ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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I was spending too much money so I started using a budget to track my expenses.
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I do not track my expenses so I just hope I have enough money when I swipe my debit card.
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I spend every dollar I earn rather than saving any for my college savings account.
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I use an app on my smartphone to check and monitor my account balance every day.
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Detailed explanation-1: -Describe the two factors that affect how much we need to save to achieve financial goals. The two variable factors that affect total accumulation are the interest rate received and the time period the savings/investment is allowed to accumulate.
Detailed explanation-2: -Set Short-Term Financial Goals Save at least 15% of each paycheck in a separate account. Stick to a cash budget for two weeks. Save $1, 000 in an emergency bank account. Bring lunch to work every day for a week instead of ordering in.
Detailed explanation-3: -Develop a financial plan. Identify your long-term goals, establish a budget and save regularly. Save. Build an emergency safety net. Got a raise? Build your credit and manage it. Pay bills on time. Read the fine print. Choose the right insurance plan. More items
Detailed explanation-4: -Spending too much on rent. Rent is the biggest expense most people have to cover every month. No defined budget. Not having a budget is one of the major problems of saving money. Lack of a measurable savings goal. Having the “I’ll save when I make more money” mindset. Your comfort zone.