ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Discretionary Expense
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Checking
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Savings
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Variable Expense
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Detailed explanation-1: -You’ll be less likely to skim from your emergency fund to pay for your vacation if you keep a separate vacation savings account as part of a well-planned budget. An emergency savings account is an important part of a healthy budget because it allows you to handle unexpected expenses without going into debt.
Detailed explanation-2: -Create a Vacation Savings Account This type of account compounds interest daily, is paid monthly and carries no monthly fee. It also offers an annual interest bonus for those making qualifying monthly, automated transfers from their checking accounts.
Detailed explanation-3: -Save by traveling on certain days. Book on Tuesday. Pay for your trip using debit or cash. Join a loyalty program for discounts. Save while you’re there.
Detailed explanation-4: -Set a Budget. When planning your summer vacation, one of the first things you should do is set a budget. Do Your Research and Plan Ahead. Find the Deals. Take Advantage of Credit Card Rewards. Vacation with Friends and Family.