Grab a pen and paper and test yourself to see how financially fit you really are. You may be surprised to find something lacking and needing your attention.
Answer each question with: 5 = Always 4 = Usually 3 = Sometimes 2 = Seldom 1 = Never
1. I have a bank or credit union account to pay bills. (5=yes, 1=no)
2. I have enough money monthly to pay rent/mortgage and other household expenses.
3. I have enough money to pay an emergency such as a large car expense.
4. I have a written spending/saving plan.
5. I keep my important documents organized for easy find.
6. I have written financial goals with a date and dollar value.
7. I know my federal marginal tax bracket (e.g., 15%, 18%).
8. I calculate my net worth (assets-debts) annually.
9. I save regularly for long-term financial goals.
10. I have readily accessible money available for at least 3 months of expenses.
11. I increase my savings when I receive an increase on income.
12. I have a personal investment account other than employee pension.
13. I have money spread across more than one type of investment. (stocks/bonds/CD etc.)
14. My after-tax yield of my savings and investments are greater than inflation.
15. I have insurance to cover “big” unexpected expense. (Health/Disability)
16. I have a current will (5=yes, 1=no)
17. I pay credit card bills in full to avoid interest.
18. Less than ½ of 1 weeks pay goes to car payments, credit card balances or student loans.
19. I comparison shop big purchases with at least 3 sources.
20. I avoid impulse shopping and do not use shopping as a recreation.
Now let’s tally up your score. If you scored 0-20 points: Don’t despair, you need lots of help and it is never too late to take action and improve your finances. Financial Coaches are a great resources to get you started. 21-40 points: You are heading to financial difficulties. Time to reverse the trend and take action. You will want to make an appointment and have a Financial Coach work with you especially since these are habits. And habits can destroy even the best laid plan. 41-60 points: You are doing a fair job managing your finances and are in the right direction. If you want a boost to get financially fit fast contact a Financial Coach. 61-80 points: You are doing a good job and above average managing your finances. Financial Coaches are here to help with those obstacles you may encounter. Just like going to the doctor for an annual exam, Financial Coaches are a great resource. 81-100 points: You are in excellent financial shape. Keep up the great work! Tell us how you did it! We want to hear your success stories!
Some more to consider, if you scored 1, 2 or 3 on any actions make a plan incorporating those weakness’ you identified to work on strengthening your finances in those areas. And BRAVO on your strengths! Keep up the excellent work! Everyone can do this at any level of income. Join the fun, become FINANCIALLY FIT!
