Question

question 1
how do you distribute your money when using the 50 - 20 - 30 rule?
50% should be for rent, 20% for groceries, and 30% for entertainment
50% should be used for fixed/essential expenses, 20% for savings, and 30% for flexible expenses.
50% should be for gasoline and car maintenance, 20% for rent, and 30% for flexible expenses.
50% should be for savings, 20% for flexible expenses, and 30% for fixed/essential expenses
25 pts
question 2
what does it mean to set up an \automatic deposit\?
you can set up your paycheck to be automatically delivered to your mailing address in an envelope in cash
your bills are automatically paid for by the bank.
a copy of your paycheck gets automatically sent to the irs so that you do not need to file taxes for that year.
you set up an amount of your paycheck to be deposited into an account automatically.

Explanation:

Question 1

The 50 - 20 - 30 rule is a budgeting guideline. 50% is for fixed/essential expenses (not just rent, groceries etc. in isolation), 20% for savings (not for rent or gasoline - car maintenance), and 30% for flexible expenses (not for fixed/essential expenses).

Automatic deposit in a financial context means setting up a portion of your paycheck (not getting cash at mailing address, not bills being paid, not sending a copy to IRS for tax - filing avoidance) to go into an account automatically.

Answer:

50% should be used for fixed/essential expenses, 20% for savings, and 30% for flexible expenses.

Question 2