Questions asked about money timely
Questions to Ask About Money Weekly
You will likely benefit from the general money questions on big-picture topics. However, the following are applicable in a weekly personal check-in. These financial questions to ask yourself don’t take long to answer and can help you readjust your spending.
1. Is My Budget Proper and Up to Date?
Budgeting is the structure that makes your financial plan realistic. As a result, updating it regularly to reflect your monthly expenses can help you focus your progress. For example, suppose you signed up for a new streaming service or changed internet providers to save money. You can revise your budget accordingly (reallocating any surplus money to investments can be a good way to get ahead). Or you might also realize that you need to cut back on spending and decide to, say, minimize dining out for the next couple of weeks.
2. Am I Staying Consistent in Saving Money?
Eyeballing your total income versus expenditures over the last few weeks can help you answer this question. If you’ve been able to set aside your target amount of money every pay check, then you’re on track.
• Quick Money Tip: Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online bank account is more likely than brick-and-mortar to offer you the best rates.
3. Do I Have Enough Money for a Financial Emergency?
A crisis, such as job loss or needing a new furnace, can throw your finances into a tailspin. Gradually building up an emergency fund of three months of expenses can help you handle whatever comes your way. Earmarking even a few dollars per week can help you get there.
4. Is There a Way to Increase My Income?
When you ask yourself this financial question, you might decide to work weekends or ask your employer for a raise. Remember, your income isn’t set in stone, and increasing it is a matter of considering your options and taking action.
Questions to Ask About Money Monthly
Every month or so, you might want to check in with how your spending habits are evolving and whether you’re on the path toward achieving financial security.
5. Did I Pay Myself First This Month?
The purpose of paying yourself first is to allocate money towards your goals, usually retirement, savings, or an investment account before all other expenses. While this strategy might make money tight the rest of the month, it can help you stay disciplined directing money toward what matters most.
6. Am I on Pace to Reach My Goals?
Asking yourself this financial question regularly can spare you from getting to December first and realizing, oops, you forgot to reach a goal. By checking in monthly, you can reset your budget or, if necessary, lower your goal accordingly. Your budget should reflect your financial capabilities, not set discouraging standards.
7. Do I Need to Make Any Financial Adjustments?
Making adjustments is a topic to tackle head-on and often; tweaks are what making a budget is all about. That’s what helps it provide the right guidance and guardrails. You may find that your budget is working perfectly or that there’s a bit of extra money you could be saving or an unnecessary expense to eliminate from your budget.
8. Have I Regretted a Recent Purchase?
You’re not asking this question to rub salt in the wound. It’s possible that you made an expensive purchase outside your budget and your conscience is catching up. When this happens, it can be wise to forgive yourself. Your budget is a guide, and next month is your opportunity to follow it and stay disciplined.
Questions to Ask About Money Annually
The following questions have a broad scope and can help you analyse your overall financial health. As a result, revisiting them annually or semi-annually can provide helpful reminders for creating financial stability.
9. Am I Getting Closer to Financial Freedom?
Financial freedom may look like being able to retire without working. Or, you might define it as living without debt. In any case, finding ways to financial freedom likely entails accumulating savings, contributing to an investment account, and repaying debt. Asking this money question annually can help you prioritize these habits and progress toward financial freedom.
10. How Is My Credit and Could It Be Improved?
When was the last time you checked your credit score? Generally, lenders consider credit scores of 670 or higher as “good,” with better scores garnering consumers lower interest rates and favourable loan terms. Therefore, solid credit can help you get a less expensive mortgage or credit card. If you review your credit reports, you can pay down high-interest debt and report any mistakes you found as first steps towards improving your score.
11. How Am I Preparing for Retirement?
Having a dollar goal to save for your later years is crucial, but so is preparing a retirement plan to get you there. Checking in on your retirement assets can be a very wise move.
If you have an employer-sponsored 401(k), you can see whether there’s a way to increase your contribution in pre-tax dollars from your pay check. This may be a highly accessible asset for retirement (not to mention your employer might match your contributions, doubling your investments). Otherwise, a traditional or Roth IRA can be your primary investment account for retirement.
12. What Are Your Personal Priorities for the Coming Year?
Life moves quickly, and your financial priorities can, too. When asking this question, you can zero in on key goals, such as paying for sleepaway camp for your child or reaching a specific dollar amount in your emergency fund. Setting your budget while also factoring in your personal goals can help you put money aside throughout the year.
