Rich Woman GPS
Your overall financial health consists of many elements, from learning how to live within a budget, to building good credit, controlling debt and excess spending, developing short and long-term financial goals, and learning to invest wisely. It may seem like a lot to master, but you may be surprised to discover that you're already in good shape, based on your involvement in your household financial activities.
Take the brief test below to get an idea of the state of your financial health and to pinpoint areas where you may need more work. Simply answer the questions with a Yes or No and keep track of your answers to obtain your quiz results once completed.
1. I can easily locate the paperwork and documents for all of my insurance policies, investments, and deeds for my car(s) and home(s).
True or False
2. I know the total value of my net worth--including my savings, investments, home equity, etc.--updated on a quarterly basis.
True or False
3. I know approximately how much I spend on utility bills and other staples each month and can keep these expenses to a narrow range.
True or False
4. I have set a maximum amount of my discretionary income that I may spend each month, and I stay strictly within that limit.
True or False
5. I have a target limit in mind of what I can afford to spend on a daily basis, for expenses such as grocery, drug store, or mall shopping or dining out.
True or False
6. I have at least one utility and one credit card registered in my name only--not as part of a joint account with a spouse or partner.
True or False
7. I check my credit rating at least once every three years and before making any major purchase, such as a car or home.
True or False
8. I have closed all credit card accounts that I do not regularly use.
True or False
9. I have paid off all outstanding debts and have cleared up any other blemishes on my credit report and am up to date on current payments.
True or False
10. I have consolidated the majority of my debt into just one or two payments a month with low interest rates.
True or False
11. I have at least three to six months worth of living expenses saved in case of an emergency.
True or False
12. I have a percentage of my salary deferred to a long-term retirement account each pay period (I do this myself or it is automatically deducted by my employer).
True or False
13. I have established three short-term financial goals, such as saving for a car, vacation, or new computer.
True or False
14. I have established three long-term financial goals, such as saving for a down payment on a home, investing for my child's college education, or retirement.
True or False
