Now that you’ve learned about the different kinds of expenses, you’re ready to get started on creating your budget. It is important to find the right balance for you when deciding to spend money on non-essential items or to save that money for an item in the future. Games, eating out, and gifts are other non-essential variable expenses.
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Entertainment is a common form of a non-essential variable expense.Īlthough concerts, movie theatres, and vacations are fun, the tickets for each of these events vary and are not considered a need. These expenses are often where the most money is wasted in a budget. 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. Examples of variable expenses include gasoline, car maintenance, groceries, phone bills, and so on. 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, a streaming service is 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 costs $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. These expenses are paid regularly (weekly, monthly, quarterly, or yearly). Fixed ExpensesĪ fixed expense is a recurring cost of which the amount never changes. 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. While that is printing, read further to learn about the different kinds of expenses, how they will impact your budget, and the steps you will need to create a proper budget for college.ĭownload Budget Sheet What are the types of expenses?
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Budgets can act as an invisible conscience reminding you that you don’t need to order your third pair of shoes this month, even if there was an “amazing sale.” Plus, budgeting your expenses now will help you save in the long run.īefore getting started, you will need to download and print your monthly budget template. This is why the practice of budgeting is essential. To overcome this struggle in college, students are beginning to prioritize their future and set financial goals for themselves. Many students utilize the money available from their checking account or credit limit with little consideration to which purchases are important and which are unnecessary. Sometimes, it’s easy for students to let the freedom of college affect their finances. College brings a wide variety of new activities and an exciting sense of freedom.
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