What analysis can be done with the expense data?
Rajesh Pathak
I can suggest below data analysis steps for your expense sheet:
  1. You can segregate your expenses between ‘essential’ purchases vs. ‘impulsive’ purchases. That will help you to develop self-control and to understand the value of money.
  2. You can add your savings and investments along with your expenses. That will help you to know which one is bigger - savings, investment or expenses? If savings are more, then try to invest the extra money in your bank account so that you get return on investment in future. If investments are more, then you are on the right track. If expenses are more, then better you start taking care of your monetary habits.
  3. See whether your food expenses are productive or unproductive? I mean, whether you are spending money on nutritious food or junk food. Are you into bad habits of cigarettes and liquor? These are quite expensive products eating on your wallet and health both.
  4. Are you spending more money on entertainment like going to cinema halls quite often, visiting restaurants or ordering food at home, paying more money on DTH and mobile bills? Better you check these expenses as these work like termites. By the time we see them, enough damage is done.
  5. Do you own a vehicle? Keep a tab on the expenses. I am sure maintaining a vehicle is quite expensive. It is always better to hire a taxi at the time of need or use public transport.
  6. Are you spending more money to please others like partying often, gifting often, etc.? Do only for those who are close to you and who matters. It’s not worth wasting money on everybody.
  7. Are you buying clothes, shoes, watches, etc. on your birthdays, on the birthdays of near and dear ones, during different festivals? Just think how much actually you need. Overspending is not a good habit. 
See how data analysis can be done on an expense sheet and how you can compare your inflow of funds with outflow of funds.