What are some good financial questions?
When it comes to your money, often you don’t know where to start. Financial gurus throw out hard-to-understand terms that make you want to bury your head in the sand.
That’s why today we’re taking a different approach. These are 65 good financial questions to ask yourself that get straight to the point. And help you dig into your money without the overwhelm.
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Why You need to ask these Money questions
Avoidance isn’t what gives you financial security and freedom. If you really want that lifestyle, home, or dream vacation, build awareness and tackle your challenges head-on.
You’ll see where you’re doing well, and in what areas it’s time to step up.
The financial questions to ask yourself will also help you…
- meet your money goals faster
- sleep soundly at night (and worry less overall)
- give you breathing room when something pops up.
Dive into all the questions at once, or commit to answering 2-3 questions every week or month when you sit down to look over your money.
Before you know it, you’ll be well on your way to a future that belongs to you.
Financial Questions About Money Management
First, these money questions help you think about different aspects of the whole when it comes to your finances.
1. What are my short-term financial goals?
These are 3-6 month money goals. Short-term goals could be Christmas money, saving for an upcoming vacation, wedding, or just wanting to have more money in the bank. So, think through your life and where you want to go. Then jot down a few
2. What are my long-term financial goals?
Long-range goals are anything that you’re saving for 6 months to many years away. Things like a new home, retirement, kids college, and real estate investing could be in this category.
3. Am I making progress towards these goals?
Now, look at your last 6-12 months. Are you moving towards accomplishing these goals? Be honest with yourself. The numbers don’t lie.
4. If not (or not enough), what do I think is stopping me from realizing these goals?
Is it impulse spending, a lack of planning, or something else? There’s no shame in recognizing your weak spots. In fact, it’s the only way to improve your current situation.
5. Am I actively learning about money?
Next, when was the last time you picked up a money book, listened to a podcast, or read a financial article? (You’re here, so that’s a good sign!).
Excelling in anything requires a willingness to learn. Spend even a small portion of your time learning about money, and you’ll make leaps and bounds in your financial wellness journey.
6. Do I have debt?
Many of us have debt, and not all debt is bad.
But some debt is crippling! And it’s hard to make progress in your financial goals without first taking a look at the loans that are holding you back. Credit card debt and other high-interest loans should be first on your list to pay down.
Find out what interest rate you're paying on each loan and whether it's variable or stable.
7. Is being debt free a financial goal of mine? Why or why not?
Now, there are two kinds of people in personal finance. One group (like Dave Ramsey’s Baby Steps) will tell you that all debt is bad. Get rid of it all and you’ll have financial security like nothing else.
The other group tells you to keep certain debts or add debt in order to leverage money in your favor. And for many, this has been a source of incredible wealth.
Both groups are right. So, consider your personality, financial situation, and future goals. Then, decide which path is right for you.
8. If I Could 10x My Spending In Only 1 Category What Would It Be?
This question doesn’t mean you should 10x your spending. But it does give you a clear-cut answer to what you find most valuable. And when it comes to your spending, always spend most on what brings you happiness, and least on the other stuff.
9. What is my risk tolerance?
I once had a high-risk friend that panicked because he lost tens of thousands of investing dollars in one day. All I could think was, “I need to sleep at night.” Obviously, my risk tolerance is low.
How much would you be comfortable with losing in a day? A week? Or a month?
10. How can I increase my income?
11. Do I have any passive income streams? Could I produce one?
Passive income is anything that you set up once and then it continues to make money for you.
Stocks, real estate, renting out your stuff, and some business models are passive. Even things like advertising on your car are passive because you set it up once and then it continues to help you for months and years to come.
12. Do I have any money mentors?
Is there anyone you look up in terms of how they handle their money? Whether it’s a close friend or a financial guru, it’s critical to have models that help you along your journey.
13. Am I building my wealth?
This one is straightforward. Pull up your financial papers for the last 6-12 months, and write down exactly how much.
14. What are 1-3 steps I could take to build wealth in the next year?
Next to that number you just wrote, write a few ways you can increase it. Perhaps you’ll do a savings challenge with a friend. Or start a side hustle. There are hundreds of way to do it.
15. Do I Have Insurance In All Of The Categories I Could Need It?
Next, consider all the things you (and your family) need to be covered for. Are you covered in an emergency?
