Popular Budgeting Strategies Flashcard

Front

What percentage of your net income should go to needs in the 50/20/30 budget?

Back

50%

Front

In the 'Pay Yourself First' method, what is the first 'bill' you pay every month?

Back

Savings

Front

What is the balance left in a zero-based budget after assigning every dollar?

Back

$0

Front

In the envelope budget, what happens when you exhaust the funds in an envelope?

Back

You must stop spending in that category

Front

Which budgeting strategy emphasizes setting money aside for later?

Back

50/20/30 Budget

Front

What is a possible action if you have remaining funds in an envelope at the end of the month?

Back

Roll over to the next month

Front

Which budgeting method requires anticipating all upcoming expenses?

Back

Zero-Based Budget

Front

What is a key feature of the 'Pay Yourself First' method?

Back

Transfer a pre-determined amount to savings first