Welcome to the Expense Eliminator Module

Press Play to watch the video and read the information below to get started.

Expense Eliminator

In this section, you will:

  • Categorize your expenses
  • Eliminate some expenses
  • Gain Additional Resources for Student Loan Debt

First, we need to look at expenses. Simplify put, an expense is money spent. Expenses would include things like rent, transportation, entertainment, subscriptions, credit cards, student loans, mortgage, cell phone bills, utilities, food, and so on. It is essential that you list out all of the money you spend on a monthly basis. You’ll need to fetch your bank account statements for the last three months to help you do this. Divide your expenses into 2 categories using the Budgeting Blueprint.

The first category is “needs”, as they are necessary for day-to-day living. Think to yourself, “What do I need to live this month/year?” Obviously, things like food and shelter come to mind, but don’t forget about things like transportation, toiletries, and insurance. The Budgeting Blueprint will guide you through this, just fill in the blanks. Think bare-bone, bare necessities, no fluff when listing your needs. Do not list things like “going to the movies twice a month to see the latest flick” on this list. Be brutally honest with yourself. We are stripping your expenses down to what you need to survive day-to-day.

For expenses that vary (electric and water bills), use your bank statements to average the cost over the last 3 months. .



Add up all of your fluctuating bills and divide the total by 3. Enter the average into your Budgeting Blueprint. List each need in both the monthly and yearly categories. If you pay $73 for your cell phone each month, find the yearly cost by multiplying 12 x $73 for a total of $876.

Monthly Expense Yearly Expense
Cell Phone $73 $876


Notice the Debt Diagram function within the Budgeting Blueprint. Don’t worry about filling in this portion just yet. We will get to it in the Strategic System portion of the course.

Next on the expense list are the “wants”. Wants are things that will not affect your overall well being if you do not have them. Some examples of “wants” are your Netflix subscription, shopping, concerts, clothing (in the name of fashion), gifts, going to athletic events, or getting those girl scout cookies when they post up in front of the grocery store. Most things you encounter will fall under the “wants” category. Wants are tied to our emotions, not our financial well-being.


According to a recent survey from Deft-Free Education, nearly 88% of teachers have student loan debt.


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