![]() Goal-oriented savings include our saving goals for retirement, education, down payment on a home or car. Savings can be further split into two categories:emergency fund and goal-oriented savings. Savings is a very important piece of your household budget. Monthly subscriptions (subscription boxes, streaming services).These expenses are usually within your control, and you can decide whether your budget can handle the extra expense or not. Variable expenses are any costs that can differ from one pay period to the next. Loan payments (student loan, auto loan).Here is a list of items that are more often than not included in the fixed expense category: Your utility bills and groceries can also be estimated and assigned a fixed amount. Fixed expensesįixed expenses are expenses that don’t change, or change very slightly, from month to month, like your mortgage or rent payment or a loan payment. Classifying your expenses into one of these categories can help you more accurately manage your money and keep up a routine. ![]() 3 main budget categoriesįixed expenses, variable expenses, and savings are the three categories that typically make up a budget. What is a household budget?Ī household budget is an estimate of your income and spending for a set period of time. Here are some tips on how to create and manage a household budget. Whether you live alone or have a family of four, getting in the driver’s seat of your financial situation starts with creating a budget. Many people are feeling more stressed given the uncertainty in these times, and one thing that is on everyone’s mind is money. If you haven’t already, it’s not too late to start focusing on getting your finances in shape.
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