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Your average monthly income will give you an estimate to determine the amount of money you have available to spend on essential and non-essential purchases this month. You will be following along through the steps while customizing the budget sheet to your own lifestyle. Before we begin, make sure that you have your budget sheet, a calculator, an extra piece of paper, and a pencil ready. Now that you’ve learned about the different kinds of expenses, you’re ready to get started on creating your budget. It is up to you to decide when to spend your money on non-essential items and when to save that money for an item in the future. Non-essential variable expenses are often where the most money is wasted in a budget. They are fun, the prices of these items vary and they are not considered an essential need. Concerts, eating out, movie tickets, gifts, and vacations are all forms of non-essential variable expenses. Non-essential variable expenses are purchases that might be fun to make, but that you don't necessarily need to make. Essentially, variable expenses change with your usage of the item.Īll of the expenses listed above are essential variable expenses. If you don’t drive your car, you won’t have to fill up with gas as often. The same concept occurs with gas expenses. For example, if you have a phone plan that charges you based on the number of calls you make, a month that you make 20 calls will cost less than a month that you make 35 calls. Variable expenses include gasoline, car maintenance, groceries, phone bills, and so on.
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Variable ExpensesĪ variable expense is a potential cost that varies each month depending on your personal spending decisions. Some of these “non-essential purchases” could be considered essential in moderation and in certain circumstances. U tilizing student discounts is a good way to help you reduce the cost of some of your non-essential monthly expenses. Therefore, you would consider a streaming service a fixed non-essential expense. Although this cost is fixed from month to month, you don’t necessarily need a streaming service to survive. For example, a streaming service may cost $10 per month. Most fixed expenses are essential, but there are a few costs that are fixed and non-essential. The amount that you pay towards student loan debt or debt from credit cards on a monthly basis could also be considered a fixed expense. Some examples of common fixed expenses are a college meal plan, rent, insurance, subscriptions, and car payments. The amount you pay for a fixed expense doesn't usually change or changes very little. Fixed ExpensesĪ fixed expense is a recurring cost paid regularly (weekly, monthly, quarterly, or yearly).
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It’s important to identify the differences between these expenses when creating your monthly budget in college. Personal expenses can be separated into two different categories, fixed and variable expenses. Download Budget Sheet What are the types of expenses?