Financial Fitness Checklist

Knowing where you stand in terms of money can help you establish a better financial plan for now or for your future retirement

. You can identify the state of your finances by answering the questions in this list with a "yes" or "no," while keeping track of the number of times you answer "yes." If you live at home with a partner, let him or her answer this questionnaire, too. Here are the questions that can help you determine your financial status:

1.Do you use a significant part of your regular income to pay off debt?

2.Do you only pay the minimum allowable amount on credit cards and loans monthly?

3.Are you beyond or near your credit card limits?

4.Are you using money intended for other expenses to pay for your household bills?

5.Are you taking out loans or using your credit cards to purchase what you used to pay for in cash?

6.Do you often pay your bills past the due date?

7.Do you withdraw money from your savings to cover your bills?

8.Are you always working extra hours, or juggling two or more jobs to be able to survive?

9.Do you postpone medical check-ups or treatment because you can't afford the bills?

10.Do you get calls from collectors or lenders because of overdue bills or loan payments?

11.Are you going to encounter financial difficulties immediately if you or your spouse resigns or get fired?

12.Are you always worried about money?

13.If you've answered "no" to every question on the checklist, you're in the pink of financial health.

One "yes" or two doesn't necessarily state that you're going to be encountering tough financial times soon, although you could take it as an omen warning you of possible money problems. Develop a realistic financial plan that includes proper budgeting and money-saving measures, or modify your current spending plans. Always be on the lookout for impending financial problems.

If you've answered "yes" three to five times, you're well on your way to financial turmoil. If you don't already have a financial plan that includes budgeting and savings, make one and follow the plan to the letter. Control your spending ASAP by minimizing unnecessary purchases and stopping credit card use.

If you've noted more than five "yes" answers, you may already be in financial ruin. However, it's not the end of the road, yet. Skip the DIY planning and obtain professional help to get back on your feet and on the path to financial stability.

by: Carina Smith

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