Budgeting

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What is a Fixed Expense?

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A fixed expense is a cost that does not change from month to month, such as rent or car payments.

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What is a Variable Expense?

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A variable expense is a cost that can change depending on usage or consumption, such as groceries or entertainment.

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What is a Flexible Expense?

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A flexible expense is a type of variable expense that can be adjusted or eliminated, such as dining out or vacations.

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What is a Need?

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A need is something essential for survival, such as food, shelter, and clothing.

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What is a Want?

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A want is something that is not essential for survival but is desired, such as luxury items or vacations.

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What is a Budget?

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A budget is a plan that outlines expected income and expenses over a specific period.

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What is the purpose of budgeting?

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The purpose of budgeting is to manage finances effectively, ensuring that income covers expenses and savings goals are met.

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What is an example of a Fixed Expense?

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An example of a fixed expense is a monthly car payment.

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What is an example of a Variable Expense?

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An example of a variable expense is the cost of groceries.

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How can you categorize Daycare expenses?

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Daycare expenses are categorized as fixed expenses.