Think about your spending and savings habits. Have they changed much since the pandemic started? Are you better off now than you were before the pandemic?
The following survey is a tool to help you assess your personal style of handling money. Answer each statement by yourself. Then go through them again with your spouse or significant other. Are all of the answers the same?
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FINANCIAL FREEDOM CHECK-UP Review each statement to get a picture of your FINANCIAL STATUS QUO |
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True |
False |
Sometimes |
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I have a written budget. |
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I set aside at least ten percent of my income for savings and investing. |
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I contribute the maximum amount to employer sponsored pension plans in order to get the maximum contribution from employers every year. |
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I don't spend money to make myself feel better. |
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I make a list and plan all household and grocery spending in advance. |
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I follow a written budget. |
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My spouse/significant other and I pay our bills together. |
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I never go into overdraft. |
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I never go into debt for entertainment purposes, including vacations. |
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I do not make more than one trip a week to the grocery store. |
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I use manufacturer's and retailer's coupons when possible and send in for rebates. |
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I never pay fees and tips for local delivery services. |
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I never purchase items I do not normally use just because I have a coupon for the item. |
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I look over sale flyers and comparison shop before I spend, especially for food and household items. |
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I comparison shop insurance policies when they come up for renewal. |
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I have enough liquid savings to pay insurance deductibles when they occur. |
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I pay credit card purchases in full when the statement arrives and never pay interest charges or late fees. |
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I know how much I am paying for each subscription service used in my household. |
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I keep banking and shopping receipts, even for smaller purchases and record all of my expenditures. |
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I never confuse a “want” with a “need”. |
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All members of my household help set our financial goals. |
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I only use my debit card when there is money in my checking account. |
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I have insurances that will cover losses due to natural causes, accidents, and illness. |
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I regularly contribute to my house of worship. |
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I always consult my spouse before making purchases over $100. |
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Add up the total number of “True” answers.
22 - 25 True: You are financially buff.
18-21 True: You are right up there with the minority. Take a closer look at the statements to which you answered “False” or “Sometimes”. How much money could you save in 12 months if you answered “True” instead?
14-17 True: Getting close, but no big savings payoff yet because you may still be missing out in the areas of the questions you answered “False” or “Sometimes”. If you want your assets to grow, look for saving in every area of your spending.
11-13 True: You are at the half way mark. However, if you do what you have always done, you will always get what you have now. If credit and debit cards are your bane, try something different – like hard CASH.
7-10 True: Get off the money-merry-go-round! You are probably living from paycheck to paycheck. Poor spending practices may be doing you in. If you need a quick shot in the wallet, the average household spends 30 cents of every take home dollar on household and grocery items. You can make a big impact there the next time you go to the grocery store simply by making a list before you enter the store and not purchasing anything that isn’t on the list. When it comes to saving money, you must stop at nothing.
0-6 True: What is that smell? Smoke from your credit and debit cards or payment apps being overused? Put your cards in a glass of water and freeze them solid. Uninstall your payment apps. If you aren't in credit counseling or bankruptcy court, both could be right around the corner. There’s a lot to be said for using the old fashioned envelop system until you are in control of your money instead of your money controlling you.
Remember that each of your answers is very subjective. Most of you probably scored between 4 and 16. Becoming more aware of how, when, and why you spend money is the first important step in becoming financially free.