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Income, expenses, and savings
What 3 items does a budget track?
To ensure you don't spend more than you earn
Why do you need a budget?
Allowance, birthday gift money, money from jobs-What are these examples of?
What is income?
Fixed, Periodic, and Variable
What are the 3 categories of expenses?
I-E=0
What is zero based budgeting?
70% for fixed and variable expenses, 20% for wants, and 10% for savings. This is an example of what?
What is one way to stay on track with a budget? Allocate percentages for broad categories.
What category of expenses does paying car insurance quarterly fall into?
What is periodic?
What category does your ret/mortgage fall into?
What is a fixed expense?
What category does your electric bill fall into?
What is a variable expense?
What category does a credit card bill fall into?
What is a variable expense?
What are these called? Emergency, short-term and long-term
What are the 3 savings categories?
In the 50-30-20 budget method, what does the 30% stand for?
What are wants?
If you wait at least 24 hours before buying something, what does this reduce?
What is impulse buying?
Money is not just about logic, it is also about _______.
What are emotions?
Your income increase, your purchases increase, cycle repeats, but your financial freedom barely moves. This is called________________.
What is Lifestyle Inflation?
Name one of the 3 questions you should ask before buying something.
What is 1) Do I need this, 2) Would I still want this tomorrow, and 3) Am I buying the product or am I buying the feeling?
Money is bad- What type of script is this?
What is money avoidance?
Money solves all roblems- what type of script is this?
What is money worship?
Owning the best possessions gives you status. What type of script is this?
What is Money status?
Saving and keeping quiet about ones money is what type of script?
What is money vigilance?
What does saving help build?
What is wealth?
If I choose to buy or rent something before buying it, what is this an example of?
What is a way to spend less?
If I organize items in my house to reduce duplicates, what is this an example of?
What is a way to spend less money?
Am I buying the product or am I buying a feeling?
What is one of three questions you should ask yourself before buying something?
Waiting 24 hours
How long I should wait before buying something?