Expense

Meaning:

An expense is defined as the money spent to buy goods or services for personal use  or business operations.                    It represents the financial outlay needed to meet various needs and  responsibilities.

Example:

For example, if a student pays ₹2,500 for a monthly public transport pass, that  amount is categorized as an expense.

How to understand expenses:

Expenses are crucial for managing daily life, as they cover essential needs such as groceries,  rent, and utilities.

They reflect personal priorities and spending habits, influencing overall financial health.

Uses of Expenses:

Meeting basic needs like food, utilities, and transportation.

Paying for services such as internet, mobile plans, and subscriptions.

Covering business costs, including salaries, rent, and materials.