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Quiz: how well do you manage your money?

Aussie Home Loans blog

Mortgage Resource

6 years ago

What percentage of your monthly earnings is the most money-sensible amount to put into your savings, according to the 50/30/20* rule?

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You want to go on a holiday but you’re $700 short on the cost of your ticket? The sensible approach would be to:

Pay for it with your credit card you’ve just paid off.

Take out a personal loan.

Wait until you have saved the additional cost.

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You want to start saving, but you need to pay off a credit card. It’s smart to:

Pay off the credit card first.

Get a good amount of savings and then pay off the credit card.

Chip away at both.

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You have HELP debt and a credit card, which one is more sensible to prioritise paying off and why?

The HELP debt because it accrues interest at a much lower rate.

The credit card because interest is charged at a much higher rate.

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When you’re thinking about the amount of debt you have in relation to your income, what would be a conservative debt-to-income ratio*?

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What does a ‘skip’ refer to?As a general rule of thumb, how many months’ worth of your salary is it smart to put away for emergencies?

Three months’ worth of your current salary.

Two months’ worth of your current salary.

Four months’ worth of your current salary.

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What is the most sensible way to prioritise short and long-term saving goals?

Short term saving goals should take priority.

Long term saving goals should take priority.

Short term goals, like your emergency fund, and long term goals, like your home deposit or retirement fund, should take priority.

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If your goal is to save enough for a deposit for a home, a good way to boost your savings with the least risk is to:

Keep any extra cash under your mattress.

Put any existing savings into a high-interest account.

Invest in the share market.

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