Money is a constant source of stress. Whether it’s how much you earn, how much you save, how much savings you have, your mortgage, bills, the list is endless.
The world revolves around money. It’s a massive motivator, both for good and bad. It’s a constant subject of discussion, between couples, friends, and with ourselves.
Can I/we afford it this month? How can I find a higher paying job? Do we have enough saved in case of an emergency?
I covered some of the reasons behind couples being happy or not as a result of their finances. But a lot of questions need to be answered by ourselves.
Most people go through life without questioning their relationship with money. What motivates them, and how financially secure they are.
If you have had a rocky relationship with the credit card and money, these questions may help shed some light on your actions.
They can also help you set some saving goals, plan for a more secure future, and help you feel happier about your financial situation.
- 8 Important and Meaningful Financial Questions to Ask Yourself
- How Have I Reacted to Financial Stress Before?
- What Role Does Money Play in My Life?
- What Did Your Parents/Guardians Teach You about Money?
- How Closely Is Your Happiness Tied to Money?
- Am I Aware of What My Basic Needs Are?
- What Am I Doing to Achieve My Financial Dreams?
- Do I Understand How to Budget and Invest Money Correctly?
- How Much Do I Help Others When I’m in the Position To?
8 Important and Meaningful Financial Questions to Ask Yourself
How Have I Reacted to Financial Stress Before?
No matter how big, or how small the amount of money may be, the stress can be just as bad. Almost all of us will stress over money at some point in our lives. It’s how we deal it that determines how well we bounce back, and handle future situations.
Applying for a new job, buying a large cost item, these are all examples of taking a risk or gambling. How did you handle these situations previously?
Some people panic, some don’t take large risks, while others are happy to roll the dice. How much thought do you put into your finances? Or you ignoring those credit card bills thinking they will go away?
Maybe it’s time to get serious. Start listing expenses and income on a spreadsheet and find out exactly where you stand.
What Role Does Money Play in My Life?
In essence, money is a tender for exchanging goods and services. You should use it sensibly and within your means. Yet it’s such a constant cause of stress.
What kind of role does is play in your life? How important is money too you, how often do you think about it and stress over it? Do you feel anxious when you spend money or think about it?
If it’s playing a major role in your life, think about what are you sacrificing to give it this place. It doesn’t have to be a trigger for anxiety.
What Did Your Parents/Guardians Teach You about Money?
Our relationship towards money is strongly influenced by our parents, or whoever brought us up. They install values and teach us how to survive in the world when we leave home.
If your parents were stressed over money, you likely are. If they were secretive and didn’t like to discuss finances, if likely you are now the same way.
So when it comes to you teaching your own child about money, think how you want them to handle their finances. Empower them with the confidence and knowledge they need to handle their finances.
How Closely Is Your Happiness Tied to Money?
We have all heard the old saying, ‘money can’t buy you happiness’. This is true, of course. But money can go a long way to helping. We all need money to live, and the more we have the better standard of living we can afford.
In this modern world of gadgets and devices, it’s easy to get caught up in the consumer world of needing all the latest toys. This usually results in a short-term happiness gain, followed by a long headache paying the items off.
If money and material possessions play a big role in your life maybe it’s time to find out why. Living free of the burden to need all the latest gadgets is a much less stressful way to approach money.
Am I Aware of What My Basic Needs Are?
We all have basic needs that need to be met. Like food, a roof over our head, utilities, and such like. Some of us consider other things to be basic needs, while others can make do with the real ‘basics’.
Do you think towards the future? Do you intend to have a family, more mouths to feed, and need a bigger house? These are all things you need to consider now, the future will always come round quicker than you expect.
There is no point planning luxuries until your basic needs are met. This is the first priority.
What Am I Doing to Achieve My Financial Dreams?
We all have dreams. Maybe it’s that big house in the country, a sports car, or early retirement. What are you doing to work towards those dreams? They sure as hell won’t happen on their own.
As long as your basic needs are met as per the last point. You should start taking steps towards achieving more. Balance the risk as earlier covered too, sure some people hit that big home run, but just as many take a big loss too.
Set up a savings plan if it’s a modest goal. Work on your career and consider business options if it’s a larger goal.
Do I Understand How to Budget and Invest Money Correctly?
We are not born knowing how to budget correctly. In fact, there is quite an argument for the opposite. Either way, the point is that we need to understand budgeting to budget correctly.
Keeping track of expenses is the hardest part for most. There are phone apps that help keep track of expenses, or you can hold on to the receipts and keep a spreadsheet.
If budgeting is new to you, read, research, and find out everything you can. It’s that important, and your financial security depends on it. You will enjoy the new found security of knowing exactly how much money you have, and what you’re spending.
How Much Do I Help Others When I’m in the Position To?
Another valuable question is to ask yourself how much you’re helping others. If you’re in a position where you are fortunate to help others, it can be incredibly satisfying to do so.
Have you ever been helped by someone? If so, it’s time to give back that positive karma. Never feel compelled to help, but always feel good about wanting to do so.