Sagot :
The money management strategy Noah is using is the 50-30-20 Method.
Hence, the relevant option is option (b).
Give a brief account on the 50-30-20 Method.
The 50/30/20 guideline states that you should set aside a certain amount of money each month to satisfy your needs, goals, and savings.
The 50/30/20 budgeting rule states that you should spend 50% of your income on essentials, 30% on wants, and 20% on savings. It's a simple strategy that works for people who want to categorize all of their expenses into one of only three groups before adjusting their spending and saving habits as needed.
Finding out how much money you can set away for your needs, wants, savings, and debt is the first step. Think about the case where your monthly after-tax income was $6,000 per month. In this scenario, you would have $1,200 in debt, $3,000 in needs, $1,800 in wants, and $800 in savings in addition to $800 in savings. Now that you know how much you can spend in each category under the 50/30/20 rule budget, the question of which costs go where arises.
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The complete question is given below :
Every month, Noah takes home around $2,000. He uses $1,000 to cover his share of rent, utilities, transportation, and groceries. He uses around $650 on entertainment, eating out with friends, and other incidentals. The other $350, he divides between saving for emergencies and paying his student loans. What money management strategy is Noah using?
a. Pay yourself first
b. The 50-30-20 Method
c. The Categories Method
d. Investing in stocks