Richard wants to buy a new stereo system, but he decided not to purchase one because he needs to buy a new car instead in order to get to work. This money management strategy is an example of which of the following?

Question

Quizplus · Accepted Answer

Richard has determined that purchasing a new car is a higher priority for him than buying a new stereo system, and has therefore chosen to allocate his funds towards that purchase instead. This decision demonstrates effective money management and prioritizing of financial goals.

Richard Wants to Buy a New Stereo System, but He