Personal Finance Mistakes: Quick Self Assessment Test

As soon as we start our working life and begin to receive money for our work, we feel happy with the desire to buy without control or cover expenses and tastes.
Do you want to know if you are one of those who make mistakes in the management of your money and what you can do to reduce them, answer the following questionnaire.

1. Is it common for you to spend money you haven’t received yet?

a) No, I always plan my expenses with the money I have at the moment.

b) Yes, I can’t avoid the impulse when I see something I want, especially if it’s on sale.

2. Every two weeks do you end up with zeroes on your bank account?

a) No, I try not to let that happen, I keep track of what I spend.

b) Yes, it is common to see my bank account in zeroes, but I don’t owe anyone any explanation.

3. If you have to cover an unexpected expense, how do you do it?

a) I try not to compromise my finances or my paycheck and use savings.

b) If it is very urgent, I pay it right away, even if it is with a credit card or I borrow some cash from my friends/relatives.

4. Did you set any financial goals for yourself?

a) Yes, it is important to plan and establish goals with the money I save.

b) I don’t consider it necessary, I don’t know what will happen tomorrow, I am one of those who go by the day.

Results:

Majority of A’s:

You have good control of your money, congratulations! Maybe it’s time to take the next step and become an investor, seek expert advice.

Majority B:

The relationship you have with your portfolio is almost zero and that’s too bad. It is important to remember that when mistakes become habits we must correct them. Get rid of expenses that leave you in zeroes sooner than expected. Work on these weak points, you will see the change!

Lack of experience often results in too much optimism, unrealistic projections, hasty decisions, inefficient management, etc.

Make a clear, measurable and real financing plan, this will help you not to get lost in the day to day running of your business.
Keep your financial statements up to date, as these will guide you to make more accurate decisions and better results.