Should I Convert Discretionary Expenses To Savings?

Discretionary expenses are nothing but those expenses which can be classified and “wants” and not “needs”. Needs would refer to the barest minimum essentials that are required to run daily life, and cannot be reduced or done away with for practical purposes. Wants, on the other hand, are not necessities and are not fixed expenses either. However, what might be considered a discretionary expense is very subjective from person to person. So, as per your individual priority list, you can try to assess which expense is necessary and which isn’t, and subsequently convert unnecessary ones into savings for future benefit.