financial literacy

Explain the 50 30 20 budget rule

• 50% to needs, 30% to wants, and 20% to savings and debt payments.

• 20% to needs, 50% to wants and 30% to savings and debt payments

• 30% to needs, 20% to wants and 50% to savings and debt payments.

What is the 70 10 20 rule budget?

• The 70-20-10 rule holds that: 20 percent of your after-tax income should go toward basic monthly expenses like housing, utilities, food, transportation, and personal living expenses; 10 percent should be saved or put into investments, leaving 70 percent for debt repayment.

• The 70-20-10 rule holds that: 70 percent of your after-tax income should go toward basic monthly expenses like housing, utilities, food, transportation, and personal living expenses; 20 percent should be saved or put into investments, leaving 10 percent for debt repayment.

• The 70-20-10 rule holds that: 10 percent of your after-tax income should go toward basic monthly expenses like housing, utilities, food, transportation, and personal living expenses; 70 percent should be saved or put into investments, leaving 20 percent for debt repayment.

how many steps are there for creating a budget

• 28

• 8

• 4

• 6

Are these the 6 steps needed to create a budget

1. Assess your financial resources. The first step is to calculate how much money you have coming in each month

2.Determine your expenses. Next, you need to determine how you spend your money by reviewing your financial records

3.Set goals

4.Create a plan

5.Pay yourself first

6.Track your progress

• true

• false

Why do you want a Budget

•  Making a budget can help you make sure you do not run out of money each month. A budget also will help you save money for your goals or for emergencies

• it can help you have money in case you have in incidence

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