Financial Fitness Test

by Joe on January 29, 2010

With more people getting into debt each day, knowing where you are headed financially is important to determine your next move. Do you keep going? Do your make a legal-U turn? Or do you accelerate in the same direction? The local TV broadcast featured this financial fitness test and i thought it is a great review of financial standing. A more interactive version will be coming later.

financial_fitnessThe test

  1. I have a bank account (y/n).
  2. I have enough money to pay my bills each month (y/n).
  3. I take advantage of resources available to help meet my needs (ex: tax credits, community programs, Medicare, public assistance) (y/n).
  4. I use a budget to guide my spending and savings each month (y/n).
  5. I have written financial goals with a date and cost (e.g., $12,000 for a tuition expense in 2010).financial goals for the future (y/n).
  6. I plan for expenses that only come once or twice a year and have enough money for them when I need it (y/n).
  7. I have an emergency savings account with enough money to cover 3 to 6 months of my living expenses (y/n).
  8. I calculate my net worth (assets minus debts) every year (y/n).
  9. I review my credit report annually (y/n).
  10. I use credit only to pay for things that last longer than the payments (y/n).
  11. I have adequate insurance (auto, home, renter’s, life, and health) (y/n).
  12. I keep my financial records organized (y/n).
  13. I pay my bills on time every month (y/n).
  14. 14.  I balance my bank account every month (y/n).
  15. 15.  I save money on a regular basis for long term financial goals (ex: children’s education, a house, retirement) (y/n)

The Review

If you answered No for 9-15 questions: You need lots of help, but don’t worry! It’s never too late to take steps to improve your finances.

If you answered No for 5-9 questions: You are headed for financial difficulty. Now is the time to take action and get financially fit.

If you answered Yes for 9–12 questions: you are doing a fair job of managing your finances and have taken some steps in the right direction.

If you answered Yes for 12-15 questions: You are in excellent financial shape. Keep up the good work!

We appreciate your feed back.

{ 3 comments… read them below or add one }

Ken January 29, 2010 at 11:43 am

Wow. That is a great set of questions. I’m gonna have to print this. Good post!


joe January 29, 2010 at 3:44 pm

I am glad you found them useful. I will try to put the interactive version online soon.


Financialbondage February 25, 2010 at 9:25 am

very helpful post.


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