12 Questions About Money To Ask Yourself Today
Asking yourself questions about money should be a regular part of your financial plan. After all, money is something that affects you every single day of your life.
It’s used to pay for your shelter, to purchase food for your family, to purchase heat in the winter, and to purchase necessary medical care. The list could go on and on.
For being so important, you’d think we’d devote more time trying to keep it. However, it seems like we regularly devote more time trying to find new ways to spend it.
Due to this interesting paradox, I find it necessary to occasionally sit back and reflect on my financial life. To do this, I ask myself a few questions about money and how those answers affect my current financial health. Each question is very short and is designed to get me thinking about the bigger picture (i.e. keeping my money) again.
I recommend you ask yourself these same questions about money so you can get back on your path to financial freedom.
Questions About Money To Ask Yourself Today
“Is What I’m Doing Today Helping Me Get Closer to Financial Freedom?”
Defining financial freedom is an important part of long-term financial goal planning. Since achieving that goal is important to me, what can I do to get myself refocused and back on track? Revisiting my definition of financial freedom often can keep me focused on the future.
“Is My Money Being Spent on the Things That Truly Matter to Me?”
Are there items in your budget that could be removed or reduced to help better utilize your income? Does your spending reflect your values?
“What Was The Last Item I Regretted Purchasing?”
Why did you regret purchasing it? What was your mood when you purchased it? Can you implement strategies to avoid making the same mistake again?
“What’s Holding Me Back From Taking Action?”
Why do you fear financial freedom? What’s standing in your way? How can you eliminate that obstacle? If you’re worried about failure, read these stories.
“How Would My Budget Look Without Debt Payments?”
Is a large portion of your income going towards interest payments? What would you do with all of that extra cash flow? Would you save that money and retire early? Would you give it to those less fortunate? How would conversations about money in your house change?
“Am I Listening to the Right People?”
Are you surrounding yourself with good financial influences? Is the advice you’re receiving best for your situation? Does your spouse want nothing to do with the financial issues at hand? Can you get them on board?
“How Can I Improve My Financial Literacy?”
When you’re faced with an issue related to your finances, are you researching solutions or are you just giving up? Are you utilizing your local library to read everything you possibly can about personal finance?
“What’s My True Hourly Wage?”
After commuting costs, time spent getting around for work and clothing expenses, how much are you really making per hour? How can you reduce those extra costs?
“What Can I Do to Increase My Income?”
How long has it been since you asked for a raise a work? Can you take on a part-time job? Do you want to change careers? Do you have a small business idea and the capital to make it happen?
“If I Died Today, Would My Family Be OK?”
Would your family be able to sustain their current standard of living? If not, how can you ensure that they are able to?
“Am I Setting a Good Example For My Children?”
Are you teaching your children good financial values? Do you want your children to have the same issues that you’re currently having? How can you help them avoid your mistakes? If you don’t have children, think about your future children.
“Where Do I Want to Be One Year From Now Financially?”
What steps can you take today to get started on that goal? What’s holding you back? Have you created some SMART financial goals?
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Hopefully these questions sparked some critical thinking regarding your finances.
Are these the only questions you should be asking? Absolutely not. Your questions might be completely different, but just as important to ask yourself.
Now get out there and take care of your money, so it can take care of you later.
Your financial coach,