These are the types of monthly expenses that are always the same amount. While these types of expenses make calculating our budget easier because we know what to expect, they can also make it difficult because we have less control over them. Some examples of fixed expenses are car payments and mortgage loans.

Unlike fixed expenses, varied expenses can change from month to month. These are the type of expenses we have more control over. We can increase or decrease the amounts depending on our budgeting needs. Some examples of varied expenses are food/groceries, utilities, and gas.

Although you don’t have these types of expenses on a monthly basis, it is important to still figure these in your budget as a monthly expense to ensure you have the money when the bill is due. Some examples of periodic expenses are car insurance and personal property tax.

Unexpected expenses sometimes occur. This is why it is very important to have a savings account for those unexpected expenses. Most financial advisors recommend that you save 10% of your monthly income. If you can’t afford 10%, you can start off with a lesser amount and work your way up to this percentage. The amount isn’t necessarily as important as getting yourself into a habit of saving a portion of your income for emergencies or unexpected expenses. Some examples of unexpected expenses include medical bills, car repairs, and home repairs.

At some companies, workers can request overtime work or volunteer for extra assignments.

This can be difficult to balance in the households with children, but there are always options. Some adults opt for second jobs at department stores that offer employee discounts on clothing or other purchases to help stretch their budgets.

If you can no longer afford to own a boat, selling it can reduce your debt and bring flexibility to your budget. If you have a hobby that creates attractive items that others would be willing to pay for, consider selling them at a craft fair or a rummage sale. Clean out your house and sell unwanted items at a yard sale for vacation money.

While it may not be possible to boost your income now, creating and following a spending plan can make it possible to change your circumstances to fund the pursuit of long-term goals, such as additional job training, higher education, or even relocating to another part of the country.