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22-29 Case Study

352 Words2 Pages

What is the average debt for individuals 22-29?
-Average debt for 22 - 29 year olds: $16,120
2.Why is it important to think about "needs" and "wants"? What are the differences between these?
-Needs: Home, Clothes, Food, Job, Transportation, Insurance, and Future Savings.
Wants: Earrings, Brand new shoes vs Your Shoes Last year, Shopping at an expensive store vs using coupons or go to a resale clothing store.
3.What are the budget guidelines that the video gives for splitting up a paycheck?
-Budget Guidelines: 20% for debt payments 30% for rent 10% for savings
4.What are some things to keep in account when looking for a bank?
-No or low minimum balance, ATMs near your work or home, Pay Attention to fees, Compare interest rates on savings accounts

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