Need a quick boost of financial confidence? Or a refresher on how to maximize your budget? Bank of America’s Better Money Habits has your back. So we’re teaming up to share the tools, resources, and tricks you need to take control of your finances this year (and maybe even save up for that big vacation). Because your money should work as hard as you do.
How Smart Is Your Money Game?
Pop Quiz:
Click to reveal the answers.
In the 50/30/20 budgeting technique, 50% of your income goes to ____, 30% goes to ____, and 20% goes to _____.
In the 50/30/20 budgeting technique, 50% of your income goes to needs, 30% goes to wants and 20% goes to savings.
Needs cover essentials like housing, utilities, and your grocery bill. Wants include vacations and entertainment. Savings go toward debt repayments and your retirement fund. Psst…you can always adjust the percentages based on your savings goals. Dive into other budgeting methods.
Rule of thumb: spend no more than ___% of your pre-tax income on mortgage or rent.
If you’re considering moving, break down your monthly budget. Be sure to consider your regular expenses and income, your overall financial priorities, and the neighborhood where you’re planning to live, which all factor into the overall monthly payment you can afford. Explore buying or renting a home within your financial comfort zone.
Rule of thumb: spend no more than 28% of your pre-tax income on mortgage or rent.
Typically, you should save enough in your emergency fund to cover _____ months of living expenses.
Or if you’re supporting a family, nine months. You want to have enough saved to cover all your basic expenses if you lose a regular source of income. Or, if you’re hit with a major unexpected expense, you’ll have money to fall back on. Learn more about emergency funds.
Typically, you should save enough in your emergency fund to cover three months of living expenses.
Ideally, your debt-to-income ratio should be lower than ___%.
To calculate your debt-to-income ratio (aka how much you owe vs. earn monthly), divide your monthly debt obligations, including your mortgage, by your gross monthly income. Psst…this isn’t a fixed number, and there are strategies to lower it. How to lower your debt-to-income ratio.
Ideally, your debt-to-income ratio should be lower than 36%.
If your employer offers a 401(k) match, you should invest ____.
If your company offers a 401(k) match, use that number as your minimum investment. For example, if your employer offers to match 50% of retirement plan contributions up to 5% and you contribute $2,500, that means your employer will kick in another $1,250. Free money? Say less. More on how to best use your 401(K).
If your employer offers a 401(k) match, you should invest the amount they match (at minimum).
Try to keep your credit card balance below ___% of your available credit.
Paying off your credit card in full every month is the ultimate goal, but it’s not always possible. To keep your credit healthy and debt feeling manageable, plan to keep your credit utilization rate under 30%. That means if your card has a $10,000 spending limit, the outstanding balance should be under $3,000. Find ways to improve your credit score.
Try to keep your credit card balance below 30% of your available credit.
If you can swing it, aim to save ___% of your monthly income.
Saving on a tight budget isn’t easy. So think of this as a target to aim for. Working toward a specific goal (like a dream trip, an emergency fund, or a home upgrade) helps keep you motivated. Or you can put your savings to work with an investment account to help you meet your long-term goals. Discover easy ways to save.
If you can swing it, aim to save 20% of your monthly income.
The higher your _____ score is, the lower your _____ rate will be.
When a bank sees a solid credit history (aka paying at least the minimum on time every month), they typically offer a lower mortgage rate — and a smaller monthly payment. Proof that punctuality really does pay off. Plan for buying a home.
The higher your credit score is, the lower your mortgage rate will be.
If you’re repaying debt, pay above _____ to chip away at your balance.
Paying off your credit card in full every month might not always be realistic, but sticking to the minimum balance means it’ll take longer to pay off your total. The more you pay toward the principal now, the less you’ll owe later. Tips for paying down debt faster.
If you’re repaying debt, pay above the minimum payment to chip away at your balance.
Start your financial wellness journey: BetterMoneyHabits.com
Rule of thumb: spend no more than ___% of your pre-tax income on mortgage or rent.
If you’re considering moving, break down your monthly budget. Be sure to consider your regular expenses and income, your overall financial priorities, and the neighborhood where you’re planning to live, which all factor into the overall monthly payment you can afford. Explore buying or renting a home within your financial comfort zone.
