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
By Shipra Singh
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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
