Budget Plan
Presentation
By: Daniela Ovalle
Income
4.600.000 COP
-8% EPS contribution and pension
4.232.000 COP
EXPENSES
HOUSING (22%)
RENT: 700.000 COP
UTILITIES: 300.000 COP
TOTAL HOUSING
1.000.000 COP
HOUSING
TRANSPORTATION
NOT APLICABLE
GROCERIES and HOUSEHOLD
SUPPLIES (12%)
GROCERIES: 344.420 COP
HOUSEHOLD SUPPLIES: 196.490 COP
TOTAL
530.910 COP
HOUSEHOLD SUPPLIES
GROCERIES
HEALTH AND
INSURANCE(4%)
BASIC MEDICATIONS: 165.721 COP
BASIC MEDICATION
PHONE
EXPENSES (1%)
TIGO PLAN:
52.900 COP
DISCRETIONARY
SPENDINGS (4%)
GYM ACTION BLACK
SUSCRIPTION: 199.900
COP
PERSONAL CARE AND
MISCELLANEOUS (12%)
GOING OUT: 200.000 COP
PERSONAL CARE SERVICES: 100.000 COP
BEAUTY PRODUCTS AND CLOTHES: 200.000 COP
TOTAL: 550.000 COP
SAVINGS and
EMERGENCY FUND (37%)
EMERGENCY FUND: 200.000 COP
VOLUNTARY PENSION CONTRIBTUION: 380.880 COP
SAVINGS SHORT/LONG-TERM INVESTMENTS: 1.141.689 COP
TOTAL: 1.722.569 COP
LINKS OF CATEGORIES
DISCRETIONARY SPEENDINGS:
https://www.actionblack.co/presale
GROCERIES AND HOUSEHOLD SUPPLIES:
https://domicilios.tiendasd1.com/
BASIC MADICATION:
https://www.farmaciaspasteur.com.co/checkout/#/
PHONE EXPENSES:
https://internethogares.co/movil/
HOUSING:
https://www.fincaraiz.com.co/habitacin-en-arriendo/191535916
EXCEL CHART
Did you have to adjust any categories?
Which areas were the most challenging
to balance?
Yes, I had to adjust some of the categories to stay in the monthly budget of
4,600,000 pesos and so save enough money. One major adjustment was in the
groceries category. SIne I initially wanted to purchase a variety of products, but
then I decided to focus on essentials and look for cheaper stores to spend less.
As well it was dificult to balance miscellaneous because I enjoy going out with
friends, but I had to not spend that much in that category to ensure I could prioritize
other important categories, like the gym and savings. For example, I allocated a
significant amount to the gym because exercising is very important to me. This
personal value guided me in deciding where to invest more and where to cut back.
What did you learn about the
importance of budgeting and financial
priorities?
I learned that budgetin it’s about understanding what matters to me and
aligning my spending with my interests. I realized I can’t afford everything, but
with strategic adjustments, I can prioritize what its most important to me, like
my health and well-being.
Budgeting also helped me identify areas where I was overspending without
even noticing, like small daily expenses that added up to a significant amount.
More importantly, I discovered that having a budget gives me control of the
money i spend, helping me avoid impulsive spending and saving for
emergencies or future projects.
What is your approach to saving based
on your budget, and why is it
important?
My savings strategy is to set aside a fixed amount at the beginning of the
month rather than saving whatever is left at the end and when i finish the
budget some moeny is left then that also goes to my savings. This ensures
that savings are a priority.
This approach is important because it gives me financial security and allows
me to work toward my goals ensuring current stability. It also helps me avoid
unnecessary debt since I know I have enough savings that I can use in case of
an emergency such my emergency fund.
