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Today's Daily Skillbuilder

FinanceProblem Solving

Budgeting Basics

Effort: 10 minutesWht do you think are the biggest expenses for an adult? Have you ever heard of the 50/30/20 rule? 50% Needs (rent, food, transportation, bills) 30% Wants (entertainment, shopping, travel) 20% Savings/Debt Repayment Let's say you are a 22-year-old with a job that pays $2,500 per month. Your goal is to create a budget that covers all of the expenses while saving for the future. Budget for the following: Fixed expenses: Rent, utilities, transportation, groceries, insurance, phone/Internet Variable expenses: Entertainment, shopping, eating out, emergency fund, loan repayments Allocate your money to the diferent categories. Decide how much to spend vs. save. Consider unexpected costs, such as medical bills, car repairs. Share your budget and explain: What was hardest to budget for? What surprised uo about budgeting? More

Earns:
10 pointsAwarded:
(1) $100 e-gift card

With KnoPro, there’s a Skillbuilder for every interest. What’s yours?

From fashion to finance, healthcare to hospitality, and engineering to environmental science, KnoPro has Skillbuilders that’ll keep you sharp and future-ready no matter what industry lights your fire!

Real Skills. Daily Prizes.

Today's Daily Skillbuilder

Budgeting Basics

With KnoPro, there’s a Skillbuilder for every interest. What’s yours?

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