A fixed expense means it cost the same every month (like rent, cable, internet, and student loans).įiguring out my variable expenses were a little more difficult. Some things I knew exactly how much I spent because it was a fixed expense. When I concluded I listed everything I could think of, I started to figure out how much I spent on each item on my list. When making my list, I didn’t worry about how much I actually spent I just wanted to list the things I spent my money on. The way I determined what my monthly expenses were is I literally sat down and wrote everything I spent money on. Determine Your Monthly ExpensesĪfter I figured out my take-home pay, I look to see what my monthly expenses are. Whatever method you use, be sure to subtract obligations like taxes and business expenses to determine your take-home pay.
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