Key Money Tips for New Grads

What is the recommended budget allocation according to Shikha Narula for new graduates?

• 60/20/20 budget

• 50/30/20 budget

• 40/40/20 budget

• 70/20/10 budget

What percentage of your paycheck should be allocated to "wants" according to the 50/30/20 budget?

• 50%

• 30%

• 20%

• 10%

What is the second-highest form of household debt after mortgages?

• Credit card debt

• Student loans

• Car loans

• Medical bills

What is the approximate average student loan debt per borrower?

• $28,000

• $38,000

• $48,000

• $58,000

What is a suggested way to manage student loan payments?

• Pay manually every month

• Automate payments

• Pay only the interest

• Ignore payments until later

Why is having a budget important if you don't have a job yet?

• It helps you save for luxury items.

• It allows you to spend without limits.

• It helps manage bills and obtain funds at low rates.

• It encourages borrowing more money.

What should be prioritized according to Narula when managing finances without a job?

• Buying a new car.

• Prioritizing student loans and credit card debt.

• Investing in stocks.

• Planning a vacation.

How does the 50/30/20 rule of thumb for budgeting allocate your income?

• 50% Needs, 30% Wants, 20% Savings & Debt Repayment

• 50% Wants, 30% Needs, 20% Savings & Debt Repayment

• 50% Savings & Debt Repayment, 30% Wants, 20% Needs

• 50% Needs, 30% Savings & Debt Repayment, 20% Wants

How can consolidating your student loans help your budget?

• You'll pay more in interest over time

• You'll be more likely to be eligible for loan forgiveness

• Your monthly payment may decrease

• Your interest rate is guaranteed to decrease

How can consolidating your student loans help your budget?

• You'll pay more in interest over time

• You'll be more likely to be eligible for loan forgiveness

• Your monthly payment may decrease

• Your interest rate is guaranteed to decrease