April is Financial Literacy month so this newsletter is dedicated to helping you assess your current money management habits. Good money management skills are very important in life. They can help you prepare for emergency situations, plan for retirement, and avoid paying too much for everyday needs such as auto insurance, home loans, and even utilities. Complete the personal money management quiz below and then calculate your score at the bottom.
Finally, visit MyMoneyCheckUp to complete a free, full financial review!
For questions 1 - 11 select (A) Always, (S) Sometimes, or (N) Never.
For questions 12 - 15 select (T) True or (F) False.
|1||I use a budget to help manage my finances.||A||S||N|
|2||I pay my essential bills (rent or mortgage, utilities, etc.) on time.||A||S||N|
|3||I save 10% of my income on a monthly basis.||A||S||N|
|4||I try to keep three months of my income set aside for emergencies.||A||S||N|
|5||I plan ahead for large expenses such as taxes and insurance.||A||S||N|
|6||I balance my checking account every month.||A||S||N|
|7||I regularly save for retirement.||A||S||N|
|8||On my credit cards, I never charge more than I can easily pay back.||A||S||N|
|9||I pay my credit card balances off in full each month.||A||S||N|
|10||I track my progress on debts such as auto loans, student loans, mortgages, etc. at least one time per year.||A||S||N|
|11||I actively seek out consumer finance information either in the news or online.||A||S||N|
|12||I have specific financial goals that I am working towards achieving.||T||F|
|13||I have checked all three of my credit reports within the last twelve months.||T||F|
|14||I comparison shop to find the best value for auto insurance.||T||F|
|15||At least one time a year I review my savings and investment accounts to determine the best options for increasing my financial return.||T||F|
|For questions 1 - 11 give yourself:
||For questions 12 - 15 give yourself:
How Did You Score?
26 to 30 points
A score of 26 to 30 points suggests that you are handling your finances very well. Keep up the good work!
21 - 25 points
A score of 21 to 25 points suggest that you are successful at managing some aspects of your financial life; however, you may want to investigate opportunities for increasing your savings or reducing your debts.
16 - 20
A score of 16 to 20 points suggests that while you typically manage your finances well, you are probably missing some items that can either improve your current situation or protect you from future hardship. You may benefit by talking to a credit counselor and developing a step-by-step approach for managing your money.
0 - 15
A score of 0 to 15 points suggests that you need to improve your money management skills to protect yourself and your finances. Think about taking a financial education course or talking to a credit counselor to help you learn ways to successfully and effectively manage your finances.