Jasmine just received her paycheck. To manage her money, she categorizes spending by needs, wants, and savings and debt . What money management strategy is Jasmine following? the envelope method 50-30-20 rule managing money pay yourself first

## Step 1<br />The problem presents a scenario where Jasmine categorizes her spending into needs, wants, and savings and debt. We are asked to identify the money management strategy she is following.<br /><br />## Step 2<br />The options provided are:<br />- The envelope method<br />- The 50-30-20 rule<br />- Managing money<br />- Pay yourself first<br /><br />## Step 3<br />The envelope method involves dividing cash into envelopes for different spending categories. This doesn't match Jasmine's approach as she doesn't mention dividing her money into envelopes.<br /><br />## Step 4<br />The 50-30-20 rule suggests allocating 50% of income to needs, 30% to wants, and 20% to savings and debt. This doesn't match Jasmine's approach as she doesn't mention allocating her income in this way.<br /><br />## Step 5<br />"Managing money" is a broad term that doesn't specify a particular strategy. Jasmine's approach is more specific, so this option doesn't fit.<br /><br />## Step 6<br />"Pay yourself first" is a strategy where you save or invest a portion of your income before spending on anything else. This doesn't match Jasmine's approach as she doesn't mention saving or investing before spending.<br /><br />## Step 7<br />Based on the information provided, Jasmine's approach aligns with the 50-30-20 rule, where she allocates her income into needs, wants, and savings and debt.