BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When trying to establish your monthly budget, which of these categories is allotted the highest percentage over all other categories, but still should be around 25-35% of your net income?
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transportation
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savings
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utilities
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housing
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Explanation:
Detailed explanation-1: -The largest expense for most Americans is housing. At $1, 050 per month, the cost of having a roof over our heads accounts for 21% of a household’s monthly budget.
Detailed explanation-2: -Housing (25-35 percent) This includes everything from rent or mortgage payments to property taxes, HOA dues, and home maintenance costs. For most budgeters, this category is by far the biggest.
Detailed explanation-3: -Try a simple budgeting plan. We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.
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