Discretionary income not only varies from person to person, but can also change over time. For example, the after-tax income you earn from a summer job in high school might be entirely discretionary ...

Budgeting, quite simply, is the act of spending your money efficiently. The importance of budgeting cannot be overemphasized, and whether you’re looking at your individual finances or running a ...

Fixed expenses (rent, insurance) remain constant monthly, while variable expenses (groceries, utilities) fluctuate. The 50/30/20 rule allocates 50% for needs, 30% for wants and 20% for savings and ...

Fixed expenses are easier to plan around because they stay the same from one month to the next. Variable expenses, on the other hand, are less predictable. Understanding both types and how they impact ...

I'm a freelance financial journalist and a regular contributor to U.S. News and CreditCards.com. I've written for Life + Money by Citi, Bankrate and The Balance, among others. You can find me on ...