Budget Basics for Parents Quiz

Staff

4 Min Quiz

Image: refer to hsw

About This Quiz

Budgeting what you spend on yourself is hard enough, but managing a budget for an entire family can be a nightmare. Test your knowledge of family budgeting with our quiz.

According to the 2010 U.S. Census, what is the weekly cost of a nutritious diet for a family of four under a “thrifty plan?”

The Census showed that under a “thrifty plan,” a family of four (parents 19-50 years old and children 6-8 and 9-11) pays about $135 weekly for nutritious meals. A “moderate plan” costs about $221, and a “liberal plan” costs about $269 [source: <a href="http://www.census.gov/compendia/statab/2012/tables/12s0733.pdf">Census.gov</a>].

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What's a good first step in creating a budget?

Before you can make any decisions, budgeting requires getting an accurate picture of how much money comes and goes, which means tracking your income and expenses in detail.

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Is Internet access considered a “need” or a “want?”

Although you might be able to take care of Internet necessities at your local library or a free WiFi hotspot, other factors, such as work and school, could make home Internet access a necessity. Perhaps, however, an expensive high-speed Internet package isn’t necessary for your family.

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What's a smart savings goal to have as a first priority?

An emergency fund is a smart first priority when it comes to saving. Losing a job, or a family member developing a medical condition, can come up any time and wreak havoc on a family’s financial situation. Keep an emergency fund for such unexpected events.

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What do many financial experts recommend about planning a food budget?

Dave Ramsey, among others, suggests that you give yourself some leeway and add about 10 percent to what you plan to spend on your food budget. This will help account for impulse purchases or unexpectedly larger amounts of food.

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According to the New Zealand Federation of Family Budgeting Services, what should you spend most of your grocery budget on?

The NZFFBS suggests budgeting most for fruits, vegetables and grains, while spending moderately on meats, eggs, dairy and cheese [source: <a href="http://www.familybudgeting.org.nz/documents/10%20Plan%20Shopping%20Guide.pdf">NZFFBS</a>].

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When your family needs an expensive item, what's a good thing to consider before heading out to the store to buy it?

Although these are all good things to check ahead of time, the first wise thing to consider is whether you can buy the item used.

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Before heading to the grocery store, what should you do?

A good idea is to plan your meals for the week by incorporating the items you already have in your cabinet.

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What’s a good way to sort coupons to keep them organized?

Both sorting by category and expiration date are good ways to organize your coupons. The easier you can access the coupons you want, the more likely you are to use them.

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How many times should you assess whether your family is living within budget?

It’s a good idea to continue checking how the family is doing every month so that you don’t let things slip.

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