Fixed expense and flexible expense?

fixed are things like mortgage payment, car payment, etc. Flexible is discretionary, restaurants, baseball tickets, bars. You need to figure out your fixed and adjust your discrtionary to hit your target budget.

Fixed Expenses Definition

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Fixed expense and flexible expense?

What's the definition for a fixed expense in a budget and a flexible expense in a budget. Why would this information be important to you or you and your partner, if you or both of you already use a budget or choose to start using a budget?

Take a look at this worksheet developed by American Debt Solution http://www.adshq.org/%5Ccontent%5Cexpense_workshee... with 3 categories of expenses - fixed, flexible and disgrationary. In this sheet, flexible means the amount fluctuate.

On this one http://financialaid.ucdavis.edu/undergraduate/stud... there are only two categories - fixed and flexible. In this case, flexible means disgrationary.

Take you pick, they both work.

I think it is a great idea to have a budget. Even if you decided not to follow a strict budget, it is still a good idea to know how much your are spending comparing to your earning. It will also help you set goals to save for larger purchases (like a home).

Best wishes.

What Is A Fixed Expense

It is very simple. The fixed expenses are those monthly payment amount stay the SAME, like rent, car payment, and etc. Flexible expenses are those that amount FLUCTUATES with different usages. Like your utilities, the more you use, the HIGHER the amount is, vice versa, the LESS you used, the LESS IT COST IT. As for credit card payments, it depends if you owe a lot and want to pay off as much as you can, then you can set it to a fixed expense like $500/month. If you don't owe any credit card debts and only use it for convenience to go out to eat and buying some stuffs, then you can categorized it as flexible expense. As for groceries, I like to set it to fixed, that way I stay within my budget and not OVER spend. Because the more you buy, the higher your groceries cost will be per month. That is your personal preference.

A fixed expense is an expense that will cost you the same month by month. Such as rent, mortgage, car payment, student loans, ect. Flexible expense, refers to expenses that vary month by month, like your gas, phone, and electric bill. Flexible expenses may also include money budgeted for clothes,food, entertainment, and savings. Things that may not cost you the same month to month.

It's important to know the difference so you can budget accordingly.

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Browse around the sporting goods sections of Walmart, et. al. and find a patch kit that uses an adhesive. or Get a can of Spray Seal like you see on TV? costs about $15. They advertise it as being flexible. or Try using a bit of Gorilla glue over the hole. Deflate the mattress. The tricky part would be not allowing the glue to seep through the hole and bond to another wall of the mattress; it would never inflate properly again. or Try a dab of silicon caulking. Also found at Lowe's/Home Depot etc. Read instructions and see if it has a set time before re-inflating. Good luck!

Redwine is correct about the fixed expenses but I think flexible are also utilities, gas, things that might fluctuate as well as discretionary spending.