Saving

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Quick Quiz

Whether you’re a novice or an expert, this quiz gives you the opportunity to test your knowledge, determine areas for improvement and learn helpful tips and resources to guide you through the process of becoming a savvy saver. Take the quiz to help evaluate your saving habits.

1

An emergency fund is:

A
Insurance that pays medical expenses
B
An evacuation plan
C
Money saved for unexpected expenses
D
A fund for dining out

Correct!

An emergency fund helps you save for unexpected expenses such as medical or home and auto repair.

Not quite.

An emergency fund is money saved for unexpected expenses such as medical or home and auto repair.

2

Ideally, how much should you save in your emergency fund?

A
One week's pay
B
One month's pay
C
Enough to pay rent for two months
D
Enough to pay three to six months' expenses

Correct!

You should save enough in your emergency fund to pay three to six months’ expenses.

Not quite.

You should have enough money in your emergency fund to sustain you for three to six months.

3

What is true about savings accounts?

A
They pay the highest interest rates of any account.
B
They allow you to deposit and withdraw money and earn interest.
C
Their interest earnings are not taxable.
D
All of the above

Correct!

Savings accounts allow you to deposit and withdraw funds and earn interest.

Not quite.

Savings accounts allow you to deposit and withdraw funds and earn interest.

4

You should consistently save at least ___ of your income.

A
10%
B
4%
C
5%
D
30%

Correct!

Saving at least 10 percent of your income each month gives you a safety net for retirement and other unexpected expenses.

Not quite.

You should consistently save at least 10 percent of your income.

Your Score

Nice job!

You’re a savvy saver — check out these tips to stay successful.

Nice job!

You’re on the path to becoming a savvy saver — check out these resources to become even better at saving.

Too Bad!

You’re a newbie with lots of saving potential — check out these resources to become a great saver.

Test Your Saving Savvy

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