A Fool and His Money Are Soon Parted
by Staff
In tough economic times, we all start to look at trimming our expenses. Take the budgeting quiz to find out how savvy you are with your money and get a few money-saving tips along the way.

A mortgage payment would count on your budget as a:

  • fixed expense
  • unfixed expense
  • discretionary expense

In case you lose your job tomorrow, about how much should you have in your emergency fund?

  • enough to live comfortably for two to three days
  • enough to live comfortably for two to three weeks
  • enough to live comfortably for two to three months

Which of the following accounts is the best place to keep an emergency fund?

  • money market account
  • savings account
  • checking account

What's a smart way to save money on prescription drugs?

  • buy half your dosage
  • buy generic
  • neither of the above -- you shouldn't scrimp on drugs

Which of the following is NOT a smart way to stay on budget?

  • delay paying off credit card debt
  • make a grocery list
  • use cash

What is a discretionary expense?

  • an expense that you may or may not need depending on your situation
  • an expense that you want but don't need
  • an expense that you need but don't want

At the grocery store, you can save money by buying:

  • pre-seasoned meat
  • pre-cubed meat
  • plain cuts of meat

Which of the following would be the most appropriate alternative to an emergency fund?

  • a credit card
  • a home equity line of credit
  • parents

What's a good way to save money on gas?

  • shift to neutral when stopped
  • don't ride on the brake
  • both of the above

Which of the following is a benefit of staying within budget?

  • happier marriage
  • less stress
  • both of the above