Question: Identify which expenses are fixed, and which are variable. Renting Rent Tenant insurance Owning Mortgage Home insurance Property taxes Utilities Heat Hydro (electricity) Water Phone

  • Identify which expenses are fixed, and which are variable.

Renting

  • Rent
  • Tenant insurance

Owning

  • Mortgage
  • Home insurance
  • Property taxes

Utilities

  • Heat
  • Hydro (electricity)
  • Water
  • Phone
  • Internet

Eating

  • Groceries
  • Dining Out

Household

  • Pet - food, toys, vet, grooming
  • Cleaning - dish soap, laundry detergent,bathroom, kitchen, floor cleaners, dusting supplies, etc.
  • Coin Laundry

Entertainment

  • Movies, theatre, sports, books, concerts, hobbies, gaming, gifts
  • Netflix, Spotify, or other streaming services
  • Vacation savings

Personal

  • Clothing
  • Charitable Donations
  • Medical
    • prescriptions - most free until age 25
    • eye care
    • dental
    • other medications
  • Life Insurance
  • Personal care - haircuts, massage, physio
  • Cosmetics - shampoo (stuff for hair), soap, make up, toilet tissue, Kleenex, paper towels

Savings

This may include saving for big purchases, retirement, or building an emergency fund

  • Short term (less than one year),
  • Long term

Transportation

  • Car expenses:car loan, insurance, licence, gas, maintenance, repairs, parking, tickets
  • Bus expenses: bus pass
  • Bike expenses: replacement parts, maintenance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

Chris (for Christopher or Christine) and Sam (for Samantha or Samuel) are a couple in their mid-20s. They recently graduated from George Brown, but after repaying their OSAP and other loans, they...

Q:

For this Final Project you will be using thing learned throughout this course. Your job is to create budgets and net worth statements for three stages in your life: college, about 30 years old, and...

Q:

Use the following information about student John Henry to complete a budget for him: Part-time job that pays $3,000 after taxes each month during school (not in May, June July) $4,400 in Jan, April,...

Q:

ANNUAL PERSONAL BUDGET ASSIGNMENT Everyday you make financial decisions that determine how much you spend, save and invest. How good are you at managing your money? Can you take charge of your own...

Q:

BANK 1002 Personal Finance Assessment 1 Case Study Information for both Continuous Assessment: Part 1 and Part 2 Current situation Teressa is a 56-year-old Highly Accomplished Teacher with 31 years'...

Q:

I. In the table below, state your profession and provide your annual income (remember for this scenario, you have recently graduated and have been working in your industry for 5 years). You can...

Q:

it does not have to be real info the info can be made up questions showing in the pics below Scenario You are a recent graduate from Bryant and Stratton College and currently working in your field of...

Q:

REFERENCE PROFESSION : https://www.bls.gov/ooh/education-training-and-library/preschool-teachers.htm another link to help (Philadelphia)...

Q:

Hi. I need Chapter 11 part 1-4 Let me know. Thanks! (it wont letme add more than $8, but I will give $12+ tip) Personal Finance, Fifth Edition by Jeff Madura BUILDING YOUR OWN FINANCIAL PLAN WORKBOOK...

Q:

I need Chapter 2 & 3 finished. Chapter 4 & 5, Chapter 6 & 7, & Chapter 8. Some of this is completed, but it isn't 100% finished. Let me know if you can get to it. Personal Finance, Fifth Edition by...

Q:

The following information pertains to Oriole Company . Assume that all balance sheet amounts represent average balance figures. Total assets $ 390000 Stockholders' equity-common 270000 Total...

Q:

Show the following transactions for a household on a double-entry bookkeeping ledger (values are expressed in the same given unit of account): Household earns a salary paid in a checking account...

Q:

vestion 1 2 Not yet answered Marked out of 2 . 4 4 Flag question hich of the following statements about activity based costing is true? lect one: A . The most widely used approach to activity - based...

Q:

A company is preparing completing their Cash Budget. The following data has been prepared for cash receipts and payments. January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash...