LCTaylor Trustees in Bankruptcy

Complete this quick quiz about your money management activities and get a financial health score. Get a pen and paper, and then choose the answer that best describes your financial situation for the following questions.

Do you set aside money to handle yearly expenses? (car or house insurance, property taxes, etc.)

1. Yes, I always make sure I have the money on hand (5 point value)
2. Yes, but I sometimes still get surprised or don’t have enough to cover the expenses (3 point value)
3. No (1 point value)

Do you set aside money to handle small emergencies? (car, appliance repairs, etc.)

1. Yes, I always make sure I have the money on hand (5 point value)
2. Yes, but I sometimes still get surprised or don’t have enough to cover the expenses (3 point value)
3. No (1 point value)

Do you have a savings plan for personal goals? (buying a car or house, taking a vacation, retirement, etc.)

1. Yes, and I am ahead of schedule (5 point value)
2. Yes, and I am on track (4 point value)
3. Yes, but I am behind (3 point value)
4. No (1 point value)

Do you make a budget and review it?     

1. Daily (5 point value)
2. Weekly (4 point value)
3. Monthly (3 point value)
4. Quarterly (2 point value)
5. Yearly (1 point value)
6. Never (0 point value)

Do you keep track of all expenses and income for yourself and your family?

1. Daily (5 point value)
2. Weekly (4 point value)
3. Monthly (3 point value)
4. Quarterly (2 point value)
5. Yearly (1 point value)
6. Never (0 point value)

Do you buy items you don’t need or can’t afford and regret it afterwards?

1. Never (5 point value)
2. Rarely (4 point value)
3. Sometimes (3 point value)
4. Often (1 point value)

Do you carry a balance on your credit card?

1. Never (5 point value)
2. Rarely (4 point value)
3. Sometimes (3 point value)
4. Usually (2 point value)
5. Always (1 point value)

Do you use credit cards because they are convenient, or because you cannot pay cash or debit?

1. I can always pay cash or debit, but I prefer credit cards for convenience (5 point value)
2. Sometimes I cannot pay cash or debit (3 point value)
3. Usually I cannot pay cash or debit (2 point value)
4. I can rarely pay cash or debit (1 point value)

Do you have to borrow money to make it from one pay cheque to the next?

1. Never (5 point value)
2. Once in the last 5 years (4 point value)
3. Once in the past year (3 point value)
4. A few times in the past year (2 point value)
5. Every month (1 point value)

Has a collection agency ever contacted you to repay a debt?

1. Never (5 point value)
2. Once in the past 5 years (4 point value)
3. Once in the past year (3 point value)
4. In the past month (2 point value)
5. In the past week (1 point value)

Score categories:

Financial whiz (40 to 50 points): You’re doing great! Your finances are under control and you are saving for the future.

Financial manager (26 to 39 points): You’re doing well. You probably have a budget and stick to it most of the time. Taking a closer look at your expenses or attending a money management class might help you get to the next level.

Financial survivor (11 to 25 points): You’re hanging in there, but you could be doing better. Getting some help with budgeting and planning will help you avoid financial surprises and enjoy your earnings with less risk.

Financial disorder (0 to 10 points): You need help. The debt is piling up and is probably greater than your income. You need to take a serious look at your finances and get professional advice to try to avoid bankruptcy.

LCTaylor Trustees in Bankruptcy, www.lctaylor.com