What is the difference between fixed and flexible expenses?
A fixed expenses is something in your budget that you have to pay no matter what like a car payment; a flexible expenses is not as defined and it can or will change over a period of time.
What is the difference between compound and simple interest on savings account?
Simple Interest is a standard interest that you will get on your account with the money that is already in there. As a compound interest on an account you will gain interest on the interest.
Some of the importance of savings will help you be prepared for the future and in case of an emergency. It is important to have a goal set up so you will have some money to fall back on if you need it.
Is it okay to spend money now?It is okay to spend some money now because everyone needs some fun. It is also important to save some money to be able to have something to fall back on kind of like a safety net.
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