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WorksheetsBudgeting
Total questions: 16
Worksheet time: 8mins
Why should you have a budget?
Help you save money
Allow you to have control of where you want your money to go
Reach financial stability and achieve your goals
When creating a budget, what area can you easily reduce to save money?
Fixed expenses
Discretionary spending
Retirement savings
All of these answers
What is one way to sabotage your budgeting goals?
Spend less on clothing
Work more hours at your current job or take on a side hustle
Keep using your credit card without paying off the balance
Cancel a subscription service
How can you stay on track with your budget?
Keep track of all your receipts
Let your impulse buying habits affect your spending
Use a spreadsheet, ledger or an app
Let your bank statements/emails pile up without opening them
How often should you review your budget goals?
every quarter
every year
every month
whenever the mood hits you
A budget will stop you from spending too much money.
True
False
Is pizza a need or a want?
Need
Want
It depends
Which of the following is true about net income?
Net income is the total amount earned before any deductions.
Net income is the total amount earned after deductions.
Net income is also called net pay or take home pay.
Marie wants to decrease the amount of money she spends on food. Which of the following will help her?
Going to the grocery store with a list
Going to the grocery store whenever she needs one or two items
Deciding what she will have for lunch/dinner that same day
How does the 50/30/20 method allocate your income?
50% Wants, 30% Needs, 20% Savings & Debt Repayment
50% Needs, 30% Wants, 20% Savings & Debt Repayment
50% Savings & Debt Repayment, 30% Wants, 20% Needs
Considered the best strategy for building wealth:
Zero-Based Budget
50/30/20 Method
Pay Yourself First
Envelope System
Which of the following is an example of buying something you need?
"I'm buying a microwave because the one I have is no longer working."
"Getting my nails done at the salon will boost my spirits."
"I don't want to miss out on these deals during a sale!"
"I want to impress someone/change how they feel about me."
The zero-based budget:
is less complicated than other types of budgets
allows less money for wants
requires less discipline
ensures that every dollar you make is assigned a specific purpose
The envelope system works great for managing spending on things that don't normally have a fixed monthly expense.
True
False
Examples of a fixed expense:
Rent/Mortgage
Car payment
Childcare
Loan payment
Setting up automatic transfers is one of the easiest ways to build your savings.
True
False
