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You may be in financial trouble if you are:- finding it difficult to save anything
- continually short of funds
- using your savings to pay debt
- near or over your credit limit on all or most of your accounts
- missing payments or due dates for your bills
The question is: how serious is your debt situation, and are your financial habits making things worse than they have to be? Take this quiz and find out!
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1. Do you know how much you spend every month?
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| Yes, I have a working budget and I always balance. |
| I have a vague idea, but I've over-extended myself in the past so now I'm starting to keep records and maintain a budget. |
| I haven't a clue, it just seems to fly out of my pocket! |
| Who cares? If I run out of cash, I've got a wide selection of plastic to keep me going! |
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2. When it comes to paying off debts, saving and investing:
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| After living expenses and debt payments, I rarely have anything left for savings and investments. |
| I make regular payments on my debts, and usually have a little something left over at the end of the month. |
| I make regular maximum payments on my debts, and still manage to make RRSP contributions and save a little every month. |
| The billing address and contact number I give out is the home of someone I don't like who lives in another city. Thanks to caller ID I do just fine! My motto is: Live large, spend fast, and let someone else pay for the funeral! |
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3. Do you pay all your bills on time?
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| I try, but I'm usually late with my payments. |
| Yes, although occasionally I make a late payment. |
| Absolutely. |
| I can pay some of my bills all of the time, or all of my bills some of the time, but I can't pay all of my bills all of the time! |
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4. Have you done any retirement planning?
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| Yes, my golden years will be just that. |
| I have a plan, but I've only had a little success meeting my goals. |
| I don't have a plan, and I don't know where to begin. |
| Retirement is too far away to worry about. |
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5. When it comes to medical, disability or life insurance:
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| I'm covered, but I don't know the details. |
| I'm completely covered and understand the features of my policies. |
| I have very little coverage. |
| I try to stay very healthy. |
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6. Are you doing anything to minimize the taxes you pay?
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| Am I supposed to be paying taxes? |
| I contribute to retirement plans and RRSPs, but not much else. |
| I just do my taxes and pay them each year. |
| Yes, I'm using tax deferring and tax reducing techniques. |
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7. Do you keep records of your financial assets?
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| I'm hoping the companies who send my statements keep very good records! |
| I never throw them away, but I'm not sure where they are. |
| Yes--they are organized, accurate and accessible. |
| What assets? |
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8. Do you understand the differences in your investment types?
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| I know the major differences between stocks and bonds. |
| Yes, I'm very comfortable discussing asset types and classes. |
| Not really. |
| What investments? |
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9. Are your investments diversified?
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| No, I just pick a few really good investments and stick with them. |
| My investments are somewhat diversified, but I could do better. |
| Yes, I also reallocate among asset classes as market conditions change. |
| I make it a point to change my lotto numbers every week. |
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| 10. Do you have a satisfactory credit rating? |
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| I check it regularly and it's perfect. |
| As far as I know, but I don't usually check it. |
| No, I've been turned down for credit a couple of times. |
| No, about the only place I can borrow from these days is the library. |
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