Student loans, groceries, travel – they all fall into the three general types of expenses. Name them.

Expenses can be either fixed, flexible, or discretionary. Fixed expenses relate to regular obligatory bills that are always the same amount, like your rent, mortgage, loans, etc. Flexible expenses are regular expenses where the amounts are variable, like the water bill or food. Discretionary expenses are optional and include things like clothing, entertainment, travel, etc.

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