Questions: Jasmine just received her paycheck. To manage her money, she categorizes spending by needs, wants, and savings and debt. What money management strategy is Jasmine following?

Jasmine just received her paycheck. To manage her money, she categorizes spending by needs, wants, and savings and debt. What money management strategy is Jasmine following?
Transcript text: Jasmine just received her paycheck. To manage her money, she categorizes spending by needs, wants, and savings and debt. What money management strategy is Jasmine following?
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Solution

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The answer is: Jasmine is following the 50/30/20 budgeting rule.

Explanation: The 50/30/20 budgeting rule is a popular money management strategy that divides after-tax income into three categories:

  1. Needs (50%): This category includes essential expenses that are necessary for survival and well-being, such as housing, utilities, groceries, transportation, and healthcare.
  2. Wants (30%): This category covers non-essential expenses that enhance quality of life but are not necessary for basic survival, such as dining out, entertainment, hobbies, and vacations.
  3. Savings and Debt (20%): This category is dedicated to financial goals and obligations, including savings, investments, and debt repayment.

By categorizing her spending into needs, wants, and savings and debt, Jasmine is effectively using the 50/30/20 rule to manage her finances. This strategy helps individuals allocate their income in a balanced way, ensuring that essential needs are met, discretionary spending is controlled, and financial goals are prioritized.

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