Income
Wages and salaries
Money from your primary job.
Essential spending (Needs)
Necessary living expenses such as housing, groceries, utilities, and transportation.
Emergency fund
A cash reserve to cover unexpected events like job loss or medical emergencies.
Retirement accounts
Accounts like a 401(k) or IRA are used to save and invest for retirement.
Insurance
Policies such as life, health, home, and auto insurance protect you from financial disaster
investment income
Dividends or capital gains from your investments.
Discretionary spending (Wants)
Non-essential expenses like entertainment, dining out, and travel.
Short-term goals
Money saved for specific purchases, such as a vacation or a new car.
Brokerage accounts
Allow you to invest in assets like stocks, bonds, and mutual funds.
Estate planning
Creating a plan for the transfer of your assets through wills and trusts to ensure they are distributed according to your wishes
side hustle earnings
Additional money from freelance work or other sources
fixed
monthly paynents
Long-term goals
Larger, future objectives like a down payment on a house or education.
Real estate
Investing in property to generate income or appreciate in value
intermittent
something you can pay for every three months or so