Final answer:
Setting money aside for long-term goals is known as PYF, distinguishing between fixed and variable expenses is essential for financial management.
Explanation:
Setting aside a certain amount of money for long-term goals is considered Pay Yourself First (PYF). This involves prioritizing saving before spending on other expenses like fixed or variable costs.
Fixed expenses are consistent monthly costs like rent or insurance, while variable expenses, such as groceries or dining out, can fluctuate based on needs and wants.
It's crucial to manage income, savings, and expenses to ensure financial stability and allocate funds effectively.
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