EVERFI: Financial Literacy for High School: Lesson 3 Budgeting
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Last updated 12:29 AM on 2/5/25
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6 Terms
1
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What can a budget help you do?
Prioritize expenses and track spending
2
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How can a budget help you reach your financial goals?
Helps track spending and increases savings.
3
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What should be prioritized when creating a budget?
Needs and wants
4
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What does "pay yourself first" mean?
Put money is your savings account before you pay other expense
5
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In the 50-30-20 Rule, 50% of your income should be spent on
Needs
6
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Carlos wants to start a budget. He is planning on using the 50/30/20 method. He's categorizing his expenses. How should he categorize paying his insurance?
Needs
Note 
Flashcards (69)