How Is Your Financial Health?
Financial health and success seldom happens by accident. The choices we make can affect our financial health over time, just as much as the foods we eat and lifestyle choices we make can affect our physical health. How is your financial health?
Ask yourself these questions.
$ Do you spend less than you earn each month?
$ Do you spend more than 15 to 20 percent of your monthly income for credit payments, including car payments, credit cards, and all other debts (not including your house payment or mortgage)?
$ Do you have an emergency savings fund to cover three to six months of your most important living expenses?
$ Are your financial records(social security cards; insurance policies; birth, marriage, and death certificates; will(s); military DD214) organized so you can pay bills on time and find important papers when you need them?
If you answered “yes” to all of the above questions, your finances should be in good shape! If you do not know the answers or you answered “no” to some questions, your financial health may be suffering. You will want to pay special attention to completing the financial fitness exercises in the upcoming weeks to address these issues.