which is a good examples of essential expenses
Those things that keep you and your family alive and safe.
food
clothing
shelter
etc.
Essential expenses are the necessary costs that individuals or families need to cover to maintain a basic standard of living. Here are some examples of essential expenses:
1. Housing: This includes rent or mortgage payments, property taxes, and utilities like electricity, water, and heating.
2. Food and groceries: This includes the cost of buying essential groceries, such as fruits, vegetables, grains, dairy products, and proteins.
3. Transportation: The cost of commuting, whether it's fuel for a car, public transportation fares, or necessary vehicle maintenance and insurance.
4. Health care: Depending on your location, this can include health insurance premiums, doctor's visits, medication, and other medical expenses.
5. Education: If you or your dependents are currently enrolled in school or college, education-related expenses like tuition, textbooks, and supplies are essential.
6. Personal care and hygiene: This includes the cost of personal care items such as toiletries, grooming products, and basic clothing.
7. Debt repayments: If you have any outstanding loans or credit card debt, making regular payments is considered an essential expense to avoid accumulating interest or penalties.
To determine your essential expenses, it's helpful to create a budget by tracking your spending and prioritizing these necessary costs. This will give you a clear understanding of where your money is going and enable you to manage your finances accordingly.