What is an Expense?

Paying Someone

Paying Someone

There are a variety of different dictionary definitions for the word expense.  For the discussion of a budget for a household, the definition of expense is: any outflow of money to another person, group or entity to pay for an item, service or any other costs.  With the above definition, one can understand that expenses will consume your entire budget and it is the reason why you need to have a budget.  You need to cover your expenses for your household in order to have your quality of life remain intact.

Everything that you pay for right now will be considered an expense for your household.  A few examples of an expense are mortgage or rent payments for your house or apartment; a car payment; insurance payments; grocery bills; school supplies; etc.

When you itemize your expenses in your budget, you will inevitably notice just how many expenses you will have.  Be sure to take your time when you undertake this portion of your budget and cover all of your bases.  When you’re entering in all of your expenses into your budgeting program, such as Easy Budgeter, take your time and it is easier if you have another member in your household think about your expenses with you.  The old adage of “two heads are better than one” really goes a long way during this process.  You might forget to add a much needed expense to your budget that someone else will remember.

The more expenses you have, the more income you will need.  If you see an expense in your budget that you really don’t need and find it unnecessary, simply try to cut that expense out of your budget.  You want to try and make your income far exceed your expenses so you will have more money at the end of the month.

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John Mills

Independent Reviewer