Rule of thumb: spend no more than 28% of your pre-tax income on mortgage or rent.
In the 50/30/20 budgeting technique, 50% of your income goes to ____, 30% goes to ____, and 20% goes to _____.
If you’re considering moving, break down your monthly budget. Be sure to consider your regular expenses and income, your overall financial priorities, and the neighborhood where you’re planning to live, which all factor into the overall monthly payment you can afford. Explore buying or renting a home within your financial comfort zone.
In the 50/30/20 budgeting technique, 50% of your income goes to needs, 30% goes to wants and 20% goes to savings.
Typically, you should save enough in your emergency fund to cover _____ months of living expenses.
Or if you’re supporting a family, nine months. You want to have enough saved to cover all your basic expenses if you lose a regular source of income. Or, if you’re hit with a major unexpected expense, you’ll have money to fall back on. Learn more about emergency funds.
Typically, you should save enough in your emergency fund to cover three months of living expenses.
Ideally, your debt-to-income ratio should be lower than ___%.
To calculate your debt-to-income ratio (aka how much you owe vs. earn monthly), divide your monthly debt obligations, including your mortgage, by your gross monthly income. Psst…this isn’t a fixed number, and there are strategies to lower it. How to lower your debt-to-income ratio.
Ideally, your debt-to-income ratio should be lower than 36%.
If your employer offers a 401(k) match, you should invest ____.
If your company offers a 401(k) match, use that number as your minimum investment. For example, if your employer offers to match 50% of retirement plan contributions up to 5% and you contribute $2,500, that means your employer will kick in another $1,250. Free money? Say less. More on how to best use your 401(K).
If your employer offers a 401(k) match, you should invest the amount they match (at minimum).
Try to keep your credit card balance below ___% of your available credit.
Paying off your credit card in full every month is the ultimate goal, but it’s not always possible. To keep your credit healthy and debt feeling manageable, plan to keep your credit utilization rate under 30%. That means if your card has a $10,000 spending limit, the outstanding balance should be under $3,000. Find ways to improve your credit score.
Try to keep your credit card balance below 30%
of your available credit.
If you can swing it, aim to save ___% of your monthly income.
Saving on a tight budget isn’t easy. So think of this as a target to aim for. Working toward a specific goal (like a dream trip, an emergency fund, or a home upgrade) helps keep you motivated. Or you can put your savings to work with an investment account to help you meet your long-term goals. Discover easy ways to save.
If you can swing it, aim to save 20% of your monthly income.
If you’re repaying debt, pay above ____________ to chip away at your balance.
Paying off your credit card in full every month might not always be realistic, but sticking to the minimum balance means it’ll take longer to pay off your total. The more you pay toward the principal now, the less you’ll owe later. Tips for paying down debt faster.
If you’re repaying debt, pay above the minimum payment to chip away at your balance.
Comienza tu camino al bienestar financiero: BetterMoneyHabits.com
Entre más alto sea tu puntaje _____, más baja será tu tasa de _____.
Cuando un banco ve un buen historial de crédito (es decir, que cada mes pagas al menos el mínimo a tiempo), suele ofrecerte una tasa de hipoteca más baja — y un pago mensual más accesible. Prueba de que la puntualidad sí paga.
Planifica cómo comprar tu hogar.
Entre más alto sea tu puntaje de crédito, más baja será tu tasa de hipoteca.
Si estás pagando deudas, paga más que _____ para reducir tu saldo.
Saldar tu tarjeta cada mes tal vez no siempre sea posible, pero quedarte solo en el mínimo significa que tardarás mucho más en liquidarla. Mientras más pagues al monto principal ahora, menos pagarás a largo plazo.
Consejos para pagar tus deudas más rápido.
Si estás pagando deudas, paga más que el pago mínimo para reducir tu saldo.
Si puedes hacerlo, trata de ahorrar ___% de tus ingresos mensuales.
