It’s easy to estimate how much you’re spending on rent and food every month, but what about the months when all of your friends seem to have birthdays or you’re traveling a ton?

Learn:
Fixed expenses are cash drains that remain the exact same every month, like student loan payments, rent, cell phone bills, gym bills, auto payments, etc. Variable expenses, on the other hand, can vary month to month. These include the cost of entertainment, dining (or drinking) out, birthday gifts for friends, and even gas.

Make a list of your fixed and variable expenses. Seriously. Open up a Word document (or grab paper if you're old-school) and DO it. List out everything, from your hair appointments, to monthly charity contributions, to your daily Starbucks runs. Here's an example:

FIXED
•Rent
•Student loan repayments
•Cable/wireless
•Cell phone
•Insurance payments
•Gym fees

VARIABLE
•Food/Groceries
•Medicine
•Restaurants
•Alcohol
•Laundry
•Trips/Vacations
•Beauty
•Clothes
•Entertainment
•Gifts for friends and family (birthday, holiday)
•Charity
Action Time: 8 minutes

Take our quiz.

Is It Fixed Or Variable?
1. Magazine subscription
2. Vet bills & pet care
3. Monthly unlimited subway pass
4. Electric bill
Action Time: 2 minutes
Answers:

1. Fixed; 2. Variable; 3. Fixed; 4. Variable

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