PF: F.A.3.6 - 3.7

What do “paying yourself first” and “automating your savings” have in common?

• They both require you to use online or mobile banking

• They both focus on making sure you can afford necessities like housing and transportation

• They both prioritize saving money before you have the opportunity to spend your entire paycheck

• They both require you to make a middle class income before you become eligible to use them as your saving strategy

The 50/30/20 Rule suggests that you budget your money into___

• 50% savings, 30% needs, 20% wants

• 50% needs, 30% wants, 20% savings

• 50% needs, 30% debt repayment, 20% savings

• 50% wants, 30% savings, 20% needs

Most savings strategies focus on these two actions:

• Spend less money and make saving a higher priority in your budget

• Spend less money and change where you do your banking

• Earn more income and donate more to charity

• Keep a tight budget and eliminate fun temporarily

Misty is going to use the 50/30/20 rule in order to save $3000 for her family’s next big vacation. Her monthly income is $2500. How many months will it take her to reach her savings goal?

• 2.4 months

• 4 months

• 5 months

• 6 months

What are some common savings challenges faced by individuals?

• Inadequate budgeting skills

• Low income

• Lack of discipline, impulse spending, high expenses, and unexpected emergencies.

• Lack of financial literacy

How can mobile apps help in saving money?

• Mobile apps can help in saving money by increasing spending habits.

• Mobile apps can help in saving money by providing investment advice.

• Mobile apps can help in saving money through budgeting tools, expense tracking, and discounts/coupons.

• Mobile apps can help in saving money by offering cashback rewards.

What does it mean if a person lives paycheck-to-paycheck?

• They use their entire paycheck to cover monthly expenses and have very little money saved

• Their income varies month-to-month and they save a large portion of their biggest paychecks

• They use direct deposit, so their paycheck is automatically split between their checking and savings accounts

• They have high-paying jobs, so don’t have to worry about how much is in each paycheck

What does it mean to set up an “automatic deposit”?

• You can set up your paycheck to be automatically delivered to your mailing address in an envelope in cash.

• A copy of your paycheck gets automatically sent to the IRS so that you do not need to file taxes for that year.

• You set up an amount of your paycheck to be deposited into an account automatically.

• Your bills are automatically paid for by the bank.

Solve the system of equations using substitution

y = 2x + 1
y = 4x - 1

Solve the system of equations using substitution

y = -2x + 5
y = 2x - 11