3rd of 6 EXPENSE TYPES
These fall into two groups.
Group ONE:
Things You Need. For example – White Goods, Motor Vehicles, Furniture
Group TWO:
Things You Want. For example – Hobbies, Clothing, Travel, Recreational
Where To keep This Money
Because these expenses tend to be less frequent and less predictable, you could easily spend more than you can afford on these items if you have no plan. Therefore, you should have a separate account that is dedicated to these expenses. You might even consider having multiple accounts for different goals, hobbies or desires so that you can easily identify how much you have available for each one.
