Todays PPP session was about looking at costs of living and specifically what it costs for us to live a year including food, living and luxury items. I had to be fairly appropximate with the way I filled in certain amounts because it probably varies month to month and year to year. I generally put more than I think I would spend to account for any increases in cost over the course of a year. In total after everything was filled in that was necessary it suggested that it would cost me around £6,665 to live for a year. The vast majority of this cost is attributed to rent with the second being the cost of food, and then travel. Aside from this other items listed were items that weren't essential such as books, eating out, and buying new clothes for example. In a lot of cases the items aren't technically necessary but at the same time may be important and help in a lot of ways.
This was quite an insightful task because although I generally keep track of money that I spend it was informative to see it laid out infront of me with an estimation of what I spent on a yearly basis. I actually expected it to be more than this, but I suppose £7000 for a year is quite a lot of money anyway and that excludes things such as a car and keeping a car running for example, which is a large cost if I ever needed to incorporate that into my finances.
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