Creating a household budget allows you to spend your money more effectively so you have enough to cover the things you need and want the most. See if your budgeting know-how could add up to financial success.
What should be your first step in creating a household budget?
categorize your spending
define your financial goals
make a spending plan
What should you always include in your household budget?
an escape clause
an investment plan
In the budgeting process, how should you think of savings?
as a necessary evil
as a planned expense
as whatever's leftover
If your budget is in the red, what action should you consider?
increasing your income
trimming your expenses
both of these
If you lose your job, you'll have to abandon your budget.
In the 50/30/20 system of allocating spending, which of these are not "Must-Haves"?
According to the 50/30/20 system, when your budget is in the red, where should you look for spending cuts?
How much does the average American spend on apparel each year?
The whole point of budgeting is to spend money on what you need, not on what you want.
In the 50/30/20 system of budgeting, to which category do you allocate 20 percent of your income?
What should your attitude be when you approach the budgeting process?
How much does the average American spend on entertainment annually?
A well-planned garden can save you how much on food bills every year?
What is the most important role of a household budget?
to alert you to overspending
to help you at tax time
to show you your weaknesses
How much does a typical family of four spend on food each month?
What percentage of income does the average household spend on transportation?
The virtual envelope system of budgeting helps you to do what?
transfer money easily from one envelope to another
spend only what's allotted for a particular expense category
group all your assets into envelopes
How much has the cost of rearing a child increased in the past 50 years?
How many credit cards does the average consumer have?
more than six
Money-management software can help you budget by doing what?
making the process of creating a budget easier
preventing you from spending more than you budget
deciding how much you should spend in each category