ECONOMICS
BUDGETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
10%
|
|
|
15%
|
|
|
28%
|
|
|
50%
|
Detailed explanation-1: -“Ideally, you should not be paying more than 30% of your salary towards rent and utilities (such as maintenance/water/electricity expenses). If you consider a monthly take-home salary of Rs 60, 000, ideally, your rent should not be more than Rs 15, 000, ” advises Adhil Shetty, CEO of BankBazaar.com.
Detailed explanation-2: -Historically, experts suggest spending 30 percent of your income on rent.
Detailed explanation-3: -50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).
Detailed explanation-4: -Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment.