Chances are that if you do not already have a budget you have no idea how your non-fixed expenses add up. A major part of any budgeting process is to get a good handle on non-fixed expenses. Try our quiz and make sure you are budget wise.
What is a most important step to managing your finances?
Once your budget is laid out on paper you need to move to make sure that:
It is kept somewhere safe.
It is updated occasionally.
It is balanced.
What is a crucial first step to developing a budget?
determining credit card balances
determining your checking account balance
How many types of expenses are included in a budget?
Which of the following are fixed expenses?
mortgage, car payment, and loan payment
internet, cable TV and satellite TV
Why is it much harder to manage non-fixed expenses?
Non-fixed expenses are harder to manage, because people like to have fun.
Non-fixed expenses are harder to manage because they include your wants and needs.
Non-fixed expenses are harder to manage because of inflation.
When is keeping to a budget more difficult than normal?
variable monthly income
if you are single
if you rent
Which of the following are non-fixed expenses?
utilities and cell phone
child support and alimony
groceries and car repairs
What is unique about some non-fixed expenses that you have to plan for in your budget?
had to prevent
hard to predict
hard to do without
What is one non-fixed expense that most working folks can’t do without?
What is the best way to figure out how much you spend on non-fixed expenses each month?
Keep a journal.
When you analyze your diary of variable expenses, what are you looking for?
Look for expenses that you see regularly in the diary.
Look for expenses that come up almost every day so they can be added up and moved to fixed expenses.
Look for money that you spend on others so you can cut those expenses.
What is a balanced budget?
Your expenses are equal to your income.
You spend less than you earn.
You invest the money that is left each month.
What is one of the toughest exercises when balancing a budget and analyzing non-fixed expense?
trying to convince a partner to reduce their expenses
trying to separate the wants from the needs
trying to separate the necessary from the unnecessary
How much of your income should you attempt to allow for savings when you are trying to balance your budget?