Budgeting 101 Review

Which of the following costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

• Dining out

• buying new clothing

• car payment

Setting financial goals can help you create a budget by helping you determine.....

• your needs

• your wants

• your priorities

• your needs, wants and priorities

Setting financial goals can help you create a budget by helping you determine.....

• your needs

• your wants

• your priorities

• your needs, wants and priorities

Why is it helpful to track your spending for 2 months?

• You can receive higher interest rates for your savings account when you can show how you spend your money

• You can receive special discounts at certain stores when you can show how you spend your money

• To identify your spending patterns and then prioritize your needs, wants, and savings goals

• To eliminate all spending on your wants

Which of the following was NOT one of the budgeting strategies you learned about?

• 50/30/20

• Pay Yourself First

• Powerful Methods

True or False: A budget can help you identify any bad spending habits.

• True

• False

Which of the following are variable expenses (amount can change from month to month)

• car payment

• entertainment

• car insurance

• monthly rent

Which of the following is considered a need?

• a new car

• clothes dryer

• a place to sleep

• lunch at a local restaurant

Examples of income include which of the following

• paychecks

• gift money

• allowance

• all of the choices

A ______________ details exactly how you're going to use your money to pay for things you want and need.

• Income plan

• Asset plan

• Budget

• money plan