Intro to Budgeting

Front

What is a "budget?"

Back

A spending plan

Front

Which budgeting rule did we learn about in class today?

Back

50-30-20 rule

Front

True or False: Following the 50-30-20 budgeting rule will work perfectly for everyone.

Back

False

Front

True or False: The 50-30-20 budgeting rule should be based on your after-tax income.

Back

True

Front

According to the 50-30-20 rule, 50% of your income should go towards...

Back

Needs

Front

According to the 50-30-20 rule, 30% of your income should go towards...

Back

Wants

Front

According to the 50-30-20 rule, 20% of your income should go towards...

Back

Savings and debt repayments

Front

True or False: Paying your monthly mortgage (home loan) is debt repayment, so you should budget 20%.

Back

False

Front

True or False: Paying extra (beyond the amount due that month) towards your home loan is debt repayment, so you should budget 20%.

Back

True

Front

Having clothes to wear is a...

Back

Need