What do you usually do once you receive your monthly paycheck? Do you have a household budget to follow? Having cash or check in our hands makes us feel financially endowed. It is because of this feeling that most people would indulge with temptations – it could be shopping or clubbing or traveling – during weekends because of the fact that they have money. However, not all of those who are working 10 hours a day became financially freed because most of them even ran out of ideas on how money leaked out of their pockets. If you are the household treasurer, would you know where the household income is being spent at? Take our quiz to find out.
1. The first 15th paycheck was finally handed to you by your boss that afternoon. On your way home, you can also smell your spouse’s paycheck being handed to you since you are the wife, the treasurer and auditor of the house, and, not to mention, the supposedly excellent financial adviser, too. When you finally have the other paycheck from your hubby, which scenario immediately plays in your mind?
- a. I can now have a good budget for our son’s upcoming recital lesson and my birthday next week, too. A few friends at home won’t really hurt us. After all, there’s still a 10-day grace period for our mortgage.
- b. What? Are you kidding me? Of course, monthly mortgage of our home; the 15% emergency fund; our insurances; and probably a few dollars for our son’s recital and my birthday. A dinner in a good restaurant where my boys love to go would be great.
- c. I am not really into budgeting, but I make sure that I pay monthly bills. However, groceries for my birthday party are the most important factor by now.
2. You have read somewhere that setting aside at least 15% of your monthly income is crucial for possible emergency situations in the future. You
- a. Think that your pay is too little to be slashed out of that 15% something for emergency fund. There’s always another way in case you don’t have this so-called emergency fund.
- b. Think that it’s really true. It is best to have savings for possible emergencies in the future. Also, running to lending companies and getting a debt might actually be a burden in the long run.
- c. Think that it’s a good idea, but doing so will surely means halting from your shopping hullabaloo. You are still contemplating on which of these activities are really doable – continue shopping or setting aside for emergency fund.
3. You have been dying to get the latest iPhone mobile phone from Apple. Now that it’s in your local mobile phone shop, you swear that you’d do anything to have it during this month. However, your son told you that night that he was accepted in the varsity soccer team – his favorite sport and that he may also have a discount at school. You were happy, but it was cut shortly because he was asking for money to pay for his uniform, meals, lockers, and would like to have a new pair of soccer shoes for next week’s game. You know that this means a slashing off a few hundred from your iphone budget.
- a. I’ll tell him if he could borrow a pair of shoes from his team mates only for next week then promise him to buy a new one next month.
- b. It would be an incredible experience for my son and I am proud of him. His achievement is more valuable than an iPhone, so I have no worries paying for the fees and buying a new pair of soccer shoes for him today.
- c. I would definitely buy him that, but I wouldn’t mind borrowing money from a creditor. My husband will definitely understand my need, too.
4. In case your company suddenly laid you off from work and your husband is still on the hunt for a new job, how would you describe your financial status?
- a. I am a good saver, so I and my family can continue living contentedly for a month. I am pretty sure that my husband can have a job by that time.
- b. I made sure that I set aside considerable money for emergency funds, so I and my family can live comfortably for three to four months.
- c. There’s always a good creditor who will lend me a couple of thousands in case I get broke after a week or two, so I don’t really worry about it.
5. Medicines are always in need in case a family member gets sick. What’s the best way to buy the needed prescription without going bankrupt?
- a. Go for the best brands; health is wealth.
- b. Go for generics. These medicines have the same chemical content with the branded ones.
- c. Whatever the nearest drugstore has.
6. Can you identify which of this scenario should be included in household budgeting?
- a. Enjoying the 10-day grace period your lending company gave you.
- b. Using cash when running errands and doing groceries.
- c. Off to a shopping spree; you would never want to miss the year-end inventory sale.