Budget and Expense Tracking

On the discussion about difficulties in budget making, I think the main problem is that we lack the incentive to do so. First we students are not yet financially independent (not referring to the term“financial independence” mentioned later in the course, but just meaning income not mainly dependent on family), secondly not many people have the perseverance to execute a budget after planning it, and besides nothing in life really goes according to plan anyways. However, when we make our budget flexible, it may become too loosely planned to follow.

On another note, the extreme tracking method, which we are doing for our assignment seems quite a hard task to maintain. We may be only tracking expenses for two months, but its hard to imagine following the same routine for the next 40-60 years.
Therefore, I feel that the electronic tracking method would suit myself better despite the fact that I am not fully aware of the details of my spending. I would prefer getting a big picture on how much on average I am spending daily before digging into details. Besides, daily spending patterns usually remain similar (unless you have a very exciting life), and it would probably be hard to forget any major transactions that happened during the month.