Budgets
What three categories should your after tax income be split into?
Needs
Wants
Savings
Interest and Reduced Debt payments are considered to be what?
Savings
In the 50 30 20 rule; 30 is saved for what category?
Wants
In the 70 20 10 rule; 70 is saved for what category?
Living Expenses (including wants)
What continent is in all four hemispheres
Africa
These expenses cant be avoided
Needs
Identify two responsible ways to use money you have saved
Building an Emergency Fund
Paying off High Interest Debt
Preparing for a down payment of a house
In the 50 30 20 rule; 50 is saved for what category?
Needs
Be able to calculate 70/20/10 rule
For example: Using the 70 20 10 rule; how much should I save for WANTS and NEEDS if my after tax income is $200?
$140
What is the smallest country in the world?
Vatican City
These type of expenses are considered to be WANTS
All non-essential expenses
Setting aside 20% of after tax income towards savings or debt does is key to what?
Financial Stability
In the 50 30 20 rule; 20 is saved for what category?
Savings
Reduced Debt Payments
In the 70 20 10 rule; 10 is saved for what category?
Additional Debt Payment
Savings
Charitable giving
The unicorn is what country's national animal?
Scotland
Identify three expenses that are Needs
Rent
Mortgage
Gas and Electricity
Basic groceries
Transportation
Insurance
Identify 2 different budget strategies
50/30/20
70/20/10
Zero Based
Envelope
Pay Yourself First
Be able to calculate 50/30/20 rule
For example: Using the 50 30 20 rule; how much should I save for NEEDS if my after tax income is $2000?
$1000
In the 70 20 10 rule; 20 is saved for what category?
Wants
How many teeth does a mosquito have?
47
Identify three expenses that are Wants
Dining out
Clothes shopping
Gym memberships
Netflix
Amazon Prime
Non-essential groceries
Identify one example of a day to day expense AND a Fixed/Recurring expense
Day to Day: Coffee, Gas, Groceries, Eating Out
Fixed: Rent/Mortgage, Car Payment, Internet
Be able to calculate 50/30/20 rule
For example: Using the 50 30 20 rule; how much should I save for NEEDS if my after tax income is $200?
$100
Be able to calculate 70/20/10 rule
For example: Using the 70 20 10 rule; how much should I save for WANTS if my after tax income is $2000?
$400
What color skin do polar bears have?
Black