- Know where our money comes from
- Know where our money goes
- Know our current status
A friend gave me a simpler version of the quiz and I thought it is worth sharing. She called it 'The Personal Finance Scoring Quiz'. Do you want to know your status in less than 5 minutes? take the Quiz below:)
THE PERSONAL FINANCE SCORING QUIZ
Answer this quiz to establish how well you are managing your credit and personal finances by stating a score to each quiz.
• NEVER: 0 point
• SOME TIMES: 1 point
• FREQUENTLY: 2 points
• I have enough money each month to pay my rent and other household expenses?
• I have enough money to pay for emergencies such as medical bills, car repairs etc?
• I have written financial goals with a date and cost attached ?
• I have a written budget for spending and saving my money?.
• I keep organized financial records and can find important documents easily?
• I calculate my net worth (assets minus debts) annually?
• I save regularly for long-term financial goals, such as education for my children, a house, or retirement?
• I have at least three months' expenses set aside in a readily accessible account?
• I increase my savings when I receive a salary increase?
• I have a personal investment account for retirement other than a pension funded by my employer?
• I have money spread across more than one type of investment? (e.g. shares, land, bonds, and treasury bills, a business)
• I pay my bills and debts on a regular basis?
• I teach my family about the value of money and how to manage it?
• I manage and monitor the consumption of groceries in my house?
• I know my purpose in life, what I want to achieve and have written it down?
20 – 30: – You are an A+ candidate – You are Financially Resilient and excellent personal money management.
10 – 20: - You have some weaknesses and need to work towards building capacity to overcome them. You are in a position that may lead you either way – financial resilience or financial Fail.
0 - 10: You are heading for a nose dive towards the unknown. You need to do something urgently!
Well if you are not pleased with your score, there is still hope! Here is a link to a plan on how to improve your score How to improve your personal financial fitness score