![]() Thus all these bear a monthly or yearly premium, which should be recorded here accordingly. Nowadays, everyone plans for retirement funds and another investment fund for a secure future. The most crucial cost spent on travel also gets captured here, and that is a high cost for every household in the US/UK.Īny amount spent toward saving related or investment-related activities are captured here and recorded accordingly. Any sports subscription fee or gadgets purchased is also recorded here.Even books or the amount spent on activities related to one’s hobbies are captured here. Starting from movies to OTT applications, one has to allocate a certain amount towards these attributes to enjoy a life apart from only working. Entertainment these days are part and parcel of every individual’s lifestyle.Having a pet in houses is very common, and this section also bears the cost of maintaining a pet. This section also captures the cost of education or dining, especially when we are eating out.For having a healthy lifestyle, these expenses are common, and also a set budget can be conveniently allocated against them. These expenses are again part of the day to day lifestyle and cannot be avoided under any circumstances. This section targets more daily living expenses like groceries, personal supplies, clothing, cleaning, salon, etc. ![]() Also, the culture to gift people as a token of memory or appreciation is a common thing that should be recorded here. Gifts and donations are common today as most people adhere to donations, which is used as an avenue to bring about tax savings. The life insurance premium also gets captured here, along with the medical cost of pets and vets. This section records primarily all the health-related expenses, which include medical insurance premiums to fees paid to doctors and the cost of medicines. Health and medical-related expense is a thing from which no one can escape. ![]() Also, the cost of the ticket to utilize public transport should be captured here. The fuel in the case of private transportation is the main category, which gets recorded here along with the parking charges and insurance premium. Either personal transport or public transport has a particular cost of usage. Any furniture purchased or repairs made should also be captured in this section.Ĭommute plays a vital role in everyone’s living, and thus monthly, there should be a certain amount allocated towards this thing too. The cost of electricity and water is also shown here as they belong to the basic amenity for living. As stated above, these amounts tend to vary monthly to a minimal extent. Even any kind of home loan or property repair and taxes are recorded in this field.These expenses are more concerned about the day to day living of the individual, and to some extent, the budget allocated towards are don’t vary a lot every month. Here the user will capture the electricity bill, gas bill, and groceries. This section is more of like the necessary amenities needed to run a living.All the income generated monthly is stored and recorded in this segment, and a total is calculated based on the same. It may consist of various streams of income, namely salary, interest from savings, dividends Dividends Dividends refer to the portion of business earnings paid to the shareholders as gratitude for investing in the company’s equity. This section is used to classify all the income which an individual can have. The projected balance gives us the final amount which the user planned to save at the beginning and matches it accordingly with the month-end balance, which is nothing but the difference between income and expense.If the amount here is negative, it should be the first trigger or warning where certainly the expenses are more than the income level of the concerned user. The net balance calculation happens here, which, if positive, means the person has enough income to capture all his expenses. ![]()
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