Budgeting

What kind of expense is a Rent Payment?

• Needs

• Wants

• Savings

Answer explanation

Most important payment! You need somewhere to live!

What kind of expense is a Netflix Subscription?

• Needs

• Wants

• Savings

Answer explanation

Entertainment is a want, so choose subscriptions wisely!

Which of the following is a WANT type expense?

• Car Insurance

• Reasonable Cell Phone Plan Payment

• Dining out at a fancy restaurant

• Putting money in an emergency fund

Answer explanation

Good for special occasions, but too many fancy meals can wreck your budget. Try to find cheaper options, or save it for special occasions only.

What kind of expense is an emergency fund?

• Savings

• Wants

• Needs

Answer explanation

It's a Savings, but also a Need type expense. An emergency fund is important to have, and true to it's name will help with emergencies in the future.

Which expense is a NEED?

• Car detailing/professional cleaing

• Car repair

• Fancy new Tesla

Answer explanation

If you drive as your main form of travel, car repairs is a need.

All of these are NEEDS. Which is the most important?

• Groceries

• Replacing Old Clothes

• Home Internet Bill

Answer explanation

You have to eat! Find cheaper foods at the grocery store, and don't buy too many treats.