Fixed vs Variable Expenses
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Fixed vs Variable Expenses
💡 Part 1: Understanding Fixed and Variable Expenses
Fixed Expenses: These are costs that stay the _______ each month or period. Examples include rent, insurance, and loan payments.
Variable Expenses: These are costs that _______ depending on your choices and usage. Examples include groceries, entertainment, and petrol.
a) Rent for your flat is usually a:
b) Money spent on takeaways is usually a:
c) Your mobile phone plan is usually a:
📋 Part 2: Sorting Expenses
| Expense | Fixed (F) | Variable (V) |
|---|---|---|
| Weekly groceries | ||
| Car insurance | ||
| Internet subscription | ||
| Cinema tickets | ||
| School fees | ||
| Petrol for car | ||
| Electricity bill | ||
| Clothing purchases |
💰 Part 3: Real-Life Budget Scenarios
Sarah's Monthly Expenses:
- Mobile phone plan: $25
- Bus pass: $40
- Lunch money: $60
- Entertainment: $80
- Savings: $50
a) Total monthly expenses: $______
b) Which of Sarah's expenses could she easily reduce if she needed to save money? Explain your answer:
📝 Part 4: Your Personal Expense Plan
| Fixed Expenses | Variable Expenses |
|---|---|
| 1. _________________________ | 1. _________________________ |
| 2. _________________________ | 2. _________________________ |
| 3. _________________________ | 3. _________________________ |
| 4. _________________________ | 4. _________________________ |
| 5. _________________________ | 5. _________________________ |
🎯 Part 5: Challenge Questions
a) Variable expenses are easier to control than fixed expenses.
b) Fixed expenses never change.
c) You should always pay fixed expenses first when budgeting.
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