Question

1 multiple choice 1 point
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 require you to make a middle class income before you become eligible to use them as your saving strategy
○ they both prioritize saving money before you have the opportunity to spend your entire paycheck

2 multiple choice 1 point
the 50/30/20 rule suggests that you budget your money into___
○ 50% savings, 30% needs, 20% wants

Explanation:

1. For question 1: "Paying yourself first" and "automating your savings" both center on setting aside money for savings before using income for other expenses, ensuring savings are prioritized over spending the full paycheck.
2. For question 2: The 50/30/20 budget rule allocates 50% of income to essential needs, 30% to non-essential wants, and 20% to savings/debt repayment.

Answer:

1. They both prioritize saving money before you have the opportunity to spend your entire paycheck
2. 50% needs, 30% wants, 20% savings