Budgeting and Saving Strategies

What is the biggest problem with paying your bills and expenses before saving money?

• It ensures all debts are paid off immediately.
• It leaves little to no money for savings.

• It allows for better budgeting and planning.
• It helps build a strong credit score.

What is the first step to budgeting for savings?

• Create a detailed investment plan.
• Subtract your monthly bills from your income.

• Start spending more on non-essentials.
• Ignore all current debts and expenses.

When should you transfer money to your savings account?

• You should never transfer money to your savings account.
• Transfer money to your savings account only once a year.
• Transfer money to your savings account only when you have a large expense.
• Transfer money to your savings account as soon as you receive income.

True or False: The only way to reach your savings goals is to save at least 20% of your income.

• True

• False

True or False: You can only deposit money in a savings account by going to the bank in person.

• True

• False

What saving method ensures that you are saving money every paycheck?

• Zero-Balance Budgeting

• 50-30-20

• Hiding money in your mattress

• Pay Yourself First