# Personal Finance Level 1: Budgeting basics (free quiz and certificate) | Get Certified for Free

Source: https://getcertifiedforfree.com/courses/personal-finance/level-1/

Personal Finance · Level 1 of 5 · Intro

# Budgeting basics

Track income and spending, and build a simple budget you will keep.

## Study notes

1. A budget is a plan for your money: income in, spending and saving out.
1. Start by tracking one or two months of real spending from bank and card statements.
1. Fixed expenses (rent, insurance) stay about the same each month. Variable expenses (groceries, fuel, eating out) change.
1. One popular starting guide is the 50/30/20 rule: about 50% of after-tax income to needs, 30% to wants, 20% to saving and extra debt payments. Adjust it to your life.
1. Pay yourself first: move savings automatically on payday so it happens before spending.

## Quiz: 6 questions

Choose one answer for each question, then check your answers. Score 5 of 6 to pass. Then enter your name and email to download a PDF certificate and have a copy emailed to you. Answers are graded in your browser.

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