Saving & Budgeting

What's one of the first rules of managing your money well?

• Make a lot of money so you'll have more to spend.

• Pay yourself first.

• Pay your bills after you buy what you want.

What does "liquid" mean?

• Water

• Coffee

• Tea

• An asset that easily converts to cash/easy to spend.

What is a fixed expense?

• An expense in which the amount changes month to month.

• An expense that you don't have to pay every month, but is paid irregularly.

• An expense that costs the same every month.

What is a variable expense?

• An expense in which the amount changes month to month.

• An expense that you don't have to pay every month, but is paid irregularly.

• An expense that costs the same every month.

What is a periodic expense?

• An expense in which the amount changes month to month.

• An expense that you don't have to pay every month, but is paid irregularly.

• An expense that costs the same every month.

Which should your life goals be?

• Specific

• Measurable

• Realistic

• Time bound

• All of the above

Which types of savings should you have?

• A piggy bank only

• An emergency fund and 3-6 months' of expenses

• Never use a bank account for savings.

How much money should you save each month?

• 10% of your income

• 1% of your income

• 300% of your income

• None of your income

What is a budget?

• Your debit card

• A calendar

• Your piggy bank

• A plan on how to spend your money.

Which is an example of a fixed expense?

• Groceries

• Dining Out

• Mortgage