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Smart Money Habits

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Smart Money Habits Quiz

Test your financial literacy and discover how well you manage your money! Our Smart Money Habits Quiz covers essential topics such as budgeting, saving, and investing. See how your financial knowledge stacks up against the average and learn valuable tips along the way!

Understand the importance of an emergency fund
Learn about retirement saving strategies
Discover key budgeting tips for new expenses

10 Questions2 MinutesCreated by SavingStar247

How much money should you have in an emergency fund?

1 month of living expenses

3-6 months of living expenses

I'm too young to start/need an emergency fund

Your checking account balance is running low, and you're not sure whether you've overdrawn. Should you have overdraft protection on your account?

Yes!

No!

At what age should you start saving for retirement?

Right now.

Mid-30s

40s-50s

True or False: You need to buy a new outfit for a wedding you're attending next month. This expense should be included in your monthly budget.

True

False

What percentage of your paycheck should you contribute to your 401(k)?

1 percent

10 percent

Enough to get your employer match

You've just signed a lease on your first apartment- congrats! How much of your budget should you be putting toward your housing costs?

As much as you need

About half of my monthly paycheck- The other half should be divided evenly among paying off debt, food, utilities and transportation expenses.

About a third of my monthly paycheck- Any more than that and I wouldn't be able to sock away any funds.

As a new investor, you are uncomfortable with investments you can't easily monitor and track. Which investment vehicle will give you the most transparency?

Mutual fund

Hedge fund

ETF

They're all about the same

You've just received your first paycheck at a new job- and not a moment too soon! You have a mountain of student debt, a maxed-out credit card and no emergency savings cushion. What do you address first?

Student loans

Credit card

Emergency savings

You just graduated college and are getting the hang of a new budget. To have some extra money in your paycheck each month, you opt to not contribute to your workplace 401(k). Is that a good idea?

No, you will miss out on compounding interest opportunities. The earlier you can invest in a retirement plan, the better!

Yes, when you are just starting out, it's OK to delay retirement contributions early on.

If you are a conservative investor, which of these likely would not be in your portfolio?

Gold

Options

Bonds

Blue-chip equities

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