Money worries are common, everywhere you look money is predominately involved - more often than not reminding you of your own financial state. But, are we getting sucked into thinking that our financial state is worse that is actually is? There are ways of assessing and monitoring whether we are in fact struggling, or need to take more care over our budgets in order to live a happy and relatively care-free lifestyle.
We’ve pulled together a few thought challenges and questions to help you determine whether your money issues are easily resolvable, fairly manageable in general, or whether in fact you need to seek alternative advice. Answer them honestly, and see how you feel by the end of the article.
Are you feeling calm and at peace with your money situation?
You’ve truly ‘got things covered’ and you feel good about your finances, which in turn will help you get a great night’s sleep.
Can you pay your credit card in full each month?
Credit cards are used for a multitude of reasons. If you’re using them to earn rewards and paying it off over time, this can help improve your credit rating. However, using them to cover money you don’t (and may never) have is unhealthy and needs to be addressed. A continuously unpaid credit card balance will prove rocky for your financial future, so make a plan and pay back what you can every single month.
Do you have a rainy day fund?
A recent survey by YouGov reported that one in three middle-class adults said they would need to borrow money to pay an unexpected bill of £500. Can you relate, or are you in a position where to pay for an unexpected boiler bust?
Do you look forward to special occasions that will incur costs?
In theory, money is there to make life more enjoyable. Does the idea of a special occasion fill you with dread because of money issues? If you’re in a position when you are comfortable spending more than usual on an event or person due to a special celebration and it’s not a hardship, then you are fairly comfortable financially.
Do you have to think twice about being generous?
You may very well be extremely generous , but if you are going through financial difficulty, you may not be able to afford the luxury of “gifting.” The ability to buy nice things for people can be a wonderful thing. But, think about it first… should you think twice about the impact of buying a round of drinks?
Do you save habitually ?
Saving shouldn’t be a chore, or something that you have to force yourself to do… It should become a habit like brushing your teeth! Not only are you helping yourself to budget in real-time but you are working towards a secure future.