Budgeting Basics: Strategies for Success

Jen visits a fortune teller who turns out to be a budgeting advisor. Through a series of card readings, Jen learns about the importance of budgeting, understanding income versus expenses, and the necessity of having an emergency fund. The fortune teller emphasizes the need for financial control and planning for unforeseen circumstances. Jen realizes that budgeting is not just about saving for big purchases but also about managing everyday expenses and preparing for emergencies.

What did the fortune teller initially ask for to begin the reading?

• 20 dollars

• Silver coins

• A handshake

• A crystal ball

What was the first card drawn supposed to represent?

• Income

• Utilities

• Car insurance

• Savings

Why is it important to consider taxes and deductions in your budget?

• To pay off debts faster

• To accurately plan expenses

• To increase savings

• To avoid overspending

What was Jen's misconception about budgeting?

• It's only for the wealthy

• It's only for big purchases

• It's too complicated

• It's unnecessary

What does 'giving every dollar a job' imply in budgeting?

• Spending all your money

• Allocating funds to specific expenses

• Investing in stocks

• Donating to charity

How did the fortune teller suggest Jen should manage her account balance?

• By saving everything

• By budgeting for expenses and savings

• By spending freely

• By ignoring it

What is the purpose of an emergency fund according to the fortune teller?

• For gifting

• For unforeseen expenses

• For unexpected travel

• For purchasing luxuries

What did the crystal ball symbolize in the lesson?

• Past mistakes

• Future wealth

• Unforeseen circumstances

• Financial goals

What was the fortune teller's real intention behind the readings?

• To predict the future

• To teach budgeting principles

• To sell more sessions

• To entertain Jen

What unexpected event did the fortune teller use to emphasize the need for an emergency fund?

• A job promotion

• A car breakdown

• A surprise party

• Winning a lottery