Budgeting

What is a need?

• Bottle of Soda

• Dr. Appointment

• Netflix

• Concert tickets

What is a want?

• Gas

• Bus ticket

• Taylor Swift Ticket

• Phone bill

What is the 50/30/20 rule

• 50 dollars for me, 30 dollars for you, 20 dollars for paying bills.

• 50% on expenses, 30% on wants, 20% on savings

• save 50% for amusement, 30% for food, 20% for ice cream

• save 50% when you spend $20 on the 30th of the month.

What is the fund for unexpected expenses.

• budget

• saving for goal

• 30% of budget

• emergency fund

Keeping your budget will keep you ____________ for your goals.

• on track

• distracted from

• annoyed about thinking

• off track

how much should you put away for savings?

• 2000 dollars

• 50%

• none

• 10 -20%

what is the 20/4/10 rule for buying a car?

• look at 4 car dealerships for 20 minutes of research and use 10% of your money for a down payment.

• Look at 20 cars, at 4 dealerships, save 10 percent on the car.

• 20 minutes to negotiate 4% down payment and 10 payments.

• 20% down payment, contract of no longer than 4 years and 10% of your budget to make your payments

What part of your budget goes for wants and optional items?

• the biggest part

• 10%

• 30%

• 50%

You go to Starbucks and buy two double mochas for you and a friend. The bill comes to $7.53. How much change do you get back from a $10 bill?

• $2.49

• 247 cents

• $3.43

• $ 2.47

Savings accounts are really great for

• Long term goals or emergencies

• Wants

• Immediate needs

• Current bills