How well do you manage your money?
Can you save or you just quickly spend everything you earned and in the end of the month are trying to survive until payday? Take this quiz and find out how do you manage your finances and if you need to change some of your habits in order to balance your budget in a better way.
1. What percentage of your monthly earnings you usually put into savings?
A. 20%
B. 30 %
C. 50 %
2. You want to go on a holiday but you’re 2000-2500 LEI short on the cost. Your approach in this situation will be:
А. Take out a personal loan
B. Pay for it with your credit card
C. Wait until you save the whole amount you need
3. The first thing after payday you do is:
A. Buying the things you desire
B. Start budgeting for the month
C. Putting immediately a part of it in your savings account/deposit, from fear of spending it on something else
4. When you’re thinking about the amount of debt you have in relation to your income, what would be the average debt-to-income ratio?
A. No more than 10%
B. Within 15%-20%
C. Over 20%
5. If your goal is to save enough for a deposit for a home, a good way to boost your savings with the least risk is to:
А. Open a term deposit with high interest rates
B. Keep any extra cash in hidden places
C. Invest in a risky and high yield stocks
Results
Accumulate the points of each answer and see the result:
| Question | Answer А (points) | Answer В (points) | Answer C (points) |
|---|---|---|---|
| 1 | 1 | 2 | 3 |
| 2 | 2 | 1 | 3 |
| 3 | 1 | 2 | 3 |
| 4 | 3 | 2 | 1 |
| 5 | 2 | 3 | 1 |
Between 5-8 points
First you spend, then you think
You are a person who likes to spend money and you do it spreading your fingers. No matter if you have the amount of money available at the moment or not, you like to spend without thinking of the future.
Tip: Maybe it’s time to sit down and start making monthly budgeting to manage your money in a better way and have the opportunity to cover both your short-term and long-term goals.
How to organize your monthly budget by yourself, you can learn here!
Between 8-12 points
You’ve hit the golden middle
Congratulations! You have good understanding of your incomes and expenses and you know how to balance your budget so that you have enough money for everything you want. You take moderate risks and you always have a second way in mind that will not get you into a financial crisis. Continue this way and you will not have any financial worries.
Between 13 and 15 points
You can loose the end a little bit
You are golden and you don’t have to worry about your future. Your savings skills are enviable, and you spend very wisely. Even too wisely! You don’t take any risks and you calculate every single cent that comes in or out of your pocket.
Tip: Do not forget that you are human and live only one life! Take a chance and spend some more about yourself – buy something big and luxury without thinking so much. An impulsive purchase will not lead you to bankruptcy nor will drain your savings. For some things it’s worth not thinking so much!
