Question

List the three highest estimated monthly budget expenditures. Are these similar to what you experience now, or are they different? Explain how and why.

Answer 1

Three highest estimated monthly budget expenditure are as follows-

1. Mortgage or rent- mortgage accounts for the highest expenditure in a budget. It is often seen that people do not own homes and prefer to pay a fixed amount of their monthly income in form of rent and mortgages.

2. Insurance premiums- there are general specific insurance premiums accounting for a huge chunk of monthly income to protect from uncertainty of the future.

3. Gym membership-people are health freak these days so significant amount in form of gym membership is also paid as the monthly expense.

Yes this is similar to what I experience now except for a few changes like medical expenses which will account for the major chunk during these are tough times when a pandemic is unfolding and there is no vaccine available yet.