Introduction
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Data Overview
Credit card transactions will be analyzed in R Studio for this project which does not include information about how I paid for things, is an attempt to discover trends in my spending and investigate the evolution of those trends through time. The goal of this project is to help me better manage my money by revealing any areas of wasteful spending.As a result, I may realign my budget, control my spending, and increase my long-term savings.
Objective
Create a dashboard that displays a set of metrics relevant to your personal life. Actual data used in this study may include anything from blood pressure and dietary intake to the number of hours of sleep and television programs viewed each day. Depending on your goals, you may need to collect and harvest more or less information.
Four Questions to answer through this analysis
1.What are the typical monthly costs? where do the bulk of our resources go?
2.How much do we usually spend on groceries in a month?
3.what does my monthly utility bills says me?
4.What do i spend the most money on in terms of clothing brands?
5.How much money do I need to spend on trips and restaurants each month?
Overall Expenses per month
Grocery expenses by month
Monthly utility bills
Shopping Expenses
Monthly expense for Food and Travel
Insights
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1.What are the typical monthly costs? where do the bulk of our resources go?
Approximately $6000 was allocated each month, the most of which went toward Rent, Travel, Transportation, and Food.
2.How much do we usually spend on groceries in a month?
We calculated that our weekly food costs us around Minimum of $15 to maximum $62.
3.what does my monthly utility bills says me?
The gas bill tends to be higher in the months of January and February because colder temperatures require more gas usage to maintain a warm home.
4.What do i spend the most money on in terms of clothing brands?
Shein is where I wind up spending the most money, then H&M, and last Walmart.
5.How much money do I need to spend on trips and restaurants each month?
On average we are spending 1200-600 on travel and 200-300 on Outside food.
conclusion
According to the data presented, there are numerous options to reduce costs and increase reward points.
The “Travel” and “Shopping” categories, in particular, appear to contribute considerably to high expenditure months and warrant additional investigation. Consider conducting an audit of these areas to identify areas where costs might be cut or eliminated.
The “Groceries” budget is another potential focus of investigation. It may be difficult to cut costs in this area, but there may be ways to do so by switching to less expensive options or taking advantage of grocery store loyalty programs.
It’s likely that we could save money and get more out of our credit card rewards program if we kept a close eye on our spending.