Test Your Financial Health Skills

Do you think you manage your personal and household finances properly? Most people would probably say “yes” or at least they get by without too much trouble. However, there can still be some areas that are overlooked. For example, the younger you are, the more likely you are to put off planning for your future retirement. Will you have what it takes to secure your financial future or is that too impossible to think of right now because you’re just trying to get out of debt? Consider these questions to find your weaknesses:

 Do you have a spending plan or household budget that you use?
 Do you pay your bills on time?
 Do you regularly balance your checkbook and ATM transactions?
 Do you save money on a regular basis?
 Do you have an emergency fund that can cover 3-6 months of living expenses?
 Do you put your savings in a savings account, money market, or CD’s?
 Do you shop around for the best interest rates for savings accounts and/or credit?
 Do you pay more than the minimum amount required on credit card bills?
 Do you have a financial record-keeping system?
 Have you reviewed your credit report from at least one credit-reporting agency?
 Do you or have you dipped into your retirement savings to pay other expenses?
 If you have a mortgage, did you search to find the lowest interest rate?
 Do you contribute regularly to an employer-sponsored retirement savings plan?
 Have you calculated how much money you’ll need to retire comfortably?
 Do you review your annual Social Security statement?
 Do you have a will?
 Do you have adequate health insurance?
 Do you have adequate life insurance?
 Do you have adequate disability insurance?
 Do you educate yourself on financial issues regularly?

Remember, nobody’s perfect! People of all ages can benefit from taking a financial inventory to see where they’re headed and what can be improved.