Rate yourself on the following questions to get a better feel of your financial health.

1. Are you saving money each month?

10% or more of your gross income is saved
6% - 9% is saved
3% - 5% is saved
1% - 2% is saved
You save little or nothing
You spend more than you make

 

2. How often do you worry about having adequate money for your needs?

Never
Seldom
Monthly
Twice a month
Weekly
Every Day

 

3. What percentage of your net income goes toward paying debt (excluding your mortgage)?

Have no debt
Less than 20% for debt payments
Less than 30% for debt payments
Less than 40% for debt payments
Less than 50% for debt payments
Over 50% for debt payments

 

4. Do you have a plan for retirement?

You have a written retirement plan with updated forecasts and are making consistent deposits to reach retirement financially secure.
You make consistent deposits into retirement savings.
You make occasional deposits into retirement savings.
You have identified your retirement needs, but have not started contributing to a retirement account.
You have thought about retirement.
You will begin thinking about retirement when life isn't so hectic.

 

5. Are you prepared for a financial emergency?

You have 6 or more months of emergency savings to cover required expenses.
You have 4-5 months of emergency savings.
You have 2-3 month of emergency savings.
You have 1 month of emergency savings.
You have little or no emergency savings.
If something happens you plan to use credit cards.


6. When you withdraw cash from the bank, do you know where it is spent?

You track and document where 100% of all cash is spent.
You know where 90% of all cash is spent.
You know where 70% of all cash is spent.
You know where 50% of all cash is spent.
You know where less than 50% of all cash is spent.
You have no idea where any of the cash goes.


7. How much of your income can you account for at the end of each month?

You track and document where 100 % of income is spent.
You know where 90 % of income is spent.
You know where 70% of income is spent.
You know where 50% of income is spent.
You know where less than 50% of income is spent.
You have no idea where any of your income is spent.


8. Have you thought out and planned your financial goals?

You have determined what financial goals are important, know how to accomplish them, have implemented a plan to reach them by projected dates, and periodically check to see that you are still on track.
You have determined what financial goals are important, know what it will take to accomplish them, but struggle accomplishing them without a way to easily monitor and see that you are still on track.
You have determined what financial goals are important, know what it will take to accomplish them, but once established they are not looked at again until next New Year's Day.
You have an idea of what financial goals are important to you, but do not know what it will take to accomplish them, let alone monitor them.
You have thought about some goals, but nothing else.
You have not thought about or established any financial goals.


9. How do you effectively cut back on expenditures?

You track and document where the money is currently going and systematically reduce spending in problem areas and on unneeded expenses.
You are aware of some areas of overspending and have reduced spending in those areas.
You have identified a few areas of needless spending and periodically cut back on related expenditures.
You have tried to cut back in a few areas, but gave up when you didn't see quick results.
You are aware of areas you could cut back on, but haven't gotten around to it.
Reducing your spending has not been a priority because you don't know how to get started.


10. What is your confidence level in making financial decisions that affect your future?

Very high because you have the experience and the knowledge required to carry out your financial plans and use financial professionals to assist you in specific areas.
High because you have done research and have a plan that you are sure will work.
Average because you have the basic idea of what is needed and you have done a little research.
Low because you have only read a few articles and have not had exposure to any other financial information.
Below average because you have done very little research and would be going off what other people have said.
Very low because you have had no exposure to financial information.

 

Your Score is:

 

0 - 20

 Fatal Quick action is critical

21 - 40

 Flawed Your future may be in jeopardy if no action is taken.

41 - 60

Fair Improvements are necessary to ensure future financial success.

61 - 80

 Fine You're well on your way, make changes where needed.

81 - 100

Fantastic Keep up the good work, strive for 100.
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