- Emily Friday
5 Money Questions You Need to Ask Yourself
At the beginning of the year, we shared a post on 7 Money Questions to Ask Your Kids to strengthen your parent-child relationship, whilst at the same time strengthening the relationship they have with money.
But what about the money questions you should be asking yourself? 🤔
In this week's blog, we're sharing 5 thought-provoking money questions to ask yourself to improve your relationship with money and increase your chances of achieving your financial goals:
1) What are my Money Goals?
Are your goals the same as they were a year ago, five years ago, or even ten years ago? Chances are if you've changed at all as a person throughout your life, your wants, needs, desires and dreams will have also changed.
Your money goals should reflect the person you currently are now, and who you hope to be: is it your dream to retire at 35 and travel the world? What about starting a family or saving up for a deposit to put down on your dream home? Your goals should be as unique as you, and now is the time to revisit them to make sure they still align with your values!
Need help identifying your financial goals and setting a plan to make them happen? Check out our Roadmap to Achieving Your Financial Goals.
2) What are my priorities?
Just as our goals can change with time, so can our priorities when it comes to money. Your new priorities should reflect your new goals - what do you need to re-prioritise in order to achieve them?
This might mean taking a step back and taking an honest look at your current financial situation: what's working and what isn't? Are there any areas you could cut back on your spending e.g. socialising, dining out, or buying new clothes to reach your goals faster? Prioritise what's important and what isn't, and stick to it!
3) Does my budget need a refresh?
Now you've identified which of your priorities have changed, your budget will likely need an update too! Whilst you should be reviewing your budget regularly, now is as good a time as ever to schedule a budget check-in.
If you've been living paycheck to paycheck, or find that you're often forgetting to include certain expenses in your budget, this is another tell-tale sign you need to amend your budget to fit your current circumstances and where you want to be.
BONUS TIP: Use the ImageNPay app to help you stick to your budget: with your virtual prepaid card, you can top-up an amount you choose and spend only the amount within your budget - no more overspending!
4) What's holding me back?
This can be a challenging question for us to answer, but it's important we're honest with ourselves! What exactly do you believe is holding you back (and what has been holding you back so far) from reaching your financial goals?
For example, it could be your mindset: do you hold any self-limiting beliefs surrounding your ability to manage money? Or do you believe that your limited income is the problem? Maybe you're struggling to find the time to increase your income/juggle your side hustles - dig deep and use your answers to brainstorm solutions!
5) What Do I Want to Learn?
Finally, what is it you want to learn more about when it comes to money? You may think you have enough financial knowledge to get you by, but to really succeed in obtaining wealth, financial education should be a life-long learning process.
Are there any areas of finance, in particular, you could benefit from learning more from? For example, maybe you're finally ready to try investing or want to know how to maximise your savings. Or, if paying off debt is your main goal, you could educate yourself on various debt payoff methods to help you succeed. The options are endless!
We'd love to know how these questions resonated with you - what other questions would you add to this list? Did any of your answers surprise you? Join the conversation on Instagram @ImageNPay to let us know!
To celebrate the arrival of Spring whilst recognising the tough times everyone is facing, we're delighted to announce that we’ve reduced our prices across ALL subscriptions within the ImageNPay app 🌸✨
At a time when everyone is raising their prices, we’re bringing ours down as a special thank you to our customers!
To discover more about our app and the benefits of budgeting with ImageNPay, tap the button below and download FREE on App Store and Google Play today ⬇️
And don't forget to follow us on Instagram @imagenpay for more tips on strengthening your relationship with money!
*Questions adapted from @moneymagpie