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Pay your self first

Quiz by Fatima

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6 questions
Show answers
  • Q1
    What does 'pay yourself first' mean in personal finance?
    Investing all your income in stocks immediately.
    Setting aside a portion of your income for savings before paying any other bills.
    Paying all your bills before saving any money.
    Only saving money after spending on leisure activities.
    30s
  • Q2
    Which of the following is a key benefit of 'paying yourself first'?
    Increased spending money for entertainment.
    Building a habit of saving regularly.
    Elimination of all debts immediately.
    Guarantee of high returns on investments.
    30s
  • Q3
    What is a common recommendation for the percentage of income to save when practicing 'pay yourself first'?
    No specific percentage is necessary.
    50% of your income.
    10% or more of your income.
    1% of your income.
    30s
  • Q4
    What is an effective way to implement the 'pay yourself first' strategy?
    Only saving money left over from shopping.
    Taking out cash for savings and spending the rest immediately.
    Waiting until the end of the month to see what's left.
    Automatically transfer a set amount to your savings account each month.
    30s
  • Q5
    How can 'pay yourself first' contribute to achieving financial goals?
    It prevents all expenses from occurring.
    It guarantees instant wealth.
    It allows for unlimited spending on credit.
    By consistently saving money, you can accumulate funds for specific goals like a car or college.
    30s
  • Q6
    Which of the following is a key mindset for successfully implementing 'pay yourself first'?
    Believing spending comes before saving.
    Treating savings as a last resort.
    Viewing savings as a non-negotiable priority.
    Thinking of saving as optional.
    30s

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