Budgeting 101

Welcome to Budgeting 101, let's put what you have learnt to the test! Each question you answer correctly will earn you some money. The money you earn can be utilized in the marketplace later to purchase items. Are you ready? Let's dive in to our first question.

• Ready!

• Lets go!

What is budgeting?

• Process of creating a plan to track your time

• Process of creating a plan to track what you spend your money on

• Process of saving money

• Process of saving time

What are the three principles of the importance of budgeting?

• Track your expenses, prevent overbudgeting, savings

• Track your time, prevent overbudgeting, savings

• Track your expenses, prevent overspending, savings

• Track your expenses, overbudgeting, spending

What are some simple ways to start budgeting?

• Record down how much you have spent

• Reduce how much money you spend

• Set a savings goal

• Do not spend money

Why is it important to save money?

How do you increase your savings?

• Growing your money through investing

• Sacrificing wants such as bubble tea

• Finding cheaper alternatives for items

• Getting a job

What is the 80/20 rule?

• Spending 80% before saving 20% of your money

• Borrowing 80% before saving 20% of your money

• Borrowing 80% of your money before spending 20%

• Saving 80% of your money before spending 20%

Hannah has $20. She wants to save 20% of her money to get a nice birthday present for her mother. She now wants to buy something for herself. Which would be a better choice?

• Purchase the online game credits for $20 to purchase an in-game item she has been eyeing, she can save during future purchases

• Stick to her budget and spend $15 on online game credits, the extra $5 goes towards her savings goal

Max has $2 left and has to take the bus home. However, he would also like to purchase a chocolate bar to bring home. The bus fare costs $1.50 and the chocolate bar costs $2. Which item should Max choose to purchase?

• Bus fare

• Chocolate

• Both

• None

Gizelle is at the market and wants to purchase some oranges to make a fruit cake.  Which brand is more value for money?

• Squeezy orange - 20 oranges for $20

• Jamba juice - 5 oranges for $5

• Ola - 6 oranges for $5

• Tangey - 10 oranges for $8