Ahorrar con un presupuesto ajustado no es fácil, así que piensa en esto como una meta a la que apuntar. Trabajar hacia una objetivo específica (como un viaje soñado, un fondo de emergencia o renovar tu casa) te mantiene motivado. También puedes poner a trabajar tus ahorros en una cuenta de inversión para alcanzar tus metas de largo plazo.
Descubre formas sencillas de ahorrar.
Si puedes hacerlo, trata de ahorrar 20% de tus ingresos mensuales.
Intenta mantener tu saldo de tarjeta de crédito por debajo del ___% de tu crédito disponible.
La meta ideal es saldar la tarjeta en su totalidad cada mes, pero no siempre es posible. Para mantener tu crédito saludable y la deuda bajo control, mantén tu tasa de utilización por debajo del 30%. Eso significa que si tu tarjeta tiene un límite de $10,000, el saldo no debería pasar de $3,000.
Descubre cómo mejorar tu puntaje de crédito.
Intenta mantener tu saldo de tarjeta de crédito por debajo del 30% de tu crédito disponible.
Si tu empleador ofrece una contribución equivalente al 401(k), deberías invertir ____.
Si tu organización ofrece una igualación de plan 401(k), usa ese número como inversión mínima para tu plan de jubilación. Por ejemplo: si tu empresa iguala el 50% de las contribuciones hasta un 5% y tú aportas $2,500, tu empleador pondrá otros $1,250. ¿Dinero gratis? Ni lo pienses dos veces.
Más sobre cómo aprovechar tu plan de jubilación 401(k).
Si tu empleador ofrece una contribución equivalente al 401(k), deberías invertir al menos la cantidad que ellos igualen.
Idealmente, tu relación deuda-ingresos debería ser menos de ___%.
Para calcular tu relación deuda-ingresos (es decir, cuánto debes, al cuánto ganas mensualmente), divide tus pagos mensuales de deuda, incluyendo hipoteca, por tu ingreso bruto mensual. Tip: este no es un número fijo, y hay estrategias para bajarlo.
Cómo puedes reducir tu relación deuda-ingresos.
Idealmente, tu relación deuda-ingresos debería ser menos de 36%.
Por lo general, deberías ahorrar lo suficiente en tu fondo de emergencia para cubrir _____ meses de gastos de vivienda.
O nueve meses, si mantienes a una familia. Necesitas tener ahorros suficientes para cubrir tus gastos básicos si pierdes tu fuente principal de ingresos. O, si surge un gasto inesperado considerable, contar con suficiente dinero para respaldarte.
Aprende más sobre fondos de emergencia.
Por lo general, deberías ahorrar lo suficiente en tu fondo de emergencia para cubrir tres meses de gastos de vivienda.
En la técnica de presupuesto 50/30/20, el 50% de tu ingreso neto va a ____, el 30% va a ____, y el 20% va a _____.
Las necesidades incluyen lo esencial como alquiler, servicios públicos y alimentación. Los deseos, o gastos discrecionales, abarcan vacaciones y entretenimiento. Los ahorros cubren pagos de deudas y tu fondo de retiro. Tip: siempre puedes ajustar las proporciones según tus metas de ahorro.
Explora otros métodos de presupuesto.
En la técnica de presupuesto 50/30/20, el 50% de tu ingreso neto va a necesidades, el 30% a deseos y el 20% a ahorros.
Como regla general, no gastes más del ___% de tu ingreso bruto en hipoteca o renta.
Si estás pensando en mudarte, desglosa tu presupuesto mensual. Considera tus gastos e ingresos periódicos, tus prioridades financieras y el mercado donde piensas vivir. Todo afecta el pago mensual que realmente podrás cubrir.
Explora cómo comprar o rentar una casa dentro de tu zona de confort financiera.
Como regla general, no gastes más del 28% de tu ingreso bruto en hipoteca o renta.
Haz clic para ver las respuestas.
¿Necesitas un empujón rápido de confianza financiera? ¿O un repaso sobre cómo sacarle el máximo provecho a tu presupuesto?
Better Money Habits de Bank of America está a tu lado. Por eso nos unimos para compartirte las herramientas, recursos y trucos que necesitas para tomar el control de tus finanzas este año (y tal vez hasta ahorrar para esas vacaciones soñadas). Porque tu dinero debería ser igual de trabajador como tú.
