Do you know where you’re at with your money? It’s a good idea to touch base with your finances every now and again. Get a money checkup from NFCC.
Every so often, it makes sense to gauge your financial fitness. You should know where your money is, and where it is going. Additionally, it makes sense to know where you stand on a number of important financial actions.
One way you can gauge your financial fitness is with an interesting tool from the National Foundation for Credit Counseling. You can go to the My Money Checkup web site and get an idea of where you stand — and what you could do differently.
I visited the site, and it took me about 10 minutes to get through the questions. The questions deal with:
- Income and accounts (including savings and retirement)
- Where you get advice
Additionally, there are some interesting questions at the end, designed to gauge your knowledge of how compound interest works, and the effects of inflation on your savings. There aren’t many questions about investing, beyond whether or not you are confident about your retirement, though.
In general, if you are on a good financial path, the money checkup tool won’t reveal much to you — although it did remind me that I can stand to boost my savings contributions. I’ve not done much to increase them as I should along with my family’s income since my husband finished his Ph.D.
For the most part, though, the tool is aimed at those who might be struggling financially, and who probably need a little help getting their debt under control — no big surprise when you consider that the tool is provided by a credit counseling agency. But it’s not a bad tool if you just want a quick money checkup to gauge your general financial fitness.
However, if you are looking for some helpful direction with regard to what more advanced steps you should be taking (such as help with investing?and alternative spending plan strategies), you will need to look elsewhere. If you have been struggling with money, though, this money checkup can help you pinpoint some of your problems, and it can serve as a solid reminder of what you should be doing with your money.