Quiz: How Is Your Financial Health?True financial capability is a combination of many different factors. It's more than just how much you earn at your job, or how much you've saved in the bank—it's also a measure of the habits you have developed to build financial health and stability in the years to come. During periods of economic uncertainty, people naturally take a hard look at their finances to see where they're most vulnerable, whether that's high revolving debt, high living expenses, limited emergency funds, or a combination of factors. Assessing your financial health can help you spot potential pitfalls that could use some extra attention and planning. |
a. I regularly spend more than I earn each month. (3 points)
b. I spend everything I make in a month. (2 points)
c. I usually spend less, but the difference is not significant. (1 point)
d. I always spend less than what I earn. (0 points)
a. Yes, and I make automatic contributions. (3 points)
b. Yes, I have a savings account with a fixed amount of money. (2 points)
c. I have a savings account, but the balance is low. (1 point)
d. No, I don't have a savings account. (0 points)
a. Yes, always. (3 points)
b. Yes, most of the time. (2 points)
c. Usually. (1 point)
d. I often or always carry over a balance. (0 points)
a. Enough to cover six months of living expenses. (3 points)
b. Enough to cover three to six months of living expenses. (2 points)
c. Enough to cover one to three months of living expenses. (1 point)
d. I don't have an emergency fund. (0 points)
a. Yes—I set a monthly budget and track spending for each category. (3 points)
b. I use a budget, but I don't use tracking. (2 points)
c. I don't use budgeting or tracking tools to monitor my spending. (0 points)
a. Very successful. I always stay under-budget. (3 points)
b. I go over my budgeted amount in certain categories, but I generally stick to my budget. (2 points)
c. It depends on the month. (1 point)
d. I either never meet my budgeted goals, or I don't use a budget. (0 points)
a. Yes, I contribute the maximum amount. (3 points)
b. Yes, I make a contribution with each paycheck. (2 points)
c. I have a 401(k) or other retirement plan, but I don't make consistent contributions. (1 point)
d. I don't have an employer-sponsored retirement plan. (0 points)
a. Yes, I have multiple investment funds/accounts. (3 points)
b. I have another investment fund outside of a 401(k). (2 points)
c. I do not have any other investments. (0 points)
a. Over 30 percent. (1 point)
b. Between 10 and 30 percent. (2 points)
c. Under 10 percent. (3 points)
d. I have no idea. (0 points)
a. Under 670. (0 points)
b. Between 670-739. (1 point)
c. Between 740-799. (2 points)
d. Between 800-850 points. (3 points)
(23-30 points) Congrats—your financial health is in great shape!
You're doing most of the things that build toward long-term financial security. You might want to speak with a financial expert about whether it's time to revise your financial goals and savings strategies based on this success.
(15-22 points) Your finances are in good shape, but there's room for improvement.
While you generally demonstrate the habits that promote long-term financial health, there are still steps you can take to improve that health and stability even more.
(0-14 points) You might want to reconsider your approach to financial health.
Based on your answers, you might need some additional guidance to instill the right habits that promote a healthy financial outlook. But don't worry! Expert advice is just around the corner.
If you're looking for professional guidance or financial products that can help you improve your financial health, contact OCCU today.