2. Managing Your Money Wisely

How can saving money help you achieve in the future?

• Instant wealth

• Financial independence

• Constant borrowing

• Ignoring bills

What should you do if your expenses exceed your income consistently?

• Ignore the situation

• Take on more debt

• Adjust your spending

• Continue spending the same way

What is the purpose of the 50-30-20 budget rule?

• To save 50% of your income

• To allocate 30% for entertainment

• To manage expenses efficiently

• To invest 20% in stocks

According to the 50-30-20 budget rule, what should you prioritize after covering necessities and wants?

• Paying off all debts

• Increasing your income

• Saving for emergencies and future goals

• Both A & C

Which of these is not an element of Financial IQ?

• Saving

• Investment

• Education

• Debt