The Ultimate Discretionary Expenses Quiz

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Staff

4 Min Quiz

What is a discretionary expense?

Discretionary expenses are the amounts you spend for items that you don't really need or extra money spent on things that you could have bought for less.

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Cellphones have become a must have for most people. What cellphone features may be discretionary for most people?

Most people may want to have Internet access from their cellphone, but not everyone needs it. Cellphone Internet service may be a discretionary expense.

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What is a good way to eliminate some discretionary entertainment spending?

Renting movies instead of going to a theater will save a lot of money.

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How can you save money while on your lunch break?

While at work or school, bringing a lunch you prepared at home can save you a surprising amount of money.

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How can a calendar help you to save money?

Use the calendar to keep track of the due dates for every item that charges a late fee. Credit cards, rental movies and even library books have overdue fines.

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Why are manicures a discretionary expense?

A bottle of nail polish costs around $4, but having a manicure costs close to $20. Polish your own nails and save the extra money for something that you can’t do yourself.

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How can you trim your discretionary spending on bottled water?

Save all the money you spend on bottled water by drinking tap water from a glass. If you really prefer bottled water, save money by purchasing larger, less expensive bottles of water and use these to fill a reusable bottle.

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If you drink tap water to save money from bottled water costs, what else may you save?

Used plastic water bottles create a lot of garbage, you may help the save the environment by drinking tap water from a glass.

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What is an alternative to buying expensive magazine subscriptions?

Magazine subscription costs can add up to lots of money. On the Internet, you can read many magazines for no charge.

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How can you save money on travel?

Shop around for the best price on hotels and rental cars. The price savings on these items can be substantial.

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Why should you carefully check through you cellphone bill?

Cellphone companies may charge you for extra items that you are unaware of. Check your monthly statement for extra charges, such as roadside service. If you do find an extra unwanted charge, call and complain.

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What is a budget?

A budget is a plan for saving and spending. Controlling your discretionary expenses can help move some money from the spending column over to the saving column.

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How can you trim your restaurant expenses?

You can save money by taking advantage of coupons and dining deals, such as specials served in the early evening.

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If a daily coffee made by your local barista is something you simply cannot live without, how can you cut the cost?

Some coffee chains have specials for frequent customers. Ask the manager of your favorite place.

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How can charging on your credit card help you save money?

Many credit cards have reward programs. Use your credit card reward points to buy gift cards to your favorite retail stores and restaurants.

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How do you use a budget planner?

Use a budget planner to keep track of your income and expenses. Note all of your discretionary expenses and try to find some items that you can do without or spend a little less on.

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Can you budget for discretionary expenses?

You should budget for discretionary expenses. When you go over budget on these items, that is when your finances get out of control.

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Should you stop all discretionary spending?

The purpose of a budget is to learn how to live within your means, not to deprive you of everything you enjoy. Cut the discretionary spending on items that do not affect the quality of your life. You may be surprised that you don't miss some of the items you were spending a lot of money on.

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Can you get money back on a unused gym membership?

If you have paid in full, there is most likely nothing you can do. If you are making monthly payments, call the company and see if you can get some kind of reduction of your contracted payments.

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How can you save money on your cellphone bill?

Call your cellphone company and ask whether you can change to a less expensive contract. Sometimes you can get a discount for just being a good customer and it doesn't cost anything to ask.

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Image: refer to hsw

About This Quiz

If you find yourself short of funds before the end of the month, you may want to start monitoring your discretionary spending. Identify those items that you really can live without and find ways to economize on the items you need. Take this quiz to see how much you know about discretionary expenses.

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