Living Expenses (i.e., rent, utilities, groceries, transportation)
A tenant has a budget of $800 per month for all their living expenses, including rent. If the cost of groceries, utilities, and other expenses total $325, how much is left for rent?
What is $575? (800-325=575)
Type of account used for keeping money safe while earning small amounts of interest
What is a savings account?
These are often more expensive per unit than buying in bulk, which is why they're frequently considered a money-wasting habit.
What are snack packs?
Unexpected car repairs or medical bills fall into this category of expenses.
What are emergency expenses?
Mandatory payment individuals make to the federal and state government
What is a tax?
You make $3,000 a month. Your current expenses are: rent $1,400, groceries $600, utilities $300, and transportation $500 — totaling $2,800. You want to save at least $400 a month. How much do you need to cut from your current budget to hit your savings goal?
What is $200?
A number that tells lenders how likely you are to make payments on time.
What is a credit score?
According to some financial experts, store brands can be up to this much cheaper than name brands.
What is 20%?
You hit a pothole and need two new tires at $150 each and a wheel alignment for $100 — a total of $400. You make $600 a week and currently have $250 in your emergency savings. After using your savings, how much more will you need to cover the repair?
What is $150?
The summary on how you handle your debt
What is a credit score?
When it comes to buying a car, this is the most basic and fuel-efficient option, but its low purchase price is a red flag.
What is a used car?
Experts recommend following the 50/30/20 rule. 20% of your income should go toward this.
What is saving or debt repayment?
You have $600 left each month after covering your basic expenses. You currently spend $400 a month eating out and $80 on streaming and apps. You want to start saving $300 a month for an emergency fund. How much do you need to cut from your lifestyle spending to reach your goal?
What is $180?
This type of savings account, often separate from your checking, earns interest and is good for emergencies.
What is a high-yield savings account?
The common consequence of shopping without a grocery list, leading to unplanned spending.
What is making impulse purchases?
The national average for rent in the United States
What is $1,750 per month
This program offers student loan forgiveness for those working in qualifying public service jobs after making 120 monthly payments.
What is Public Service Loan Forgiveness (PSLF)?
You make $2,800 a month. After rent, bills, and groceries, you have $600 left. You go out to eat four times a week, spending $25 each time, and you also pay $60 per month for streaming subscriptions. How much are you spending on these lifestyle choices, and how much do you have left after that?
What is $460 spent and $140 left?
Replacing tires can cost hundreds of dollars. It's smart to include this in your budget every how many of years?
What is 3 to 5 years?
What is net worth?
You make $2,500 a month. Your rent is $1,300, groceries cost $500, utilities are $250, and transportation is $600. Are you over or under budget, and by how much?
What is over budget by $150?
You earn $600 a week and pay $400 a month toward your student loan. Your other monthly expenses total $2,100. At the end of the month, are you over or under budget, and by how much?
What is over budget by $100?
You have $500 left each month after bills. A gym membership costs $50 monthly, while saving that money could help pay for a $600 vacation in 12 months. If you choose the gym, how much less will you have for your vacation savings each month, and will you reach your goal on time?
What is $50 less per month, and no, you won’t reach the $600 vacation goal in 12 months?
Planning for home repairs, job loss, or natural disasters is an example of this kind of thinking.
What is financial preparedness or risk management?
This is what you have left after paying your bills for the month.
What is disposable income?