Allen Arnold earns $3,000 per month.He pays his mortgage,utilities,grocery and other bills and then he makes sure to set aside $150 for his savings and investment accounts before he spends money to go to movies and other personal expenses.Which suggestion for obtaining the money he needs for investing is he following?

Question

Quizplus · Accepted Answer

Allen Arnold is following the concept of "Pay Yourself First" which suggests that individuals should prioritize saving a fixed amount of money before paying for their expenses. By setting aside $150 for his savings and investment accounts, Allen is ensuring that he has secured his savings goal before spending on any personal expenses. This helps in building a consistent savings habit and ensures that savings are not compromised in case of unexpected expenses.

Allen Arnold Earns $3,000 Per Month