Many times, when our financial future doesn’t appear as rosy as we’d like it to be, it’s because we forget to have money checkpoints to measure our progress.
I have compiled some of the most common money questions we should be consistently asking ourselves and they act as your financial thermometer to measure the health of your financial state.
Taking the time to go through these finance questions will reveal which areas of your financial life you need to focus your time and attention on to salvage, improve or maintain your current situation.
These questions are by no means exhaustive and you’re welcome to add more of your own.
Ready? Detailed answers to the following questions are linked and you can also find the links to the posts below.
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- What do I want to achieve financially? What are my short term and long term money goals? For example, do I want to achieve financial freedom sooner? Or travel round the world? Make a million by 30 years old?
- Do I have SMART money goals?
- How do I set SMART goals correctly so that they’re achievable?
- Do I have strategies to make sure I reach my goals?
- Do I take small steps to reach my goals every week?
- Do I have at least a support person I can discuss my finance matters with?
- Do I have a budget? How do I make a budget? Do I use budget tools to help me save?
- Do I really need a budget?
- Does my budget work? What do I need to fine-tune it?
- How is my credit score calculated?
- Do I often miss my credit card payments?
- Do I pay off my credit card in full each month?
- Do I know the amount of total debt I owe?
- Do I use my credit cards to pay for daily spending such as gas and grocery bills?
- Do you borrow from one credit facility to pay for another?
- Do I have an emergency fund?
- Do I know when an emergency fund should be used for?
- Do I know how much I should save towards an emergency fund?
- Do I buy my lunch every workday?
- Do I buy my latte even though there’s a coffee machine in my office?
- Do I even know how much I spend on any kind of food including snacks and drinks in a month or a year?
- What’s my grocery bills for a month or a year?
- How much do I spend eating out a month or a year?
- How often and how much do I spend on clothes and shoes? Should I begin a No Spend Challenge?
- Do I spend less than I earn?
- Do I know my net earnings after tax per month or a year?
- Do I know what are 401(k) Plans, IRAs or Roth IRAs?
- Do I read finance books to improve my financial knowledge?
- Do I know the difference between good debt and bad debt?
- Am I taking steps to tackle my debts?
- How do I adopt a frugal lifestyle?
- Do I know how to shop smart at supermarkets and save tons of money?
- Do I know to sign up for cashback and protect myself in case prices drop after I bought an item?
- Do I research and compare the value of items I want to buy?
- Do I save at all?
- Do I know my net worth?
- How much debts do I still owe in terms of student loans, mortgage and/or consumer debts?
- Do I know how to pay off my student loans faster?
- Do I know how to pay off my mortgage faster to save interest?
- Do I know the difference between assets and liabilities?
- Do I know how to develop frugal habits to achieve financial freedom sooner?
- Have I started saving and investing planning for retirement?
- How much do I need for retirement?
- What type of insurance do I need?
- Do I save or pay off debt first?
- Have I been tracking my investment regularly?
- Do I need a financial planner?
- Am I entitled to tax refunds?
- Do my frugal habits align with eco-friendly practices?
If you shop often online, it makes sense to sign up for Ebates. Do remember to buy the items you really need.
While you can get cash back from your purchases using Ebates, Paribus is the perfect companion to it.
Paribus is a free online tool that tracks your purchases AFTER you’ve bought your items. If there’s a price drop, it’ll get the refund for you from retailers that are part of their program.
Sign up with Paribus here. You’ll never lose out when there’s a price drop.
To have a solid, good understanding of the answers to these questions, you need to read the following posts:
Select the questions above that you find most useful. Choosing to answer them on a regular basis will steer you on the path towards attaining wealth.
Life-Changing Money Saving Challenge,
Budget Success Planner,
SMART Goals Planner,
100 Frugal Ways to Enjoy Life to the Fullest and
Best Yard Sale Checklist