WHAT IS A PERSONAL EXPENSE?
Define Personal Expense?
Personal Expense is the money you spend to buy something for yourself.
What is Personal Expense in more detail?
Personal Expense is anything that you buy that can benefit yourself. We have so many personal expense that sometimes we can’t control especially if our wants exceeds our needs. Everyday our wants keep on increasing like you really wanted to buy a new pair of shoes even if you have a dozen of pairs already.
When I go to the mall to pay some of our bills I sometimes go to the clothes or makeup sections. My intention is to window shop only since I already have what I need at home. But when I go to these sections and see the big word “SALE” my mind immediately got crap and my eyes suddenly got a heart on it. If the sale of that item marked down at 50%-70% off I got crazy! So even if I don’t want to buy I ended up buying it, then that is a personal expense, that new makeup or new clothes I bought is a personal expense.
I used to spend on things I don’t really need and later realized that it is only a want. Some examples of personal expense are your home cable subscription at home, cell phone postpaid plan, gym membership, and excessive dining out. You can cut some of these and save a lot of money. For your home cable subscription you can totally cut this out, you can still watch your favorite movies or stream them online. The postpaid plan of your phone that you’re paying monthly, you can also cut this, 2 or 3 years ago I’ve been planning to have a postpaid plan for my phone but ended not having it and I am glad I did because my work is at home and it’s very rare that I go out, I can easily contact my friends or family using my Skype or Facebook Messenger. For gym membership, well some may not agree to this cutting out since being healthy is important but you can have some other means to exercise like you can try a jog at your neighborhood every day, it does not cost a lot of money or do a home yoga for meditation, we can still exercise that does not make us spend money. Last is excessive dining out, well I am guilty to this. I do like to eat out and I realize that it takes out a lot of money from my pocket at the end of the month. So now I would rather eat at home first before going out.
Personal Expense is fine if it makes you happy but sometimes even if it makes us happy it should also be controlled or else you will end up having debt.