Percents
What percent of Americans have a long-term financial plan?
30%
How Much Money Does the Average American Have in the Bank?
$40,000
exact number:$41,700
your budget should look the same as your friends budget
FALSE
Unless you make the exact same amount of money and spend the exact same amount of money on everything, your budget should be unique
What is a zero-based budget? A.zero dollars “leftover” in your budget B. no budget C. starting with zero D. nothing being added to your budget
A
A zero-based budget is when your income minus your expenditures equals zero by the end of the month.
Other methods for budgeting are Incremental budgeting, Imposed budgeting, Participative budgeting, and Value proposition budgeting.
The brand new iPhone that you've been wanting just came out, do you buy it? A. ask a friend what they think B. sure, why not? C. Add it into "like to have" category D. set aside separate savings specifically for the phone
C
What percent of Millennials demonstrate basic financial literacy?
20%
actual percent:24%
How Much Money Does the Average American Have in their checking account?
11,000
Exact number: $10,545
If you have debt, paying it off should be your priority
TRUE
You can reduce the amount of interest paid overtime. It can help improve your credit score. Once your debt is paid, you can focus fully on saving and other financial goals.
1.organize your debt 2. choose a method that will work best for you
Methods: "Debt avalanche" Prioritize Your Debt by Balance "Debt snowball" "Debt Snowflake" https://www.thebalance.com/how-to-prioritize-your-debt-repayment-4101918
Which of these is a budgeting app? A. Cash or Credit B.Mint C. Sage D. Etsy
B
Other budgeting apps include GoodBudget, PocketGuard, You Need a Budget, Wally, and Mvelopes.
Budgeting apps can help track your personal finances to give you an overall picture of what you're earning, what you're spending, and what you may need to change.
You graduate from college with a huge debt, what should you do? A.make it a priority B.Ignore it C. pay it off a little at a time D.pay it off when you are financially healthy
A
Debt should be a priority to avoid having to pay interest and to improve your credit score.
What percent of Americans are Financially Healthy?
30%
Actual %: 29%
How much money do shoppers waste a year on impulse purchases?
5,000
Exact:$5,400; $324,000 over a lifetime
A budget isn't for everyone
FALSE
Budgets can be helpful for everyone, even if they are super poor or super rich
What is the first step to making a budget? A. make categories B. make the budget look nice C.figure out income D. write everything down
C
The first step should be finding your total income minus taxes
You find your budget boring and you no longer want to do it, what should you do? A.Quit budgeting B.Keep using that same method C. Copy your friends budget D.find a way to change your budget
D
New things can be exciting and not as boring, so finding a way to change your budget can keep it interesting
What percent of Americans had their personal finances affected by the pandemic?
60%
What’s the Average Debt of an American?
$90,000
Exact number:$90,460
A good budget is strict
FALSE
the more restrictive you are, the more likely you’ll rebel.
What is one thing you should do when your budgeting doesn't work? A. give up B. note what went wrong C. have your parents do your budget for the rest of your life D. change it completely
B
If you note what went wrong, you can try again and avoid repeating your mistake.
You have a terrible memory and can't keep track of your budget, what should you do? A. get an app B. write it down somewhere C. hope you remember it D. quit budgeting
A
Apps are helpful for keeping track of all your spending.
What percent of Americans saved nothing for retirement in 2020?
30%
Actual %: 25%
How much money do Americans spend a year from their savings accounts?
$14,000
Exact number: $14,230
You should reset your budget monthly
FALSE
your budget should be based on when you get paid
Which of the following is not subtracted from total income before putting income into your budget? A. 401k B. Taxes C. Insurance D. emergencies
D
Emergencies are not guaranteed and should be a category in your budget.
What do you do if you make more money in 1 month than the other months? A. put the extra money into savings B. reward yourself C. adjust all categories to match your income D. don't do anything
C