Money management part 1

______ refers to the processes of budgeting, saving, investing, spending or otherwise overseeing of all finances.

• Savings

• money management

• banking

• expenses

Poor money management can lead to cycles of debt and financial strain

• True

• False

How can you best manage your money? (select all that apply)

• take inventory of your finances

• only spend money on wants

• build a money management blueprint

• make the most of your savings

• be persistent

When it comes to managing your finances, you should be honest about only your strengths and not your weaknesses.

• True

• False

_______ is a spending plan based on income and expenses.

• budget

• money management

• savings

• investment

Tracking your expenses may inspire you to adjust your spending habits.

• True

• False

What are 3 types of expenses?

• fixed

• federal

• occasional

• flexible

What are examples of fixed expenses? (select all that apply)

• car payments

• rent/mortgage

• clothes

• life insurance

What are examples of flexible spending? (select all that apply)

• dining out

• telephone

• utilities

• clothing

What are examples of occasional expenses? (select all that apply)

• vacations

• subscriptions

• gifts

• car maintenance