What is the 50/30/20 rule in budgeting?

Budgeting

Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Back
spend 50% on needs, 30% on wants, and save 20%
2.
FLASHCARD QUESTION
Front
What is an emergency fund used for?
Back
covering unexpected expenses like medical bills or car repairs
3.
FLASHCARD QUESTION
Front
Which of the following is an example of discretionary spending? groceries, mortgage payments, gym memberships, electric bills
Back
mortgage payments
4.
FLASHCARD QUESTION
Front
What is the first step in creating a personal budget?
Back
track your income and expenses
5.
FLASHCARD QUESTION
Front
If your expenses consistently exceed your income, what is the best course of action?
Back
reduce discretionary spending or increase your income
6.
FLASHCARD QUESTION
Front
What is the recommended percentage of income to spend on housing?
Back
30%
7.
FLASHCARD QUESTION
Front
Which of the following is a strategy for managing debt effectively?
Options:
pay only the minimum payment each month,
focus on consolidating all debt into one loan, regardless of terms,
avoid making payments until the debt is urgent,
focus on paying off high interest debt first
Back
focus on paying off high interest debt first
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