What is Fixed or Recurring expenses?
A fixed/recurring expense is a cost that does not change from period to period or that changes only very slightly. Fixed expenses are usually paid on a regular basis, such as week to week, month to month, quarter to quarter or year to year. Some of the typical Fixed expenses are Home Loan EMI or rent payments, Car EMI payments, insurance premiums.
Also 80% of our expenses are fixed or recurring expenses, hence if we can track these we will be able to track 80% of our expenses easily.
For example if you have bought a home and taken a home loan for 20 years, every month you will have to pay the bank monthly EMI of x Rs to bank which comes under monthly expense.
Typical Household Fixed expenses are telephone/mobile bills, Servant/Maid salary and grocery costs etc.
For example every month you have to pay mobile bill, which should be added in monthly expenses.
Typical Travel Fixed expenses are daily bus fares, or auto fares for going to office.
How can trackspends help in tracking these expenses?
1) Add your Fixed / Recurring expenses after login to your account with the Message/Amount and frequency for the particular fixed expense.
For example below I have added for my Home Loan EMI, which is deducted every 15th of month, hence the date 15th is selected.
2) Review your Message/Amount/Frequency in the List of Fixed expenses by clicking on "Fixed Expenses" tab, will be as below:
3) Add more fixed / recurring expenses by clicking on the corresponding frequency link in the List of Fixed expenses.
For example we have added weekly expenses for bus fare:
4) Based on the message/amount/frequency/date selected Trackspends will add the corresponding expense amount to your overall expenses, for example every saturday 250 rs in below account:
Once the rule is created trackspends will process the rule at corresponding date and add the expense in your account as shown above in My Expenses.
