Budget

Front

What is the formula to calculate monthly savings needed to reach a financial goal?

Back

Monthly Savings = Total Savings Goal / Number of Months

Front

If you want to save $2,400 in a year, how much should you save each month?

Back

$200

Front

What is an example of a short-term financial goal?

Back

A dinner date for two.

Front

What is an example of a long-term financial goal?

Back

Saving for a house or retirement.

Front

How much should you save each month to reach a goal of $15,000 in 15 months?

Back

$1,000

Front

If you want to save $5,000 in 10 months, how much should you save each month?

Back

$500

Front

What type of item would someone most likely need to save for?

Back

A washing machine.

Front

What is the importance of budgeting in personal finance?

Back

Budgeting helps track income and expenses, ensuring savings goals are met.

Front

What is the difference between short-term and long-term financial goals?

Back

Short-term goals are typically achieved within a year, while long-term goals take several years.

Front

What is a common mistake people make when setting savings goals?

Back

Not considering their monthly expenses and income.