16. Have I thought through my insurance and how much I actually need?
Now, look at each insurance number. Do you have enough coverage?
Or perhaps, if you have a big emergency stash, it makes financial sense to back off of certain insurances. We make our car deductibles higher because we won’t use our insurance for small dings. Do what makes sense for you, your risk tolerance, and your financial situation.
17. Am I taking advantage of an FSA or HSA?
When paying for medical expenses, many employers offer a special health savings account. Are you using it? Are you putting enough money into it each month? Are there other things you could be using it on – like small purchases at Walgreens – that you aren’t?
18. What’s my credit score?
19. How could I improve my credit score?
What can you do today to get started on a better score?
20. How do I know what to invest in?
Financial gurus make investing look like a secret gamble that only the experts know about. It’s not true. It’s more important to get in the game (and stay in the game) than to obsess over an insanely complicated strategy.
Index funds make investing easy. With low fees, they follow the market as a whole. And they don’t require tons of research. But if you’re really not sure, do some reading, ask your money mentor, or speak with a financial advisor to help.
See these good investing facts and stats for more help >>
21. What books would help me grow into the money manager I’d like to be?
22. Do I have a will?
If so, is it up-to-date with a durable power of attorney and healthcare power of attorney?
23. Do you do taxes yourself? Or do you need someone to help?
There’s no shame in getting help when you need it. That goes for a tax expert too. Is your current tax situation working for you, or is it time for a change?
24. Do I need a financial planner?
If you’re low on time or you’re starting with very little financial education, a financial planner can be extremely helpful. Even a one-time consultation can be a lifesaver when you’re confused or unfocused.
25. What is my net worth?
Do you know your number? Use this net worth calculator to find out. (Note: people can measure net worth in slightly different ways. It’s not a formula written in stone).
And find out how to determine your liquid net worth too.
Common Questions About Saving Money
Next, these financial questions to ask yourself get into budgeting and saving for the future.
26. Do I have a budget?
27. Do I track my budget?
28. Am I setting aside time Regularly to evaluate my spending & Goals?
And if not, when could you make this critical meeting with yourself happen?
29. When was the last time I updated my budget?
No, seriously. If you have a budget category you haven’t needed in 6 months, it’s time to take a look.
30. Have I Automated My Savings and investing?
Putting your wealth building on automatic is a GAME CHANGER. Automate everything from retirement to vacation savings. And watch the money pile up.
31. How much money am I saving? Is it enough?
Put a percentage to it. Once you look at the numbers, if you’re only saving 5%, see if you can bump that up to 10%. If your goals are more aggressive, perhaps that number will be higher.
32. Do I have enough savings to cover large “pop-up” expenses That Occur Regularly?
It’s not an emergency. But it’s also not an easy monthly budget item. Putting money into a separate fund can help with these expenses.
33. Do I have an emergency fund?
34. Am I comfortable with the amount of money in My emergency fund?
Have at least 3-6 months of expenses set aside. If you have a low-risk tolerance (#9) aim for 6-12 months.
35. What’s the lifestyle I want to live in retirement?
Will you move? Will you vacation every year in Colorado? People want very different things in their Golden years. And your ideal lifestyle makes all the difference in what you should be saving now.
36. How much do I need to save for retirement?
Now that you have a picture of your ideal lifestyle, what do you need to have saved to get there? And when you break it down by year or month, how much should you be saving NOW?
37. Am I on track to save enough for retirement?
If not, what can you do to bump that savings up?
38. Would I like to save for kids’ (grandkids, nieces, nephews) college?
39. Have I run the numbers on how much that will cost and how much I want to save for it?
Here’s a college cost calculator you can try out.
40. Do I want to save for a house?
41. How much do I want to have saved for a downpayment?
42. Do I have the right beneficiaries on my savings and retirement accounts?
If something were to happen to you, would your loved ones be able to easily access your accounts?
43. How could I save more on household expenses?
If you don’t think about it, you’ll never know.
Jot down 1-3 ideas for driving down those costs associated with housing. Maybe you could shop around for insurance, or rent/borrow tools and do a house project yourself.
44. How could I save more on car expenses?
Jot down 1-3 ideas for cutting back on car expenses. Could you walk, bike, or take the bus? Would switching to an electric car save you money?
