What are expenses?

An amount that you spend is an expense for you.

The spending can be in different areas including living expenses or entertainment expenses or even lifestyle expenses.

Some expenses are essential like food or rent or even conveyance to get from home to work.

Other expenses are more dependent on the choices that you make in terms of your personal interest or even lifestyle.

Expenses should be based on the income that is earned so that there are some savings and there is no shortage of money.

Is there a distinction between different types of income?

Income from any source makes money available for an individual to use.

The nature of the income can however build confidence for an individual.

A regular income flow builds comfort for the individual as it is repetitive and certain.

A one time income has no certainty of arising again.

If the income is regular then expenses can also be planned over the long term.