Question: Are Groceries Considered Discretionary Spending?

What are non discretionary items?

Non-Discretionary Items means all real estate taxes, insurance premiums and utilities relating to the Property..

What are the 3 types of expenses?

Fixed expenses, savings expenses, and variable costs are the three categories that make up your budget, and are vitally important when learning to manage your money properly. When you’ve committed to living on a budget, you must know how to put your plan into action.

What are some examples of discretionary spending?

Some examples of areas funded by discretionary spending are national defense, foreign aid, education and transportation.

What is the difference between discretionary and nondiscretionary spending?

These categories can be further broken down into nondiscretionary expenses, which are things you can’t do without, such as food and rent, and discretionary expenses, which you can do without (vacations and entertainment).

What does discretionary mean?

adjective. subject or left to one’s own discretion. for any use or purpose one chooses; not earmarked for a particular purpose: discretionary income; a discretionary fund.

What is an example of a non discretionary expense?

Understanding Discretionary Expenses While non-discretionary expenses are considered mandatory—housing, taxes, debt, groceries—discretionary expenses are any costs incurred above and beyond what is deemed necessary.

Is military spending discretionary or mandatory?

The United States federal budget consists of mandatory expenditures (which includes Medicare and Social Security), discretionary spending for defense, Cabinet departments (e.g., Justice Department) and agencies (e.g., Securities & Exchange Commission), and interest payments on debt.

What are the 4 types of expenses?

You might think expenses are expenses. If the money’s going out, it’s an expense. But here at Fiscal Fitness, we like to think of your expenses in four distinct ways: fixed, recurring, non-recurring, and whammies (the worst kind of expense, by far).

What is an example of discretionary authority?

Here are a few examples: the Department of Education, Environmental Protection Agency, Federal Elections Commission, and the Securities and Exchange Commission.

What are examples of a fixed expense?

Examples of fixed costs include rental lease payments, salaries, insurance, property taxes, interest expenses, depreciation, and potentially some utilities.

What does discretionary amount mean?

Discretionary income is the amount of an individual’s income that is left for spending, investing, or saving after paying taxes and paying for personal necessities, such as food, shelter, and clothing. Discretionary income includes money spent on luxury items, vacations, and nonessential goods and services.

Are groceries considered a fixed expense?

Fixed expenses are your weekly, monthly, or annual bills that don’t fluctuate. … These include things like mortgage or rent payments, car payments, insurance premiums, utility bills, and the average amount you spend on groceries.

Who decides discretionary spending?

Discretionary spending refers to the portion of the budget that is decided by Congress through the annual appropriations process each year. These spending levels are set each year by Congress. This pie chart shows how Congress allocated $1.11 trillion in discretionary spending in fiscal year 2015.

Is rent a fixed expense?

Unlike variable costs, a company’s fixed costs do not vary with the volume of production. Fixed costs remain the same regardless of whether goods or services are produced or not. … The most common examples of fixed costs include lease and rent payments, utilities, insurance, certain salaries, and interest payments.

How do you spend discretionary income?

Here are five smart ways to invest your tax refund — and reap some big rewards.Pay Off Debt. This is probably the least fun way to spend discretionary income because you won’t have anything tangible to show for it. … Meet With a Fee-Only Financial Planner. … Open a 529 Plan for Your Child. … Invest in Your Home. … Take a Vacation.

Is Internet a fixed expense?

Some examples of fixed costs include: Rent. Telephone and internet costs.

What does discretionary mean in law?

Discretion is the power of officials to act according to the dictates of their own judgment and conscience. Discretion is abused when the judicial action is arbitrary, fanciful, or unreasonable. If the plaintiff or the defendant thinks that the trial court judge has abused the discretion, the party can appeal the case.

Is eating out a discretionary expense?

While rent, mortgage payments, and groceries are necessary, discretionary expenses are those you incur voluntarily such as dining out or cable television. Your discretionary spending budget is only as big as the income you have available to fund it.

What is the opposite of discretionary spending?

Antonyms of DISCRETIONARY mandatory, nondiscretionary, necessary, nonvoluntary, requisite, restricted, required, indispensable, nonarbitrary, nonelective, unarbitrary, essential.

What is considered non discretionary spending?

Non-Discretionary or Mandatory Spending This is the mandatory spend you don’t have a lot of control over and that you need to be a member of society, such as everyday bills, utilities and cost of living.

What is another word for discretionary?

In this page you can discover 14 synonyms, antonyms, idiomatic expressions, and related words for discretionary, like: optional, left to discretion, discretional, changeable, arbitrary, judgmental, personal, elective, facultative, opinion and surprise.