WorksheetsSaving 101
Total questions: 18
Worksheet time: 54mins
What is it called when all of your income goes to cover your expenses and you have nothing left over for savings?
Savings account
Living paycheck to paycheck
Emergency fund
The 50-20-30 rule of budgeting
Why is living paycheck to paycheck dangerous?
You have no money to pay for surprise expenses, such as a medical bill or car repair
You aren't saving for retirement
You aren't paying off your debts
All of these
What type of account gives you easy access to your money but earns little or no interest?
Checking Account
Savings Account
What type of account earns interest but gives you limited access to your money?
Checking Account
Savings Account
What type of account allows you to access your money by using a debit card and writing checks?
Checking Account
Savings Account
Money set aside for unplanned expenses is called what?
Savings account
Living paycheck to paycheck
Emergency fund
The 50-20-30 rule of budgeting
How many months of expenses should you have saved in your emergency fund?
1 month
3-6 months
8 months
9-12 months
Which of these is a GOOD reason to tap into your emergency fund?
A sale on designer shoes
A rent payment after losing your job
Paying your cable bill
A birthday gift for your mom
When should you start putting money into an emergency fund?
TODAY!
Age 21
When you start paying bills
When you have money left over from your paycheck
According to the 50-20-30 rule of budgeting, what percent of your paycheck should be set aside for mandatory expenses like bills, rent, groceries, and transportation?
50%
20%
30%
According to the 50-20-30 rule of budgeting, what percent of your paycheck should be set aside for savings and debt payments?
50%
20%
30%
According to the 50-20-30 rule of budgeting, what percent of your paycheck should be set aside for "wants", like cable, eating out, or shopping?
50%
20%
30%
You got paid $400 this week. How much of that should you put toward savings according to the 50-20-30 rule?
$200
$80
$120
$8
You got paid $400 this week. How much of that should you put toward mandatory expenses according to the 50-20-30 rule?
$200
$80
$120
$8
You got paid $400 this week. How much of that should you put toward "wants" according to the 50-20-30 rule?
$200
$80
$120
$8
You make $1750 a month at your new full-time job. Time to figure out a budget! Following the 50-20-30 rule, how much of this should you set aside for mandatory expenses?
$350
$875
$525
$700
You make $1750 a month at your new full-time job. Time to figure out a budget! Following the 50-20-30 rule, how much of this should you set aside for savings?
$350
$875
$525
$700
You make $1750 a month at your new full-time job. Time to figure out a budget! Following the 50-20-30 rule, how much of this should you set aside for "wants"?
$350
$875
$525
$700
