Work readiness: Managing you finances

What is one helpful strategy that you can use to help you manage your money?

• Work longer hours to make more money

• Avoid impulse buying

• Avoid getting together with friends too often

• Put most of your wage into a savings account

A _________________ is a list of planned income and expenditure for some future period. It helps people to manage their finances successfully.

Rule of Percentages — A good rule of thumb for budgeting your salary is: .....

• 90% pay current bills and 5% save for future purchases

• 20% par current bills and 70% save for future purchases

• 55% pay current bills and 20% save for future purchases

• 70% pay current bills and 20% save for future purchases

What type of expenses occur on a regular basis and are the same amount every time?

• Fixed

• Scheduled

• Variable

• Varied

What are some disadvantages of owning a credit card?

• Interest fees on purchases

• They work overseas

• They allow for reckless spending

• They can build your credit profile