WorksheetsPhase 2 Student Competition Quiz
Total questions: 7
Worksheet time: 5mins
What are the recommended 'Money Bucket Allocations' in a budget?
Food (10%)
Rent (20%)
Entertainment (20%)Savings (50%)
Luxury (20%)
Needs (40%)
Invest (30%)
Other (10%)
Needs (50%)
Wants (15%)
Save (25%)
Invest (10%)
Savings (30%)
Expenses (30%)
Debts (15%)
Investments (25%)
How can 'Lifestyle Inflation' impact your financial stability?
It has no impact on financial stability
It decreases your spending
It helps you save more money
Your expenses increase as your income grows, delaying your financial goals
What does 'Living Below Your Means' involve?
Spending less than you earn
Spending more than you earn
Borrowing money to cover expenses
Avoiding luxury expenses
How often should you review your budget?
It should stay fixed and not change
Every 2 - 3 years
At least once a year
Every 10 years
Scenario Question (Double Points!)
You’re planning a holiday that costs $1,200. How can you best use the 'Money Bucket System' to save for this goal over the next 12 months?
Use the 'Invest' bucket to fund the holiday
Withdraw the entirety of your savings account for the holiday
Allocate a portion of your 'Wants' and 'Save' budget into a high-interest savings account each month
Borrow money to cover the cost
Scenario Question (Double Points)
Lucy is a university student and receives $1,000 / month. What would be her monthly budget if Lucy follows the Future Finances recommended 'Money Bucket Allocations'?
Wants (20%): $200
Needs (70%): $700
Save (10%): $100
Invest (10%): $100
Wants (25%): $250
Needs (30%): $300
Save (25%): $250
Invest (20%): $200
Wants (15%): $150
Needs (50%): $500
Save (25%): $250
Invest (10%): $100
Wants (15%): $150
Needs (20%): $200
Save (60%): $600
Invest (5%): $50
Scenario Question (Double Points!)
You have an unexpected medical bill of $150 this month and have not yet saved an emergency fund to cover this cost. How should you adjust your money buckets to cover this expense without falling behind on your savings goals?
Take money from your 'Invest' bucket to cover the expense
Reduce spending in your 'Wants' bucket to cover this expense OR pay for it with your 'Save' bucket and then repay yourself at a later date from your 'Wants'
Delay the payment until a later date (incurring a late fee) and continue with your original budget so you can save more
Reduce spending on your 'Needs' bucket
