10 Questions that Determine your Financial Fitness

Money Matters

December- gifts, holidays, dinners… It sure was a handful. We are into January now, back to routine life and routine spending.

Those of you, who planned your spending wouldn’t probably notice the hole in the wallet. However, for the others, there is still hope.

I read a post at Life Training, which had some useful questions, to shape up your finance fitness. Start exercising ….

#1. Do you pay yourself first? highlights that before you pay any of your bills, you need to set aside a certain amount of money for savings, retirement or investing.

#2. Do you save at least 10% of your income? Um….

#3. Have you set aside a separate emergency fund to cover at least 3-months worth of expenses? True enough, life is double-sided and we need to be prepared to handle the worst of times.

#4. Do you know the exact amount of your debts, as well as the interest rates? At least you know where you stand.

#5. Do you accelerate the payments of your debts? These are the loans, lease etc

#6. Do you have financial goals? This comes under the Ctrl-Alt-Del your life NOW, or you’ll hate yourself later category.

#7. Do you have a record keeping system? Guilty!

#8. Do you live within a budget? Welcome to reality

#9. Do you know your net worth? I am still trying to figure that one out!

#10. Do you put your eggs in different baskets? Which basically means relying only on one form of investment could be a recipe for disaster.

Reading over some of these questions, it did feel like common sense to me. However, when it comes to spending, common sense doesn’t seem to knock on the door! Does that happen only to me? Hm..


Enjoy the Post? Please bookmark it and share it with others.

Del.icio.usDiggReddit Stumble 10 Questions that Determine your Financial Fitness @EnhanceLife Tweet this!

10 comments:

Jersey Girl said...

Thx for stopping by. As for this one...my financial goal is to pay off my credit debt this year...in total!

Peter Chen said...

Thanks for leaving a comment in my post How to add List of Post to your blog. I have responded to your comment.

Peter a.k.a. Enviroman
Enviroman Says

Manoj said...

Hey Shamelle,
Nice organisation of thoughts... Simply put, the key is in determining "what not to do" at any given situation... and this is exactly i'm trying to find out and optimize my finances in the future... Well done on organising d thots so very well...
Cheerzzz
Manoj

scribbit said...

I've heard Suze Orman say too that if you give some of your money away that you'll never be in danger of loving it too much. Or something to that effect. Makes sense to me. I think Americans are good about doing that in general.

Enhance Life said...

@Jersey Girl: Wish you the very best with your goal.

@Peter Chen: Thank you for your prompt response. I will try out your advice.

@Scribbit:"give some of your money away" As long as its worthy of the cause! ;-)

Mark said...

Very good points on financial fittness habits. Thanks for sharing. Beleive me, we all need reminders like these.

Lisa said...

Shamelle,

I think some of those ideas are on target, however, when you make as little a salary as I do and you live in one of the most expensive areas in the country (as I do), it's very hard to follow them and make them work for you. Especially when you're in debt up to your ears (as I am) from being a single mom for so long!

Hope you're having a wonderful New Year!

Take good care,
Lisa

Desiree said...

Money produces many emotions in people. This is the main reason we have such trouble with it and why its often fought over.

Enhance Life said...

@Manoj:There is a saying that "I can resist anything but temptation!" Sometimes, even though we know "what not to do". temptations get's the better of us.

@Mark: Before writing the post, I wondered whether these were "novice" points. Then I too came to realize that we need to be reminded from time to time of these "novice" points too!

@Lisa:Sometimes, the experiences we go through in life make us step out of these financial fitness practices. Most often, it becomes a crucial necessity that we do what we have do to.

What I know about you (from your blog), I know that you have come a long way. I am sure you will see through the rest of it too. I really admire your personality.
Good Luck with your financial matters, Lisa.

@Desiree: Very true. Well said Desiree.

Thank you everyone for your all comments.

Credit said...

I was really amazed how amazing life loan services they were providing at very cheap prices! Such amazing and decent proposals! I would like to suggest Credit to everyone! They are perfect in their work!

Post a Comment

Related Posts Plugin for WordPress, Blogger...

Copyright 2008 TheEnhanceLife.com. All rights reserved.

Original template from OurBlogTemplates.com 2008