How is your Financial Health? – Decision Fish: Decide For Yourself

Just in time (actually a day late) for #FinHealthMatters day, try this quick financial health check up! Don’t worry: zero co-pays here and your answers are confidential because they’re not tracked.

The Center for Financial Services Innovation has developed an eight-point scale to help financial institutions adjust their products and services to “… focus on improving consumers’ lives.” This was driven by their discovery that 57% of Americans are struggling financially.

Whether or not we think we’re among that 57%, we can use the same metrics as a self-test to make sure that we’re managing our financial lives well and haven’t missed anything big. So, we turned the CFSI indicators into an online tool that you can use to test yourself. See below (you need to be online to see it).

If the quiz turns up any opportunities for improvement, helpful links will appear. Your answers are anonymous. I took this test and resolved to get more serious about our budgeting. Sorry, Seamless! What opportunities will you find?

Results

Congratulations! You have a financially healthy lifestyle. How did you do it? Do share your wisdom!

Like many of us, you have opportunities to lead a healthier, more sustainable financial lifestyle. Click on the links below each question for more information. What have you found the most challenging?

#1. On average over the past 12 months, how would you describe your spending?

I spend much less or a bit less than income

I spend about equal to income

I spend a bit more or much more than income

See Budget Trouble: Broke Right after Payday?

#2. Which of the following statements best describes how well you are keeping up with your bills and credit commitments?

I pay all bills on time and in full

I pay most bills on time and in full

I pay some bills on time and in full

Check out “4 Ways to Better Organize Your Bills“

#3. How many months of living expenses do you have in liquid account balances?

6 or more months

1-5 months

Less than 1 month

‘See “Emergency Fund: Why You Need One“

#4. How much do you have in long-term savings, assets, and investments (i.e. 401(k), IRA, pension plan, stocks, bonds, and other investments and assets)?

Enough for retirement and to take advantage of future opportunities

Enough to cover retirement

Not enough to cover retirement

Read, “Top 10 Ways to Prepare for Retirement“

#5. How would you describe how much debt you have right now?

About the right amount of debt (or zero debt)

A little too much debt

Much too much debt

See “Coping with Debt“

#6. How would you rate your credit score?

Excellent/Super prime; Good/Prime

Fair/Nonprime

Poor/Subprime; Very Poor/Deep Subprime

See “How to repair my credit and improve my FICO Scores“

#7. Do you have insurance to cover your assets and any potential shocks (life, disability, medical, renter’s/homeowners, automobile…)?

Yes, coverage for assets and potential shocks

Coverage for only some assets and/or shocks

No coverage

See “What Types of Insurance Do I Really Need?“

#8. Do you have a budget, spending plan, or financial plan that you use to guide your spending each month?

Yes

Sometimes

Take a look at “How to Create and Manage a Budget.“

#9. Extra Credit! Do you have a will, healthcare directive, power of attorney? ? This question was not included in the original eight created by the CFSI. Yet, we think it's an essential component of a fully healthy financial life.

Yes, all of those things.

Some of those things.

None of those things.

Read “12 Simple Steps to an Estate Plan“.

Finish