Analyze the following personal finance scenario.Sally has been working for the federal government since November of 2018. Her monthly income is $2, 000. Every month she has saved $500. The government shutdown went into affect in January 2019. Sally was not paid for that month. What problems will Sally face in January do to her having no monthly income?Based on what you have learned so far, select the BEST answer choice(s) that will apply to Sallys personal finance situation.

MONEY MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Analyze the following personal finance scenario.Sally has been working for the federal government since November of 2018. Her monthly income is $2, 000. Every month she has saved $500. The government shutdown went into affect in January 2019. Sally was not paid for that month. What problems will Sally face in January do to her having no monthly income?Based on what you have learned so far, select the BEST answer choice(s) that will apply to Sally’s personal finance situation.

A	Sally has not saved enough money between November and December in order to replace her monthly income.
B	Sally has spent to much money on entertainment and she is now broke and can’t afford to live.
C	Because Sally has underestimated how much she should save per month for emergencies
D	Sally will just need to sacrifice some of her expenses and way out her needs and wants

Explanation:

Detailed explanation-1: -One of the most common percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.

Detailed explanation-2: -Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning.

Detailed explanation-3: -The process of projecting, organizing, monitoring, and controlling future income and expenses is known as personal finance.

Detailed explanation-4: -Make a personal budget. Track your spending. Save for retirement. Save for emergencies. Plan to pay off debt. Establish good credit habits. Improve your money mindset.

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

MONEY MANAGEMENT