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Which of the following statements is not good advice for prioritizing your spending?Group of answer choicesFirst determine your needs and wants.Use your "want money" on little everyday purchases rather than on big purchases.Focus on spending your "want money" on things that will improve your quality of life.Don’t use your "want money" on things that are "flashy" but don’t really have much value.

Question

Which of the following statements is not good advice for prioritizing your spending?Group of answer choicesFirst determine your needs and wants.Use your "want money" on little everyday purchases rather than on big purchases.Focus on spending your "want money" on things that will improve your quality of life.Don’t use your "want money" on things that are "flashy" but don’t really have much value.

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Solution

The statement that is not good advice for prioritizing your spending is: "Use your 'want money' on little everyday purchases rather than on big purchases."

This is not good advice because spending your discretionary income on small, everyday purchases can add up quickly and leave you with little to no money for larger, more meaningful purchases. It's often more beneficial to save your "want money" for larger purchases that can bring you long-term happiness or improve your quality of life.

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Similar Questions

Which of the following is good spending advice?Group of answer choicesEngage in comparison shopping.Avoid impulse buying.Save money for emergencies or unexpected expenses.All of the above

Which of the following actions will likely make it hardest for you to save money in the long term?Group of answer choicesbuying groceries every week with your debit cardeating out once every three monthsnot using your credit card for six monthsinvesting a set amount every month in the stock market

Which of the following habits will help you stick to your budget?Reclassifying some of your needs as wants so that you’re justified in spending money on themNever carrying cash so that you won’t spend money on things you don’t needPaying for everything with your credit card so that you can track your expenses and pay one billPosting your goals in a place where you’ll see them every day

All of the following describe a budget appropriately EXCEPT:Group of answer choicesIt is the best tool to help you get more for your money.It is setting limits and restrictions on your money and does not do anything else.It helps keep track of your money so you know where it is going.It helps you save for both short-term and long-term financial goals.

Saving is something you should do…a. Only when you have extra moneyb. Regularly and consistentlyc. Only when you’re an adultd. Only when there’s something you plan to buy

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