Budgeting - Unit Test

Dining out at local restaurants

Loan payment on a new car

Expenses for new clothes

Postponing a purchase for a big-screen TV

6 months

1 year

2 years

3 years

Cooking your own food at home for as many meals as possible

Dining at restaurants more often so you don't waste water doing dishes

Eating more snacks on the go and way fewer meals at home

Drinking more coffee and soda so you are not as hungry for food

Average rent for an apartment

Food and grocery store options in the area

Employment opportunities

Average cost of Uber, Lyft, or taxi fare

There are several public transportation routes between Greg's apartment and work

The cost of public transportation is less than Greg’s monthly car payment

Greg’s company covers half the cost of his monthly public transportation pass

Using public transportation, Greg’s commute to work one-way is two hours

Cereal A, which costs $3.20 for a 16 oz. box

Cereal B, which costs $5.00 for a 32 oz. box

Cereal C, which costs $2.50 for a 10 oz. box

Cereal D, which costs $4.50 for an 8 oz box

Focusing on unit price when comparing similar products

Building a weekly meal plan around items you already own or items that are on sale that week, rather than just choosing foods you'd like to eat

Focusing only on the price when comparing similar products

Preparing a grocery list before you go to the store and avoiding buying items that aren’t on the list

You put every dollar of your net pay into a budget category each month

You spend your checking account balance down to $0 every month

You spend your saving account balance down to $0 every month

You pay every one of your debts down to $0 every month

Cancel one of his streaming video subscriptions and go out to dinner three fewer times each month with friends

Start paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributing

Contribute $100 less to savings each month and $75 less to his retirement fund

Sell his current car and get a less expensive vehicle

Groceries and eating out

Rent

Cell phone bill

Bedroom furniture

Danaisha, because she is focusing on her health, which will have a guaranteed payoff in the long run

Charles, because he's taking efforts to save money by focusing on his needs only

Both, because needs vs wants are determined on an individual basis

Neither, because they should meet in the middle somewhere. Charles should focus more on health, and Danaisha should cut her spending.

Wait until the end of the month to determine how much you have leftover to save

Set aside a fraction of your paycheck into a savings account before you start spending

Spend your regular paycheck on needs and wants but funnel any extra money into saving

Become self-employed so you're paying yourself instead of being paid by an employer

Being open early in the morning and late at night

Paying their cashiers and baggers more

Putting high priced items at eye level and lower cost items above or below eye level

Accepting digital and print coupons

Yes, these are the three costs she should expect to pay once she is a car owner

No, she does not need to include the cost of auto insurance as it is included in her auto loan payment.

No, she needs to factor in other costs such as maintenance, emergency repairs, etc.

No, she does not need to include the cost of gas as it is covered under her auto insurance policy

50% on wants, 20% on saving, and 30% on needs

50% on saving, 20% on needs, and 30% on wants

50% needs, 20% on saving, and 30% on wants

50% on saving, 20% on wants, and 30% on needs