Are You Saving the Right Way? Find Out

Just saving every month might not be enough if you are not saving right or enough for your goals. Take this quiz to find out
Are You Saving the Right Way? Find Out
Image credit: Pixabay
Entrepreneur Staff
Chief Correspondent
1 min read

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Just saving every month might not be enough if you are not saving right or enough for your goals? Take this quiz to find out

1. Do you first spend through the month and then save the remaining amount?

Yes

No

 

2. Do you borrow for vacations or buying gadgets?

Yes

No

 

3. Are you spending more than 25% of your monthly salary on rent?

Yes

No

 

4. Are you spending more than 40% of your salary towards EMIs?

Yes

No

 

5. When you get a windfall, do you spend it all on discretionary expenses?

Yes

No

 

6. Does your saving remains the same post salary increments?

Yes

No

 

7. Is credit card or a personal loan your first choice of funding during emergencies?

Yes

No

Related Read: Take This Quiz to Find Out if You Are in Debt?

Score

If you answered yes…

3 > times: Your saving game is on point. You believe in saving first and spending later.

3-5 times: Though you understand the importance of saving, you give spending precedence over saving. You should link savings to your future financial goals to inculcate saving discipline.

5 < times: You need to make changes to your financial habits lest 

Latest on Entrepreneur

Entrepreneur Media, Inc. values your privacy. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site (both directly and through our partners). By continuing to use this site, you are agreeing to the use of that data. For more information on our data policies, please visit our Privacy Policy.