Every single expense incurred is regarded as spending. Any financial resource allocated for purchasing, consumption or any other financial obligation counts as spending. This is one of the most important issues in personal finance as it touches directly on ones financial wellbeing. To facilitate analysis of this section, consumption or spending can be classified into two:
Essential Spending: These are the basic things one requires and performs a function, for example, shelter or housing expenses, communication, food, transport cost, health services and even insurance .These expenses are in most cases fixed and cannot be avoided
Examples of such include meals taken outside the home, cinema or sports attendance, hobbies or any unwanted items purchase, holidays, luxurious goods among others. This aids in enhancing living standard making them pleasing however such expenses are not basic n the day to day existence.
In most cases, smart spending focuses on essential and non-essential expenditures bearing in mind the financial targets such as savings, investments, and debts. For example, prior limiting expenses contributed over non-essentials able to healthy budget plans. Furthermore, enhancing how effective expenses adapted by making a difference between back and front available helps.
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