What do we call the money available for spending after taxes and living expenses?

The term that refers to the money available for spending after taxes and living expenses is discretionary income. Discretionary income represents the amount that remains after essential expenses such as housing, food, and taxes have been accounted for. This is the money that individuals can choose to spend on non-essential items, entertainment, savings, or entertainment without impacting their basic standard of living.

In contrast, disposable income is the broader category that includes all income after taxes, but before essential living expenses are deducted. Fixed income refers to a steady, unchanging source of income, typically received from investments, pensions, or government benefits, while gross income is the total income earned before any deductions such as taxes and other expenses. Understanding these distinctions helps clarify financial decision-making and consumer behavior in the context of fashion merchandising and other industries.