How’s your financial health? The following quiz may give you a good indication of whether your financial health is good or could be better. The questions are not meant to include all areas of personal finance. Rather, the questions cover certain areas that people with good financial health might pursue. The possible scores range from zero to 100. The higher your score, the more likely you’re pursuing a financially healthy lifestyle. Regardless of your score, use it as a measurement for improvement. Simply circle your answers, and then total the circles when you’re finished.

1. Do you have an emergency fund? Yes (score 5) or No (score 0); If No, go to question 3.
2. If you have an emergency fund, how many months of expenses would it cover? 1 month (score 1), 2 months (score 4), 3 months (score 6), 4 months (score 8), 5 months (score 9), 6 months or more (score 10)
3. Do you own a home or do you rent? Own (score 10) or Rent (score 0)
4. If you have a house payment or pay rent, is your payment less than 30 percent of your gross income? Yes (score 5) or No (score 0)
5. Do you have a car payment? Yes (score 0) or No (score 10); If No, go to question 7.
6. If you have a car payment, is your payment for all car loans less than 10 percent of your gross income? Yes (score 5) or No (score 0)
7. Do you have credit card debt? Yes (score 0) or No (score 10); If No, go to question 10.
8. If you have credit card debt, do you make the minimum payment or do you pay more? Minimum (score 0) or More (score 2) or Pay in Full monthly (5)
9. If you have credit card payments, is your payment for all cards less than 3 percent of your gross income? Yes (score 5) or No (score 0) or Pay in Full Monthly (5)
10. Are you contributing to a retirement plan? Yes (score 10) or No (score 0); If No, go to question 12.
11. What percentage are you contributing to your retirement plan? Less than 3 percent (score 3), 3 to 4 percent (score 4), 5 to 6 percent (score 5), 7 to 8 percent (score 7), 9 to 10 percent (score 9), Greater than 10 percent (score 15)
12. Do you balance your checkbook on a regular basis? Yes (score 3) or No (score 0)
13. Do you have “not sufficient funds” charges more than once per year? Yes (score 0) or No (score 2)
14. Do you have health insurance for you and your family? Yes (score 5) or No (score 0)
15. Do you review your need for life insurance regularly? Yes (score 5) or No (score 0)
16. Does your household practice controlled spending habits, such as budgeting, saving for purchases, shopping with a list, limited window shopping, buying used, etc.? Yes (score 10) or No (score 0)

What’s your score?   __________

Remember, your score is not a pass or fail. Your score is nothing more than an indicator. Use the following ranges as a guide.

Score of Zero to 25 – You may need to concentrate on the basics. Balance your checkbook regularly. Build your emergency fund. Pay more on your credit card. Contribute to your retirement plan. Save for a down payment on a home. Practice developing good financial habits.

Score of 26 to 75 – You’re in the middle. Look for areas of improvement. Payoff credits cards and vehicle loans. Increase your retirement contributions. Continue to build your emergency fund. Strive to hone your financial skills.

Score of 76 to 100 – If you’re in the top category, you’re headed in the right direction. Aim for making the maximum contribution to your retirement plan. Look for areas of opportunity for further investment. Save to pay cash for vehicles. As your portfolio grows review your investments more frequently to make sure the risk levels are appropriate.

Bil Sadler is a Retirement Advisor in Albany, GA. For more information visit www.sadlerretirement.com.

Disclosure: Bil Sadler, CFA, CPA, CFP®,Securities offered through H.D. Vest Investment ServicesSM, Member SIPC, Advisory services offered through H.D. Vest Advisory ServicesSM The views and opinions presented in this article are those of Bil Sadler and not of H.D. Vest Financial Services® or its subsidiaries.