What do you spend your money on? For the most part, expenses are divided into two categories: fixed expenses and variable expenses. But within fixed and variable expenses there are a bunch of smaller categories. Today, we will break them down to see what falls where.
Fixed Monthly Expenses:
Rent/Mortgage
Homeowner’s Association (HOA) Dues
Car Payments
Student Loan Payments
Health Insurance Premiums
Car Insurance
Life Insurance
Homeowner’s or Renter’s Insurance
Utility Bills – including Water/Sewer, Electric/Gas, Cable/Internet, and Trash and Recycling
Cell Phone Bill
Child Care
Preschool
Subscriptions – Gym Memberships, Video Streaming Subscriptions (like Hulu, Disney+, Netflix, Apple TV, and YouTubeTV), Health Related (like Massage Envy and Hand & Stone), Music/Audio Subscriptions (like Spotify, Pandora, Apple Music, Google Play Music), Magazines/Ezines/Newpapers
Donations (can also be under variable expenses)
Variable Monthly Expenses:
Groceries
Eating Out
Entertainment
Gas
Clothing
Travel
Household Expenses – Decorations, Repairs, Replacing Broken/Old Items
Kid Activities & Sports
Car Maintenance & Repairs
Medical Costs
Donations (can also be under fixed expenses)
Miscellaneous Expenses – Birthday Presents, Spending on Hobbies, or any other expenses you have
Do you have any other expenses that I left off? I’ll add them going forward. Next, we will start working on different ways to reduce these costs.
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