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Worksheets50/30/20 Budget Rule
Total questions: 10
Worksheet time: 5mins
What is 50/30/20 budget rule stands for?
50% on needs, 30% on wants and 20% on savings
50% on wants, 30% on savings and 20% on needs
50% on savings, 30% on needs and 20% on wants
50% on wants, 30% on needs and 20% on savings
What is the advantage by using this 50/30/20 budget rule?
To help people to reach their financial goals by controlling their spending and allocate the money for their savings.
To help individuals manage money and save for emergencies and retirement.
To become aware of your financial habits and limit overspending and under-saving.
All answer is correct.
Groceries, health insurance, water and electricity and house rent is an example of _________.
wants
savings
needs
wants and savings
“Everyone has their own wants that they desire but it not actually need to survive. “
Which of the following is the WANTs of an individual? (Hint : Can choose more than one answer)
Going to vacations
Shopping due to promotion
Buy expensive electronic gadget like smartwatch
Digital and streaming services like Netflix
In case unforeseen event occurs like car maintenance. How many months do an individual should have an emergency savings on hand?
At least three months of emergency savings.
At least six months of emergency savings.
At least ten months of emergency savings.
All answer is correct.
According to the 50/30/20 rule, what should 20% of your income go towards?
needs (groceries, house rent, utilities, etc.)
savings (invest in stock market or unit trust like ASNB)
wants (vacations, shopping, latest electronic gadget, etc.)
Ali has divided up his income according to the 50/30/20 rule. Which part of his income should go to paying his bills and utilities?
50
30
20
What is a saving?
Something we need in order to survive.
Something we save in bank to use for emergency fund.
Something for essential for living.
Something we earn.
According the uses of the 50/30/20 rule of thumb for budgeting, which is the uses of “track your expenses each month, and make changes when needed, in order to stick to your spending thresholds going forward”?
Calculate your monthly income.
Calculate a spending threshold for each category.
Plan your budget around these numbers.
Follow your budget.
According the uses of the 50/30/20 rule of thumb for budgeting, why we need to calculate your monthly income?
To see how much you should spend and allocate in each category.
To think of these three categories as “buckets” that you can fill with monthly expenses.
To find out how much is your after-tax income.
To track expenses each month.
