Frequently Asked Questions
Q: What is the 50/20/30 budget rule?
The basic rule is to divide up after-tax income and allocate it: Spend 50% on needs, Spend 30% on wants and SAVE the last 20%.
Q: How do I keep myself from going broke?
A: To stop being broke, try to cut expensive habits from your daily spending. For example, you could make coffee at home instead of buying it, or work on quitting smoking. Additionally, keep track of your spending habits, since this will help you identify areas where you can cut back.
Q: What is budgeting?
A: Budgeting is the process of creating a plan to spend your money. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.
Q: Should I have car insurance lined up before I purchase a vehicle?
A: If you don’t already have auto insurance, you should shop for insurance before you purchase a vehicle. If you already have insurance, your current insurer can tell you how to add any new vehicle to your policy and how much it will cost.
Q: What should I do after a disaster to protect my finances and property?
A: After a disaster, your first priority is your safety and meeting your day-to-day needs. There are organizations to reach out to right away, after that focus on the bills you have to pay first.