Making a Budget
A budget is a plan for spending the available income to an individual or family. This is done by listing expenses which vary from individual to individual and family to family. There are two types of expenses: Roll over each for more information
Fixed expenses
Fixed expenses refer to expenditure on goods and services that must be paid for on regular basis. They include:
- House rent
- Electricity
- School fees
- Savings
- Hire purchase
- Water
Flexible expenses
Flexible expenses refer to expenditure on goods and services that must be bought on regular basis but the time and money spent can be varied. They include:
- Food
- Clothing
- Medical care
- Transport
- Emergency
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