Take This Quiz To See If You Are Financially Fit
What does it mean to be financially fit? Being financially fit means you are aware of your financial position and you have the means to pay your current and long-term obligations. This quiz will help you see where you stand and if you need to make some adjustments.
Are You Financially Fit?
Answer the following questions with a simple Yes or No. Give yourself one point for each Yes.
- Do you have enough money each month to pay your rent or mortgage and other household needs?
- Do you have at least 3 months of living expenses in a savings account?
- Do you save for your children’s education?
- Do you have a retirement account?
- Do you have and follow a monthly budget?
- Do you have your future financial goals written out?
- Do you balance your checking account every month?
- Do you save at least 10% of your gross income?
- Are your financial records neatly stored and easy to find?
- Do you know your FICO score and understand how to request a free credit report?
- Do you know what the interest rates are on your mortgage, credit accounts, and other loans?
- Do you pay your credit card balances off each month?
- Do you know what the rate of return is on your retirement and investment accounts?
- Do you have an updated will?
- Do you have disability insurance?
- Do you have life insurance?
Evaluate Your Answers
If you answered “Yes” to all of the above questions, you are definitely considered financially fit. Good for you! 🙂
If you answered “Yes” to 10 or more, you are in good shape, and if you answered “Yes” to less than 10, it’s time to take a good look at how you’re handling your finances.
How Do You Become Financially Fit?
First, review the questions you answered “No” to, and see what steps you can take to change the situation.
Next, take a look at your budget and see if there is any way you can increase your savings and pay down debt.
Keep a close eye on your credit score and usage of credit. Try to pay your cards in full each month or at least pay more than the minimum payment.
Finally, check out an online retirement calculator to see if your current savings and Social Security benefits will be enough when you retire.
Remember, this is just a quick tool to see where you stand and what areas need to be tweaked. Getting your finances in order now will help create a clearer path for you and your family in the future.
Feel free to share the areas you need to improve. We’ve all got work to do! 😉
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A simple and easy quiz. I definitely can see where my weak points are now. Thanks for posting this!
You are not alone! I’ve got some work to do also! 🙂