How do you prioritize expenses?

Question

AviatorTom · Accepted Answer

Break expenses into 3 categories: (1) necessities (like food, electricity), (2) good to have (like internet), and (3) luxuries (like travel). Then, try to plan your income and expenses so that you can always pay the first category and pay at least the important ones in the second category, and pay the rest if you have the money, and try to save at least some of you income each month. Luxuries are usually saved for and only paid when enough has been saved up.

My SO and I have been fortunate in that our income usually is sufficient to pay the first two categories, some of the third (day trips, for example) and save enough over time for more expensive things in the third category (like international travel).

dragoblack · Accepted Answer

1- utilities & rent
2- food
3- clothes
4- any other necessity that may come up.
5- transport.
6- saving a portion for emergencies and stuff that is expensive.
7- comfort (such as personal at home entertainment)

Aerissa_Jade · Accepted Answer

Pay bills first, and when I say that... I mean really pay. When I lived in the city and had utilities, I would not only pay them, but I would pre-pay things like, power, water, gas, etc... because they would charge a 3 to 5 dollar credit card fee, so why not just pre-pay 500+ dollars at a time and not have to worry about paying those fee's on a monthly basis.

Plus if shit hit the fan, I I lost income for a bit, I'd be safe without playing catch up.

I despise paying fees but I really despise paying interest, for anything less than 10k.

I also include paying myself into savings as a monthly expense too.

I follow the philosophy, if I want more money... spend less.

Agape93 · Accepted Answer

Do I need it? If yes, buy it as cheap as I can. If not, I don't buy it, or I'll budget for it. These come secondary.  Is it a bill or loan repayment? If yes, it comes first.

petitedollbabee · Answer

Needs vs wants. Needs are groceries and bills. They come before anything that I want but don’t need.

Phoenix98 · Answer

Bills always come first I try to pay off all my bills as early in the month as I can so I can just save up for the rest of the month.

exitseven · Answer

I look at who will shut me off next month if I dont pay and they get paid first.

TallAnon · Answer

Whatever I need to spend > Whatever I want to spend > Saving

Xtendable · Answer

Essentials first, with some allowances (limited) for treats

CloudMassacre · Answer

Rent Utilities  Gas Food Luxuries

Guardian45 · Answer

Rent, utilities, bills, food, frivolity

Guanfei · Answer

What I need first, then if I can, what I want

Andres77 · Answer

Always.

jimmy2 · Answer

With a budget

How do you prioritize expenses?

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How can I budget properly?

How do you prioritize expenses?

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How can I budget properly?

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