized the data into clear tables with columns for each expense, showing the budgeted versus actual spending amounts. I included a notes section to clarify specific expenditures, like Spotify under entertainment, clothing purchases from American Eagle, Aerie, and Old Navy, and car-related expenses like tolls and oil changes. 

 

In the visualization stage, I created bar charts to represent budgeted versus actual spending across categories, allowing for quick comparisons. Separate bar charts for my and my parents' budgets illustrated our contributions and spending habits. For instance, the "Taylor’s Monthly Budget" chart shows my personal spending in categories like savings, transportation, and groceries, while "Parent's Monthly Budget for Taylor" visualizes my parents' contributions to rent, utilities, and tuition.

Finally, in the insights stage, I evaluated how closely my actual spending aligned with my budget. I found that I used 93% of my parents' budget and 96% of my personal budget, staying mostly within limits. However, I noted overspending in categories like clothing, where I spent $82.60 against a $50 budget, and groceries, where I spent $212.76 against a $250 budget, leaving little room for adjustment. These insights showed me which areas require more careful tracking or budget adjustments to avoid overspending in the future. This process has given me a clear view of my spending habits and helped me make informed budgeting decisions moving forward.

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