Quiz: How Healthy Are Your Finances?
When it comes to personal finances, it can be hard to describe how you’re doing and what you need. It’s easy to say “I’m not making enough money” or “I’m doing fine financially,” but that doesn’t shed light on what’s really going on. Can the cause of your financial woes truly be boiled down to the size of your paycheck, or are other factors, like debt and spending, weighing you down? Does “doing fine” mean that you’re “just getting by” with your money, or are you on a clear path to meet your financial goals?
A great way to determine where you’re at financially is to examine your overall financial health. Reviewing all aspects of your finances can help you diagnose potential problems and discover areas that can be improved. We’ve created a quiz to help you get started.
What Exactly is “Financial Health”?
The term “financial health” is used to describe a person’s overall situation when it comes to money.
Measuring your financial health is a lot like examining your physical health. Your doctor can’t determine how healthy you are by only looking at your diet. Additional factors, such as your exercise routine, vitals and medical history come into play. This is the same for your financial health.
There are multiple factors that you can consider when reviewing your financial health, including the following:
- Credit score
- Debt-to-income ratio
- Net worth
- Retirement savings
- Emergency fund
- Short-term and long-term financial goals
- Budgeting habits and financial behaviors
- Stress level and mental health in relation to your finances
Am I Financially Healthy?
While there isn’t a universal system for rating an individual’s financial health, we’ve created a quiz to help determine where you might stand. For a deeper dive into your personal finances, we recommend that you speak to a financial advisor.
Looking for more resources to improve your financial health? Check out our latest articles:
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- Essential Apps for Your Financial Toolkit
The information provided in this article is not intended to constitute specific legal, tax or financial advice. Instead, all information, content and materials available are for general informational purposes only. You should consult a legal, tax or financial professional with respect to your particular situation and circumstance.