M5 MONEY Saved: L1 SUCCESSFUL SAVING

Which is typically the best type of account for emergency funds?

b. Savings account

Short-term savings are important because:

d. All of the above

Set aside at least ____ of your total money in each month to pay yourself first.

b. 10%

There are three main parts of a savings plan—an emergency fund, short-term savings, and long-term savings.

True

Creating a short-term savings fund is your first priority.

False - Your first priority is creating an emergency fund.

The two main ways to save money are to earn more money and cut down on expenses.

True

Your long-term savings is for fun things, discretionary spending, and higher-ticket items or projects.

False - These are usually covered by short-term savings.

By saving money, you’ll be able to do more of what you love now and invest in the things you dream of in the future.

True