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Crucial financial questions everyone should know answers to

No matter what is your goal, whether it is being able to buy a house, saving money for moving to another country or just being able to live through a month without a need to loan money from other people, you will not be able to do it if you do not know the answers to these important financial questions.

How much money do you have right now?

Some people tend to keep their money in different places and might not be even aware of the exact sum of money they own right now. It is absolutely necessary to keep a track of all of your money including the money in your wallet, on your bank account as well as small cash which might be found in your back and pockets of your jacket. Add all of these sums together and you will see your real budget right now.

It might turn out that it is already pretty large so you can look for ways for investing it.

How much money have you borrowed?

It is very important to know exactly how much money you have to return. This will allow you to set a plan for returning this money. It is also important to understand the real amount of money your partner has borrowed as well, as being in a long-lasting relationship will make you affected by the financial condition of your partner.

What is the condition of your credit card?

Many people like using credit cards which have both pros and cons. Being able to borrow some money without any difficulties can turn out to be harmful for some people as they might spend too much money. Certainly, this means they will have to give the money back.

It is crucial to realise what the current condition of your credit card is right now. You can set notifications form bank or just develop a habit of checking your account every day. The best practice will be not exceeding your limit by more than 30% and return money within a month.

Certainly, it is also important to understand the interest rate of your bank in the case of using a credit card. There might be situations in which you fail to return money on time. Then, you should know how much extra money you will have to pay for the delay.

How much do you really want to earn?

In order to understand the level of the income you want to have, you should know why are you working in the first place. This answer to this question will help you to become more realistic and successful in reaching your goals.

For example, if you need money for supporting your family, you should be aware of all the needs of the family and aim to have salary which will meet all of these needs. In case you want to become financially independent, you should plan your budget in such a way as to be able to save money and invest it.

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