Better Living Through Brainier Budgeting: The Smart Money Quiz
So there's a loud, obnoxious recession party going on outside. Don't drown your pain at the kegger -- instead, sharpen your financial brainpower here, and have more money and more fun.
What's one way to save a lot of money on food and make meal planning easier, too?
- create weekly meal plans and buy food in advance
- buy frozen pizza instead of delivery
- call out for pizza
How can you possibly stay in good physical shape and spend less money?
- eat smaller meals many, many times per day
- take up running
- join a great gym that only charges monthly fees
When creating their first budget, which category do many people underfund?
- car expenses
- beauty products
What's the number one rule of budgeting?
- spend less than you earn
- earn a lot more money
- follow the example of the U.S. Congress
About what percentage of an average U.S. household budget goes towards food?
- 8 percent
- 13 percent
- 20 percent
What's one proven way to reduce your grocery store bill?
- use many coupons
- drive from store to store to find the best deal on each and every product
What's one warning sign that you're living beyond your means?
- You often switch jobs in hopes of earning more.
- You carry a balance on your credit card.
- You just robbed a bank.
Many financial experts recommend that monthly essentials not exceed what percentage of your income?
- 40 percent
- 28 percent
- 60 percent
What's one aspect of savings that many people overlook?
- saving for a boat
- saving for a new car
- saving for emergencies
What sort of debt should you pay off first?
- your smallest debts
- debt with high interest rates
- debts tied to the mafia
When you're sick and tired of pinching pennies, you may wind up splurging thanks to what phenomenon?
- frugal fatigue
- budget burnout
- both of the above
When it comes to living comfortably on a budget, what's the first thing you should do?
- prioritize your life
- set up a Ponzi scheme
- marry a rich spouse
In America, what's one work-related expense that hurts many family budgets?
- ballpoint pens
- getting fired
What's one way you can save money on many products you buy?
- haggle with every cashier
- ask your friends to shoplift small items
- shop online
What's one way adults can limit their impulse spending?
- carry cash instead of credit cards
- give yourself a weekly allowance
- both of the above
About how much of your income should you save?
- 10 percent
- 20 percent
- 35 percent
What's one common American expense than can be eliminated altogether?
- cable television
What's one way to make retirement savings easier?
- automate your retirement account
- set up a new savings account just for retirement
- don't worry, you will never retire
How can you best determine if your new budget is working?
- buy a new car and see what interest rate you receive
- check to see if your credit limit has increased
- track all of your income and expenses in a spreadsheet or program
As you adjust to a more frugal lifestyle, what's one piece of advice that experts recommend?
- be patient with yourself and your family
- expect fast results and immediate savings
- cry a lot about the money you can't spend