How would you describe your relationship with money? Are you the kind of person that enjoys saving and budgeting as you think about your future goals? Do you prefer to splurge on your favorite materialistic items because you only live once and why not treat yourself right?! Whatever your money habits may be, one thing that’s for certain is being able to get to a place where you’re comfortable talking about it, managing it and having even more of it!
We’re sharing with you, 7 money questions to ask yourself to not only afford the life you want, but the life you deserve. Keep reading to find out how you can find the balance between saving for your future and living your absolute best life.
7 Money Questions to Ask Yourself to Afford the Life You Want
- What can I currently do to realistically improve my income?
When it comes to your current income, finds ways to negotiate your current salary with your employer. Negotiation is never a bad thing to do, as long as you’ve planned for it and bring data to support your ask.
2. How much should I truly be saving?
One thing that’s for sure, saving looks different for everyone. There’s absolutely no easy way to save, besides just starting. We recommend budgeting out your necessities and non-negotiables and then creating an excel budgeting tracker to help manage all of your money that’s coming in and going out. Based on this budget tracker, a good rule of thumb is to save a minimum of 20% of your monthly income.
3. How do I plan for a rainy day?
This ducktails into how much you should be saving each month. Because a rainy day is normally an unexpected event that occurs, putting yourself into a position to save will set you up for a rainy day well in advance. It’s so important to ensure you’re taking the necessary steps to protect yourself against any unplanned situations that may occur along your financial journey.
4. How do I know what to invest my money in?
Keep in mind that investing your money is a way to grow your money overtime, not overnight. If you’re looking for a get rich quick scheme, investing is not it. The sooner you begin investing, the more successful you’ll be because it’s all about longevity.
5. How can I make a budget that still allows me to live and enjoy my life?
Although we mentioned using an excel tracker earlier, there are also several budgeting apps that helps you segregate your money into different brackets so you can set aside things for your priorities first.
6. What does an emergency fund look like for my financial situation?
Many researcher say your emergency fund should be no more than three month’s worth of your fixed expenses or it then becomes a savings account. Keep in mind that your emergency fund should be your first line of defense, but not your only line.
7. How can I improve my financial literacy?
There are so many financial courses and offerings that are readily available to us through the Internet. Take advantage of all of the resources available to you through YouTube and social media to grow and improve your financial literacy. One of our favorite financial literacy podcasts is Earn Your Leisure where they discuss various topics from financial literacy to business and entrepreneurship.
We all desire a soft life, but what does that soft life look like and what chances are we willing to take to ensure we truly enjoy the fruits of our labor? These are questions you should be asking yourself when trying to ensure you’re still able to afford the life you want without having to sacrifice your wants and needs. Let us know in the comments below some of the questions you’ve asked yourself along your financial journey, ensuring your life truly is all that glitters is gold! For more tips and tricks about finances and money, visit https://bosswomen.org/blog/.
