El Castillo Investments

What is a budget, in simple terms?

• A punishment for overspending
• A plan for your money, made before you spend it
• A bank requirement for opening an account
• A once-a-year financial review

In the 50/30/20 rule, what does the 30% represent?

• Needs, like rent and groceries
• Savings and extra debt payments
• Wants, like dining out and entertainment
• Taxes withheld from your paycheck

Which of these is the best example of a "need" rather than a "want"?

• Streaming subscriptions
• Monthly rent payment
• Dining out with friends
• A new pair of designer shoes

What's the main purpose of tracking your expenses each month?

• To make you feel guilty about spending
• To see exactly where your money is going, so you can plan better
• It's only required for business owners
• To qualify for a credit card

What should you typically do before building your first budget?

• Open a new credit card
• Calculate your total monthly income
• Cancel all subscriptions
• Invest in the stock market