45. How could I save more with food?
Could you shop at cheaper stores? Eat out less? Or plant a big garden?
46. Am I Saving for vacations? And Experiences?
At the end of our lives, what matters most are the memories and experiences we shared with loved ones. In your last moments, you won’t care about that fancy purse or cutting-edge car.
So, are you saving enough for large vacations? Three-day weekends? Or even being able to take a mental health day off of work?
47. Do I Need To Pay For A Wedding In The Near To Short-Term Future? How Much Will That Cost?
According to Business Insider, the average wedding cost in 2021 was $22,500. That’s not a small chunk of change!
48. Am I Saving For Continuing Education?
Not for your kids, and not necessarily through college (though it could be). This is your plan to keep learning and growing your future income. Because here’s the truth: to get ahead financially, you have to keep learning.
49. Is There A Way To Both Live It Up Now And Save For The Future?
Take this thought-provoking financial question to heart, and jot down ways to make BOTH happen for you.
50. What are my next 1-3 steps in saving more money towards my financial goals?
Pick the MOST impactful steps you brainstormed above to save more money.
Interesting Questions About Money to Ask Yourself
These are open ended and thought-provoking financial questions. They get you thinking about your future in a deeper way.
51. Am I spending money on the things that mean the most to me?
Pull out your spending numbers and look at your separate budget categories. Does your spending align with your priorities?
52. If I could only spend money on 2 Personal things, what would they be?
This financial question tells you exactly what you deem most important to your happiness.
53. Does my lifestyle allow for a work-life balance?
Almost everyone says that they value family above all, but those same people work long hours. Are you building a financial future, but also still living today?
54. What’s holding me back from reaching financial prosperity?
We all have negative thoughts and habits that keep us stuck. Identify yours and you’ll be on the road to changing them.
Related Post: Best Daily Success Affirmations For Wealth and Happiness
55. Does the worry of money keep me up at night? Why? And how could I change that?
56. Do I have a Money mindset that hurts or helps me?
Are you confident with money? Build confidence through learning and small baby actions.
Are you open-minded to new ideas around your financial future? The story you tell yourself about money determines your future with it. Make yours work for you.
*Check out these books on money mindset to help >>
57. Do I have a bucket list?
At first, this seems like a strange question to ask. But in truth, it’s exactly the right one.
A bucket list helps you live life to the max. And yet, many of the things a person dreams of doing cost money. So, is there anything on your bucket list you should be saving for now?
Find great bucket list ideas here >>
58. How do I want to use my money To be generous to those I love?
We all want to build wealth for certain reasons. How do you plan to use your money to be good to your family and friends?
59. How do I want to use my money to do good in the world?
Use your money to make the world a better place too.
60. In what ways can I invest in myself?
When you think of money, you think about investing outside of yourself in real estate, stocks, etc. But what if you put your money into building up your knowledge, energy, and skills? Often, these things have a far greater return.
How do you invest in yourself? Here are a few ideas:
- Take courses, classes, or seminars
- Listen to podcasts
- Read books
- Invest in your health through a personal trainer or health membership
- Invest in a meditation app that helps you clear your mind or sleep at night
61. Am I passing on financial knowledge to my kids? In what ways?
Kids don’t learn about money in school. They learn from their experiences at home. What are your kids learning from watching you?
62. What would I do if My partner passed away? Would I be ok financially?
While this is not a fun question to contemplate, it’s an incredibly important one. Does your partner have life insurance? Do you have kids that you’d need to support on your own?
63. Do I want to leave a financial legacy to Others?
If you hope to leave money to your children or charity, how much of a legacy are you hoping for? And what would you want it to be spent on?
64. If I found out I was dying, is there anything I would regret that I didn’t do?
In the book, The Top 5 Regrets of the Dying, people gave two answers most often. They wished they’d lived more true to themselves (not how others expected) and that they hadn’t worked so hard.
65. If I had to rate my financial situation right now, where would I put it on a scale of 1-10? (1 is awful and 10 is amazing)
Finally, be honest and give yourself a rating. No judgment. Just openness for the growth ahead.
To Consider With Financial Questions to Ask
I hope you enjoyed this long list of financial questions to ask yourself. (You can ask your partner too when setting financial goals!) They get to the heart of living a life by your own design. Not the ebbs and flows of outside circumstances.