It's Life

5 questions to ask yourself about your finances

March 27, 2016

Money, it’s needed and wanted by many. People will die for it and kill to have it. Nothing in this life is free everything comes with a price. Not all things have a monetary value but it still comes with a price. Here are 5 questions to ask yourself about money.

  1. What did my parents teach me about money? My mom taught me to never get a credit card because I didn’t need one. Always pay cash and if you want to build your credit get a car and store cards never a true credit card. I listened to her and I did what she said. I never ever got a real credit card. My mom also taught me to buy only what I needed, think about a big purchase and look for sales. My mom always said she was broke which was funny because she said it all the time even if she had $100 in her hand. She was a saver and a DIYer (is that a word?) She bought land and built her own house mortgage free with cash and only made 40,000 in her entire life. Back then that was a lot today…its nothing. What your parents teach you about money and how they gave you access to their finances will teach you a great deal. Pay attention and listen to some of the older folk and how they made a dime stretch.
  2. Does money control your happiness? I hate to say it but it does to a certain degree. I am happy but there are times when we are short on a bill because of an emergency and my happiness goes away because it’s either replace that tire or pay for food. I hate that I don’t have a healthy savings account to help with emergencies so when something comes up I am not a happy camper. I know I shouldn’t let it control how I go about my day but I am very upset when I don’t have enough to make it through until the next paycheck.
  3. Do you know what you want? You can’t take money with you when you die so what do you want to do with your money while you are here on earth? What are you earning money for after your basic needs are met? After you pay shelter, car notes, food, student loans, gas, insurance….what do you do with the rest? Are you saving for a vacation, for a flat screen tv, for your children’s education. Just what are you working for?
  4. Do you know how to budget and plan? Once you have identified what, exactly, you want, be honest with yourself about how much you do or do not know about how to get there. There are many ways to budget, invest, save, spend, and handle money as there are stars in the sky, and there is always something to be learned about financial management.  Do you know what it will take to reach your financial goal?  If not, what are you doing to better inform and prepare yourself? Are you seeking out mentors, studying online, scouting out online forums, attending classes?
  5. In what ways do you give? Oh yes we can have all the money in the world but as I said we can’t take it all with us. Paying it forward increases our wealth in big ways. I remember there was a time I was at a drive through I bought the kids some items on the dollar menu to stretch our money. The guy in front of me gave the cashier 20 bucks and told them to pay for my food and if any was left over to give me the change. Not only did my kids eat good that night I saved some of my own money. When I had the opportunity to pay it forward for someone else I did. It’s not all about money, and it’s not all about you.

I would love to hear some of the answers you all have for the questions above. Let’s talk about it below in the comment section…………….

questions to ask about finance

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