Budgets and why you should make them
A Budget is an estimate of income and expenditure for a set period of time. Budgets are important because they help you manage your money, and they show you how much extra money you have for other things.
Fixed ExpensesA fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold. Fixed costs are expenses that have to be paid by a company, independent of any business activity
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Discretionary ExpensesA discretionary expense is a cost that is not essential for the operation of a home or a business. For example, a business may allow employees to charge certain meal and entertainment costs to the company to promote goodwill with employees.
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Variable ExpensesA variable cost is a corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases. Learn more about all of the expenses at this website: http://www.handsonbanking.org/financial-education/teens/types-of-expenses/
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Wants vs Needs and Tips
Wants are things that you want in your life, hence the name. Needs are the opposite. They are things that you need in order to live. Examples of wants include devices, eating out, extra clothes, etc. Examples of needs are food, shelter, clothes, and obvious things that you need in order to stay healthy and live. Now, tips. It is important that you remember to pay yourself first. This means that you save a calculated amount of money to make sure that you won't be broke in the future.