Think you don’t need a family budget? Find out if you’re right

Take this short test to find out if you need to set a budget for your household.

How much of your income do you save each month?

A. More than 20%


C. Less than 10%

D. Unable to save

How much of your income is spent on eating out?

A. Less than 10%


C. More than 20%

D.I don’t know

How many times have you deferred your credit card bill in the last year?

A. Never look back

B. Just once or twice

C. 3-4 times

D. More than 4 times

Are you able to save enough for all of your financial goals?

A. Sufficient amount invested each month

B. Spending is holding back some investments

C. Unable to save for many goals

D. No money to invest after expenses

If an item is sold at a deep discount, what will you do?

A. Evaluate if I need it

B. Buy for future use

C. Buy to gift

D. Buy before the offer ends

Read also: ​ Why you need a family budget and how to set spending limits, savings goals


Assess yourself on the following basis. Then add up the points to find out how much you scored.

A : 3 points

B: 2 points

VS : 1 points

D : 0 dots

0-4 Points

Your finances are in trouble. If you don’t realize this, things will only get worse. Seek professional help from a certified financial planner.

5-8 dots

Your high expenses prevent you from saving for critical goals. Write down a family budget right away and stick to it strictly if you want your finances to improve.

9-11 dots

Your expenses are high but there is no need to be alarmed. You can better control your spending by setting a budget.

12-15 dots

Your spending habits indicate that you already have a budget in place. Even if you don’t, it really isn’t necessary because you already have the discipline to spend within your means.

Also read: Mistakes that can derail your household budget


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