This post is simple. My goal is to give myself and the readers of Frugal Pinoy the chance to be completely honest with ourselves about our money. While I’m generally doing ok, there are some aspects of my financial life that still need improvement.

Let’s take the time to review this questionnaire. You don’t have to write your answers in the comments. In fact, I just recommend that you print it out and answer it in your private journal or a piece of paper. As for me, I’ll do my best to disclose what I can below, without sacrificing my privacy too much.

Without further ado, let’s get honest, shall we:

Finances

1. How much monthly income do you have minus taxes? Apart from your salary, include other side income streams such as businesses, allowance, etc. [FP's note: My income is ok, but I want to earn more.]

2. What is the exact amount of money you spent last month? Including utilities, debt repayment – everything. [FP's note: All my expenses are in a spreadsheet, so I only have to open it to answer this question.]

3. When you subtract your answer to question #2 from your answer to question #1, do you get a positive or a negative number? If it’s a negative number, you are obviously living beyond your means.  [FP's note: Positive! But if I include savings, obviously the answer is zero, since I "spend" every centavo.]

4. If you don’t have an answer to #2, how come you don’t know how much you spend? Too busy? Not sure how to track your money? Overwhelmed at the thought?

5. How much debt do you have? Credit card debt, loans, borrowed money from friends and family. [FP's note: No debt.]

6. If you suddenly lost your job and other sources of income, how long would you survive without resorting to debt or receiving money from relatives/friends? This points to your emergency fund, if you have one. [FP's note: Personally, my family and I could go on for over 6 months, even longer if I tap into my savings outside of my emergency fund.]

7. What’s your definition of being wealthy/rich? It could be a specific amount, a feeling, a lifestyle, etc. Usually, though the answer doesn’t lie in a specific amount, because it’s not the money per se that we want, it’s the experiences and things it can buy.

8. Do you think you have what it takes to be rich? Why or why not?

9. If you want to be rich, what steps have you taken to reach that goal? What additional steps do you need to take?

10. What large expenses will you have within the next 10 years? For those in their 20s and 30s, it could be a wedding, kids, travel, a new home, starting a business, etc. [FP's note: For me it's a house, travel, and kids.]

11. Are you financially prepared to handle your listed expenses from #9? True, you can take out loans to pay for many of these large expenses, but consider this question with the thought that you shouldn’t incur additional debt. [FP's note: Yes, I'm on track with my saving goals.]

12. Do you have any investments? Not just limited to stocks. May include businesses, sources of passive income, bonds, real estate (intended for rental or selling), etc. [FP's note: I have a few investments, but would like to be more aggressive.]

13. How do you make financial decisions? Do you do your own research? Rely on advice from experts? Or do you just go with your heart? [FP's note: A little bit of all three. But the most important factor for me is to gain as much informational advantage as I can.]

14. Do you tithe regularly? Apart from contributing to causes you care about, volunteering your time and giving donations gives you a feeling of abundance. [FP's note: I donate to causes, but want to do more volunteer work.]

15. Are you part of the 10% of Filipinos who save up for retirement, or are you part of the other 90% who don’t? [FP's note: I'm part of the 10%.]

Work and Employment

16. Why are you working at your current job? Apart from the paycheck, what is your motivation for getting up each day and going to the office? [FP's note: I love it, that's why.]

17. If you really like/love your job, are there ways you can become more productive at work? Frugality with your time is equally important. [FP's note: Working on this every single day. It's an ongoing battle. Some days I win.]

18. If you really dislike your job, what is forcing you to stay? I feel sad when I see highly educated, competent employees rant on and on about how much they hate their job.

19. If your job is your only source of income, have you ever thought of creating more income streams? This may include businesses, side raket as a freelancer, garage sales, investments that pay dividends, etc. If you’ve considered these streams of income, have you taken steps to get more involved in them? [FP's note: I've got multiple income streams, but not as many as I'd like.]

20. Have you ever asked for a raise? For some reason, most corporate workers I know are too shy to ask for a raise. I suppose that given the current economy, it might seem like an inappropriate time. Still, you have to consider it if you have a good track record. Have you brought new clients to your company? Did you save them any money? [FP's note: I raised my rates in the past year or two.]

21. Are you aware of all the benefits offered by your employer and do you take full advantage of them? Even your dependents might be eligible to use your benefits. [FP's note: No employers, so no benefits. I have to take care of this myself.]

Family Life

22. Do you and your family have clear “rules” about money? This is especially important if you’re married or if you plan to get married. Will your money and assets be combined or will you keep them separate? Do you talk about saving and spending? [FP's note: My partner and I are completely open to each other about money.]

23. Have you prepared a will? Who gets your assets when you die? Do you have the paperwork to support this? What is the chance of your will being contested? [FP's note: Working on this. I want it done with a professional so it will be hard to contest.]

24. Do you have a living trust? This means that if you ever become incapacitated, there is a designated person who will handle your affairs in the manner you’ve instructed. [FP's note: Working on this.]

25. What are you teaching your kids about money? Children learn more by your actions rather than your words. What financial values are you indirectly teaching them? What values are you directly teaching them?

Spending Habits

26. How do you pay for big purchases? Through cash, debit card, or credit card? [FP's note: Cash.]

27. Do you pay your rent, utilities, and other bills on time every time? [FP's note: I'm on time 98%. Sometimes I forget the phone bill. Sometimes the phone bill doesn't arrive!]

28. How long do you wait until you decide to buy an expensive item you want but don’t really need? Do you buy it as you want it, wait for a month or so, or save up for it and *then* buy it? [FP's note: I plan for it based on my disposable income.]

29. How much research do you do for your purchases worth more than P5,000? Do you look at online reviews and compare prices? [FP's note: I research when I can, but gadgets are my partner's forte so I trust her with those decisions even if the gadget is for me.]

30. Are you making an effort to lessen your cost of living? You don’t have to sacrifice too much or start a diet of lugaw. But it helps to save money where you can, so you can channel it to the things you do care about. [FP's note: Of course I do this. I don't have an expensive vehicle because I don't care about it so much, but I care about the quality of my food. And when I travel I choose cheap accommodations because I prefer to extend my stay for a few days rather than have aircon and a complimentary breakfast.]

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