Family Finances: Your Friend or Foe? - FamilyEducation

Family Finances: Your Friend or Foe?

Take this quiz to determine if your family's finances are fit or flabby.

Quiz

Take this quiz to determine if your family's finances are fit or flabby.

1. Do you carry a credit card balance?

  • No - we don't use credit cards, or we pay the balance in full each month.
  • Now and then.
  • Constantly.

2. Do you save a fixed amount of money every month?

  • Yes, we pay ourselves first.
  • There's no money left over to save!

3. Which most closely describes your attitude toward major purchases?

  • We save up and then pay in cash.
  • We put it on the credit card and then pay it down.

4. Does your family have an easily accessible emergency fund?

  • Yes, we have at least three to six months' worth of expenses saved up in case of an emergency.
  • No, we'd have to tap retirement funds or use credit if an emergency arose.

5. Which most closely describes your mortgage situation?

  • We have a fixed-rate mortgage that we overpay each month.
  • We have a fixed-rate mortgage, and we pay the minimum each month.
  • We have an adjustable-rate mortgage that has recently reset or is due to reset soon.

6. Are you and your spouse planning for retirement?

  • Yes - we contribute fixed amounts to at least one retirement plan each month.
  • Does buying lottery tickets count as a plan?

7. Do you have a monthly budget?

  • Yes, down to the penny.
  • Nope.

8. What is your philosophy about giving money to your kids?

  • Whatever they want, whenever they want it!
  • They get a weekly allowance, regardless of what they've done to earn it.
  • They get paid for each chore completed.

9. Do you talk to your kids about money - the importance of saving, the pitfalls of credit, and setting budgetary priorities?

  • We sure do.
  • It's never come up.

10. Is your home energy-efficient?

  • Yes, we've improved our home's energy efficiency by taking steps such as installing compact fluorescent lamps, sealing our windows, and checking the insulation.
  • We've never thought to check.

11. Finally, which most closely describes your attitude toward your family's financial situation?

  • We're one missed paycheck away from disaster.
  • We're not going to retire anytime soon, but we have enough for what we need.
  • We're on top of our finances and confident about the future.

1. Do you carry a credit card balance?
No - we don't use credit cards, or we pay the balance in full each month.

2. Do you save a fixed amount of money every month?
Yes, we pay ourselves first.

3. Which most closely describes your attitude toward major purchases?
We save up and then pay in cash.

4. Does your family have an easily accessible emergency fund?
Yes, we have at least three to six months' worth of expenses saved up in case of an emergency.

5. Which most closely describes your mortgage situation?
We have a fixed-rate mortgage that we overpay each month.

6. Are you and your spouse planning for retirement?
Yes - we contribute fixed amounts to at least one retirement plan each month.

7. Do you have a monthly budget?
Yes, down to the penny.

8. What is your philosophy about giving money to your kids?
They get paid for each chore completed.

9. Do you talk to your kids about money - the importance of saving, the pitfalls of credit, and setting budgetary priorities?
We sure do.

10. Is your home energy-efficient?
Yes, we've improved our home's energy efficiency by taking steps such as installing compact fluorescent lamps, sealing our windows, and checking the insulation.

11. Finally, which most closely describes your attitude toward your family's financial situation?
We're on top of our finances and confident about the future.

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