Posted by: Patricia Hysong | January 6, 2012

Financial Wellness

Financial wellness consists of understanding your financial situation and taking care of it so that you are prepared for financial changes. Maintaining that balance means being comfortable with where your money comes from and where it is going. Take the quiz below to see how close you are to achieving financial health.

Financial Wellness Check-up

1. Do you have cash in your pocket?                                           

Yes      Kind of      No      You must be kidding

2. Do you balance your checkbook regularly?                   

Yes      Kind of      No      You must be kidding

3. Do you know the total amount of debt you have?      

Yes      Kind of      No      You must be kidding

4. Do you feel there is plenty of time in the day?               

Yes      Kind of      No      You must be kidding

5. Do you have a retirement account?                                       

Yes      Kind of      No      You must be kidding

6. Do you know how much is in your retirement acct?  

Yes      Kind of      No      You must be kidding

7. Do you know where your retirement is invested?        

Yes      Kind of      No      You must be kidding

8. Are you happy with your job?                                                       

Yes      Kind of      No      You must be kidding

9. Do you know what your net worth is?                                      

Yes      Kind of      No      You must be kidding

10. Do you know what net worth means?                                    

Yes      Kind of      No      You must be kidding

Scoring: For every answer score the following points:

Yes: 1
Kind of: 2
No: 3
You must be kidding: 4
Total Score: __________

Financial Wellness Check-in Results

How did you do?

10-15 – Looking Good – Your financial wellness picture looks good. Stay the course and congratulate yourself!

16-22 – In Need of Education – Your financial wellness picture is a bit out of focus but with some education and discipline you can steady the balance. Start learning the finer details of your finances and then apply them to your financial life.

23-29 – Mismanaged – You are financially off course. Without serious improvement, you are heading for a disaster.  Today, start putting in the extra time and effort needed to improve things.

29-34 – Trouble – Seek help right away. With concentrated, dedicated effort, financial balance is still possible. Finding your financial wellness balance can significantly reduce everyday stress in life.

35-40 Denial is Bliss – This in your face realization can be an overwhelming reality check. It probably isn’t too much of a surprise that without a financial overhaul, stability is questionable.

 Financial Wellness Check-in Action Steps

 What to do now?

Find the action step below for your situation and take the steps necessary for improving your financial balance. Learn along the way then move up the scale of action steps until you have reached Looking Good. You and your finances will be in good shape then.

10-16 – Looking Good – Even at this step, there are still things to learn. Check out financial professionals in your area and seek advice from a Certified Financial Planner. They are licensed and educated and able to review your entire financial picture and an annual check-in will help you reach your financial goals.

16-23 – In Need of Education – Financial magazines and a book or two will help you in your understanding of financial matters. Find ones that appeal to you and then attend a financial workshop or two. Check with local business groups or continuing education centers. They sometimes offer seminars or classes at convenient times and at little or no expense. Your goal is to attend and learn not to buy anything. Learn everything you can to make informed financial decisions.

23-29 – Mismanaged – Start this step by setting aside time to review your income and how you spend it. Next, on a sheet of paper, using your bank statements, credit card statements and retirement and investment accounts, summarize how much you have and where it is. Finally, do this all on a semi-annual basis.

29-34 – Trouble- To get help, ask friends if you are comfortable talking to them about money or consider talking to a professional about why it is you may be having these issues in your life. There may be an underlying cause for your attitude about money. Then, continue moving up the scale above until you have a better understanding of your money.

35-40 – Denial is Bliss – If you are willing to put in some work, there is hope. Think about your situation and how it got that way. Don’t beat yourself up about it but acknowledge it in written form. Start with simple tasks like cleaning your wallet and counting the money there in there. Collect the loose change scattered in your house, car, and pockets and put it in one place. Be aware of when, where and on what you are spending your money. When you are comfortable with these tasks, begin working your way up the scale.

This information is provided courtesy of the Wyoming AgrAbility Project. For more information, visit our website or call toll-free at 866-395-4986.

This information is adapted from Definition of Wellness.

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