¿Qué tan fuerte está tu estrategia financiera?
Examen Sorpresa:
ENGLISH
Español
Start your financial wellness journey: BetterMoneyHabits.com
The higher your _____ score is, the lower your _____ rate will be.
When a bank sees a solid credit history (aka paying at least the minimum on time every month), they typically offer a lower mortgage rate — and a smaller monthly payment. Proof that punctuality really does pay off. Plan for buying a home.
The higher your credit score is, the lower your mortgage rate will be.
If you’re repaying debt, pay above ____________ to chip away at your balance.
Paying off your credit card in full every month might not always be realistic, but sticking to the minimum balance means it’ll take longer to pay off your total. The more you pay toward the principal now, the less you’ll owe later. Tips for paying down debt faster.
If you’re repaying debt, pay above the minimum payment to chip away at your balance.
If you can swing it, aim to save ___% of your monthly income.
Saving on a tight budget isn’t easy. So think of this as a target to aim for. Working toward a specific goal (like a dream trip, an emergency fund, or a home upgrade) helps keep you motivated. Or you can put your savings to work with an investment account to help you meet your long-term goals. Discover easy ways to save.
If you can swing it, aim to save 20% of your monthly income.
Try to keep your credit card balance below ___% of your available credit.
Paying off your credit card in full every month is the ultimate goal, but it’s not always possible. To keep your credit healthy and debt feeling manageable, plan to keep your credit utilization rate under 30%. That means if your card has a $10,000 spending limit, the outstanding balance should be under $3,000. Find ways to improve your credit score.
Try to keep your credit card balance below 30%
of your available credit.
If your employer offers a 401(k) match, you should invest ____.
If your company offers a 401(k) match, use that number as your minimum investment. For example, if your employer offers to match 50% of retirement plan contributions up to 5% and you contribute $2,500, that means your employer will kick in another $1,250. Free money? Say less. More on how to best use your 401(K).
If your employer offers a 401(k) match, you should invest the amount they match (at minimum).
Ideally, your debt-to-income ratio should be lower than ___%.
To calculate your debt-to-income ratio (aka how much you owe vs. earn monthly), divide your monthly debt obligations, including your mortgage, by your gross monthly income. Psst…this isn’t a fixed number, and there are strategies to lower it. How to lower your debt-to-income ratio.
Ideally, your debt-to-income ratio should be lower than 36%.
Typically, you should save enough in your emergency fund to cover _____ months of living expenses.
Or if you’re supporting a family, nine months. You want to have enough saved to cover all your basic expenses if you lose a regular source of income. Or, if you’re hit with a major unexpected expense, you’ll have money to fall back on. Learn more about emergency funds.
Typically, you should save enough in your emergency fund to cover three months of living expenses.
In the 50/30/20 budgeting technique, 50% of your income goes to ____, 30% goes to ____, and 20% goes to _____.
Needs cover essentials like housing, utilities, and your grocery bill. Wants include vacations and entertainment. Savings go toward debt repayments and your retirement fund. Psst…you can always adjust the percentages based on your savings goals.
Dive into other budgeting methods.
In the 50/30/20 budgeting technique, 50% of your income goes to needs, 30% goes to wants and 20% goes to savings.
Rule of thumb: spend no more than ___% of your pre-tax income on mortgage or rent.
If you’re considering moving, break down your monthly budget. Be sure to consider your regular expenses and income, your overall financial priorities, and the neighborhood where you’re planning to live, which all factor into the overall monthly payment you can afford. Explore buying or renting a home within your financial comfort zone.
Rule of thumb: spend no more than 28% of your pre-tax income on mortgage or rent.
tap to reveal the answers.
Need a quick boost of financial confidence? Or a refresher on how to maximize your budget? Bank of America’s Better Money Habits has your back. So we’re teaming up to share the tools, resources, and tricks you need to take control of your finances this year (and maybe even save up for that big vacation). Because your money should work as hard as you do.
How Smart Is Your Money Game?
Pop Quiz:
ES