ECONOMICS
SAVING AND INVESTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
true
|
|
|
false
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items. This is called the 50/30/20 rule of thumb, and it provides a quick and easy way for you to budget your money.
Detailed explanation-2: -In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there’s no rule stating that a bank cannot take a deposit if you have a certain amount in your account already.
Detailed explanation-3: -What is the 50/30/20 Rule of Budgeting? The 50/30/20 rule of budgeting is a simple method that helps you manage your money more effectively. This basic thumb rule is to divide your post-tax income into three spending categories – 50% for needs, 30% for wants, and 20% for savings.
Detailed explanation-4: -Reduce your mortgage payment. Downsizing your living space. Cancel subscriptions. Shop at discount grocery stores. Switch insurance companies. Get organized. Pay off debt. Find free things to do to save money each month. More items •09-Dec-2022