We all know that staying physically active and eating healthfully can do a body good. But have you ever thought about the fitness of your finances? Your approach to money management needs regular checkups, too. You might discover that you need to trim some fat from the budget, bulk up on savings or work with a financial coach to reach your goals.
Ready to flex those muscles?
Whether you're looking for minor suggestions or a major overhaul of your approach to money management, meeting with a financial counselor can help.
To help determine the fitness of your finances, take this test. Give yourself one point for each yes answer.
- Do you have a budget and stick to it?
- Do you have enough money to comfortably pay your bills each month?
- Do you review your credit reports at least once a year, including your credit score?
- Do you have a retirement account?
- Do you have an emergency fund (enough money set aside to cover at least three months of expenses) – and contribute to it regularly?
- Have you identified your short- and long-term financial goals?
- Do you know your current net worth?
- Can you locate your important financial documents, including bills, tax returns and statements?
- Do you increase the amount you save when your income increases?
- Do you avoid buying on impulse and purchasing items you don't need with your credit card?
8-10: Financially fit! Congratulations – you pass the fiscal fitness test. Keep contributing to savings and working on paying down debt.
5-7: Soft around the edges. You're on the right track to financial fitness – but your training plan could use a boost. Perhaps it's time to build your savings or review your financial goals.
0-4: Time for a serious workout. Focus on building the fundamentals of good financial fitness – a sound budget, appropriate savings accounts and/ or a debt-repayment strategy. You might benefit from the assistance of a financial coach to get on the right track to better financial fitness.
No matter how you score, we can help you keep your finances in top shape. Turn to us for a free credit score evaluation. We’ll give you your credit score and help you understand your credit report.
Plus, we’ll give you ways to improve your credit so you can qualify for the lowest loan rate possible and save money over the life of your loan.
Learn more about how we can help you by calling 800-656-4328, visiting www.hfcu.org/review or stopping by a branch.