50/30/20 Rule: Daily Living Income Practice

In the 50/30/20 rule, the 50 represents 50% of your income that should be put towards your ___________

• Wants

• Needs

• Savings

In the 50/30/20 rule, the 30 represents 30% of your income that should be put towards your ___________

• Wants

• Needs

• Savings

In the 50/30/20 rule, the 20 represents 20% of your income that should be put towards your ___________

• Wants

• Needs

• Savings

50% =

• 0.50

• 5.0

• 0.05

30% =

• 0.03

• 3.0

• 0.30

20% =

• 2.0

• 0.20

• 0.02

If you have an income of $2,500.00 per month, about how much of that income should you spend on your needs?

• $500.00

• $750.00

• $1,250.00

If you have an income of $2,500.00 per month, about how much of that income can you spend on your wants?

• $500.00

• $750.00

• $1,250.00

If you have an income of $2,500.00 per month, about how much of that income should you spend on your needs?

• $500.00

• $750.00

• $1,250.00

Erin earns $2,950.00 per month. How much of her income should she spend on needs?

• $885.00

• $88.50

• $1,475.00

• $147.50