Quick Answer: What Are Personal Expenses?

Is an electric bill a fixed expense?

Some utilities, such as electricity, may increase when production goes up.

However, utilities are generally considered fixed costs, since the company must pay a minimum amount regardless of its output..

What are some personal expenses?

Necessities often include the following:Mortgage/rent.Homeowners or renters insurance.Property tax (if not already included in the mortgage payment).Auto insurance.Health insurance.Out-of-pocket medical costs.Life insurance.Electricity and natural gas.More items…

What are the 4 types of expenses?

You might think expenses are expenses. If the money’s going out, it’s an expense. But here at Fiscal Fitness, we like to think of your expenses in four distinct ways: fixed, recurring, non-recurring, and whammies (the worst kind of expense, by far).

What are considered expenses?

An expense is the cost of operations that a company incurs to generate revenue. As the popular saying goes, “it costs money to make money.” Common expenses include payments to suppliers, employee wages, factory leases, and equipment depreciation.

What are the 3 types of expenses?

There are three major types of expenses we all pay: fixed, variable, and periodic.

How do you list expenses?

Steps to Track Your ExpensesWrite down your monthly income.Write out your monthly expenses. Start with food, shelter (your mortgage or rent plus utilities), clothing, and transportation. … Make sure your income minus your expenses equals zero.

What is an essential expense?

Essential expenses are expenses that are required for living. Non-essential expenses are the extra things you spend your money on. In addition, essential expenses may be broken down into fixed expenses and variable expenses.

Is Internet a fixed expense?

Some examples of fixed costs include: Rent. Telephone and internet costs.